Cognizant has entered into an agreement to acquire Magenic Technologies, Inc., a privately-held custom software development services company headquartered in Minneapolis, Minnesota. Financial details were not disclosed.
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, the statement said.
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. Custom solutions for Fortune 500 clients and others include re-architecting and migrating products to the cloud, building customer-facing web apps, creating APIs, and designing secure payment processing systems. The company works across a range of industries, including financial services, professional services, insurance, pharmaceutical, and manufacturing.
“Magenic has exceptional software development and cloud modernization teams that will enhance our global engineering talent network and expertise,” said Malcolm Frank, President, Digital Business and Technology, Cognizant. “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.”
“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,” said Greg Frankenfield, Co-Founder and Chief Executive Officer, Magenic. “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.
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.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.