Latest News
Cognizant to Acquire Magenic Technologies
Thursday 21 January 2021

US-based professional services company Cognizant (NASDAQ: CTSH) has entered into an agreement to acquire Minneapolis, US-based software development services company Magenic Technologies, Inc., the company said.

The acquisition will expand Cognizant's software product engineering footprint, adding 475 employees in the US 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.

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.

The transaction is expected to close in 1Q21, 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 is a digital engineering firm, and Magenic is Cognizant's second digital engineering acquisition in recent months; Cognizant acquired Tin Roof, a custom software and digital product development services company, in September 2020.

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 US, and add the Philippines to its broader global network of existing studios in Argentina, Australia, Canada, India, Mexico, and Romania.
Date Published: 21/01/2021