Cognizant to Acquire US based Magenic Technologies


New Jersey headquarters Cognizant has entered into an agreement to acquire Magenic Technologies, Inc., a privately-held software 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.

Magenic is Cognizant’s third acquisition in 2021, and the 12
th announced since January 2020, to improve its capabilities in areas like digital engineering, data and artificial intelligence, cloud, and the Internet of Things.

Magenic provides Agile software and cloud development, DevOps, experience design, and advisory services. Its custom solutions include re-architecting and migrating products to the cloud, building customer-facing web apps, creating APIs, and designing secure payment processing systems.

“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.”

The company caters to financial services, insurance, pharmaceutical, and manufacturing sectors.

“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.”

READ  Tesla applies to generate electricity in UK market

The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions. Financial details were not disclosed.

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.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here