Magenic Tech Bought By Cognizant

CIOReviewIndia Team | Wednesday, 20 January 2021, 03:13 IST

Cognizant, the US-based IT services company, with its huge workforce in India, is set with an agreement for acquiring Magenic Technologies.

Magenic Technologies is a privately held custom software development services company which is headquartered in Minneapolis, Minnesota.

The agreement is predicted to finalize in the first quarter of 2021, according to the satisfaction of the closing conditions. No financial details are disclosed yet.

With this acquisition, Cognizant’s software product engineering sections with its 475 employees in the US in seven locations and more than 350 employees in Manila, Philippines, will expand.

The completion of the acquisition by Cognizant will make Magenic associates a part of the company’s Sofvision, connecting Magenic’s expertise with Cognizant’s global software development capabilities.

Magenic works in different industry range including financial services, professional services, insurance, pharmaceutical and manufacturing.

Cognizant’s president of digital business and technology, Malcolm Frank, 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.”

Till now in 2021, Magenic becomes the third acquisition by Cognizant and the 12th announced since January 2020 for expansion in the key strategic focused areas of digital engineering, data and artificial intelligence, cloud and the internet of things.

Cognizant is recognized as one of the world’s largest digital engineering firms and Magenic is its second digital engineering acquisition in the recent times after Tin Roof, which is a custom software and digital product development services company, which Cognizant acquired in September 2020.

The cofounder and CEO of Magenic, Greg Frankenfield 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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