Cognizant to acquire US based Magenic Technologies to boost its Digital Engineering capabilities


Cognizant is now going to acquire Magenic Technologies Inc, a Minneapolis headquartered custom software development services company. The financial details of the transaction were not disclosed.

Magenic Technologies is founded by Greg Frankenfield. It offers Agile software, cloud development, advisory, experience design, and DevOps services.

The company works across a range of industries, which includes professional services, pharmaceutical, insurance, manufacturing, and financial services.

Executive Opinion

Malcolm Frank, President, Digital Business and Technology, Cognizant, said, "Magenic has exceptional software development and cloud modernization 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. We look forward to welcoming Magenic's experts to Cognizant."

Greg Frankenfield, Co-Founder and Chief Executive Officer, Magenic, 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. We look forward to joining Cognizant Softvision and connecting to Cognizant's broader range of digital expertise for the benefit of our clients."

Cognizant's Magenic Technologies acquisition

The acquisition will expand Cognizant software product engineering footprint. It will add 475 employees in the US across seven locations and more than 350 employees in the Philippines and Manila, notes the announcement.

Post completion of the deal, Magenic associates will become a part of the Cognizant Softvision. It will help in connecting Magenic’s expertise with Cognizant global software development capabilities.

The transaction deal is expected to close in the Q1 of FY 2021, with respect to the satisfaction of closing conditions. 
PC: Unsplash

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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