US-primarily based IT services corporation Cognizant, which has important workforce presence in India, has entered into an agreement to obtain Magenic Technologies, a privately-held custom software program improvement services corporation headquartered in Minneapolis, Minnesota. The transaction is anticipated to close in the initially quarter of 2021, topic to the satisfaction of closing situations. Financial information of the deal had been not however disclosed.
The acquisition will expand Cognizant’s software program solution engineering footprint, adding 475 workers in the US across seven places and more than 350 workers in Manila, Philippines. Post completion of the acquisition, Magenic associates will grow to be element of Cognizant Softvision, connecting Magenic’s experience with Cognizant’s international software program improvement capabilities.
Magenic functions across a variety of industries, like economic services, expert services, insurance coverage, pharmaceutical, and manufacturing.
Malcolm Frank, president, digital organization and technologies, Cognizant mentioned, “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 because January 2020, to expand in essential strategic concentrate places – digital engineering, information & artificial intelligence, cloud and the Internet of Things. Cognizant is amongst the world’s biggest digital engineering firms, and Magenic is its second digital engineering acquisition in current months following Tin Roof, a custom software program and digital solution improvement services corporation, that it acquired in September 2020.
Greg Frankenfield, co-founder & CEO, Magenic, mentioned, “We have been solving complicated organization and technological challenges with agility and speed for more than 25 years, and Magenic today continues to produce very revolutionary software program options in the cloud. “