Cognizant has entered into an agreement to acquire Magenic Technologies, Inc., a privately held custom software development services company headquartered in Minneapolis, Minnesota.
The acquisition will expand Cognizant’s software product engineering footprint, adding 475 employees in the U.S. across seven locations and more than 350 employees in Manila, Philippines. Upon completion of the acquisition, Magenic associates will become part of Cognizant Softvision, connecting Magenic’s expertise with Cognizant’s global software development capabilities.
Magenic provides Agile software and cloud development, DevOps, experience design, and advisory services and works across a range of industries.
Malcolm Frank, President, Digital Business and Technology, Cognizant said: “Magenic has exceptional software development and cloud modernisation teams that will enhance our global engineering talent network and expertise.
“We continue to invest in digital engineering, a key priority as clients move from traditional application development to custom software to provide compelling customer experiences and differentiated productivity solutions. We look forward to welcoming Magenic’s experts to Cognizant.”
Greg Frankenfield, Co-Founder and Chief Executive Officer, Magenic said: “We have been solving complex business and technological challenges with agility and speed for over 25 years, and Magenic today continues to create highly innovative software solutions in the cloud.
“We look forward to joining Cognizant Softvision and connecting to Cognizant’s broader range of digital expertise for the benefit of our clients.”
The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions. Financial details were not disclosed.
Magenic is Cognizant’s third acquisition in 2021, and the 12th announced since January 2020, to expand in key strategic focus areas: digital engineering, data and artificial intelligence, cloud, and the Internet of Things, that provide clients with capabilities to compete as modern digital businesses.
Cognizant acquired Austin, Texas-based Softvision, a leader in developing custom digital products using collaborative engineering methods, in 2018. With Magenic, Cognizant Softvision will double its number of development sites in the U.S. and add the Philippines to its broader global network of existing studios in Argentina, Australia, Canada, India, Mexico, and Romania.