San Francisco: Information technology company Cognizant on Tuesday announced to acquire Magenic Technologies, a custom software development services company, for an undisclosed sum.
This is Cognizant's third acquisition in January this year, as the company continues to expand in key strategic focus areas.
The new 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.
"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," said Malcolm Frank, President, Digital Business and Technology, Cognizant.
Magenic provides agile software and cloud development, DevOps, experience design, and advisory services.
"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.
The transaction is expected to close in the first quarter of 2021. Magenic is Cognizant's 12th acquisition since January 2020.
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