Cognizant to buy software development company Magenic

Cognizant has agreed to acquire Magenic Technologies, a privately-held custom software development services company headquartered in Minneapolis, Minnesota.
Cognizant Hungary
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.

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.

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 (IoT).

Magenic is Cognizant’s second digital engineering acquisition in recent months; Cognizant acquired Tin Roof, a custom software and digital product development services company, in September 2020.

Cognizant acquired Austin, Texas-based Softvision, a leader in developing custom digital products using collaborative engineering methods, in 2018.

With Magenic, Cognizant Softvision will double its number of development sites in the U.S., and add the Philippines to its global network of existing studios in Argentina, Australia, Canada, India, Mexico, and Romania.