Cognizant to acquire Magenic Technologies

By: |
January 20, 2021 4:45 AM

Magenic works across a range of industries, including financial services, professional services, insurance, pharmaceutical, and manufacturing.

Cognizant is among the world’s largest digital engineering firms, and Magenic is its second digital engineering acquisition in recent months following Tin Roof, a custom software and digital product development services company, that it acquired in September 2020.Cognizant is among the world’s largest digital engineering firms, and Magenic is its second digital engineering acquisition in recent months following Tin Roof, a custom software and digital product development services company, that it acquired in September 2020.

US-based IT services company Cognizant, which has significant workforce presence in India, has entered into an agreement to acquire Magenic Technologies, a privately-held custom software development services company headquartered in Minneapolis, Minnesota. The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions. Financial details of the deal were not yet disclosed.

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. Post completion of the acquisition, Magenic associates will become part of Cognizant Softvision, connecting Magenic’s expertise with Cognizant’s global software development capabilities.

Magenic works across a range of industries, including financial services, professional services, insurance, pharmaceutical, and manufacturing.

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.”

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 & artificial intelligence, cloud and the Internet of Things. Cognizant is among the world’s largest digital engineering firms, and Magenic is its second digital engineering acquisition in recent months following Tin Roof, a custom software and digital product development services company, that it acquired in September 2020.

Greg Frankenfield, co-founder & CEO, 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. “

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