Cognizant (Nasdaq: CTSH) 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.
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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.
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“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 Cogniza
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