Cognizant (Nasdaq: CTSH) is to acquire Magenic Technologies, Inc., a Minneapolis, Minnesota-headquartered custom software development services company.
The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions. The amount of the deal was 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. Upon completion of the deal, Magenic associates will become part of Cognizant Softvision, connecting Magenic’s expertise with Cognizant’s global software development capabilities.
Led by Greg Frankenfield, Co-Founder and Chief Executive Officer, 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.