Info-tech

Cognizant to buy Magenic Technologies

Our Bureau Chennai | Updated on January 19, 2021

Cognizant Technology Solutions will acquire Magenic Technologies Inc, a privately-held US-based custom software development services company. The 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.

Upon completion of the acquisition, Magenic associates will become part of Cognizant Softvision, connecting Magenic’s expertise with Cognizant’s global software development capabilities.

The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions. Financial details were not disclosed.

Magenic is Cognizant’s third acquisition in 2021, and the 12th announced since January 2020, to expand in key strategic focus areas — digital engineering, data and artificial intelligence, cloud, and the Internet of Things — that provide clients with capabilities to compete as modern digital businesses.

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Published on January 19, 2021
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