Cognizant Boosts Digital Engineering with Magenic Acquisition
Cognizant has expanded its portfolio with the acquisition of Magenic Technologies, a custom software engineering specialist. This marks the 12th deal since January 2020, and the third in January 2021 alone.
The acquisition, for an undisclosed sum, aligns with Cognizant's focus on digital engineering, as stated by Malcolm Frank, President of Digital Business and Technology. Magenic, led by CEO Greg Frankenfield, brings 25 years of experience in agile software engineering and cloud development, DevOps, experience design, and advisory services.
Upon completion, Magenic's 825 employees across the US and Philippines will join Cognizant Softvision. This includes 475 software engineers in seven US locations and over 350 in Manila, Philippines, expanding Cognizant's software product engineering footprint.
The transaction is expected to close in the first quarter of 2021, further bolstering Cognizant's software development capabilities and global presence.
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