The Teaneck-based information technology company Cognizant is buying software firm Magenic Technologies, based in Minneapolis, Minn., its third major purchase in the past month.
Under the agreement announced on Jan. 19, Cognizant will take over Magenic’s 475 U.S. employees – spanning seven locations – and 350 employees in the Philippine capital of Manilla.
Once the deal is completed, slated for the first quarter of 2021, those employees will be part of Cognizant Softvision. Financial details of the transaction were not disclosed.
Cognizant said the deal will help it double its development sites across the nation, and add the Philippines to its global portfolio of existing networks. The others are in Argentina, Australia, Canada, India, Mexico and Romania.
Magenic is known for its cloud software DevOps, a product that is used by financial and professional services, insurance, pharmaceuticals and manufacturing.
“Magenic has exceptional software development and cloud modernization teams that will enhance our global engineering talent network and expertise,” Cognizant Digital Business and Technology President Malcolm Frank said in a Jan. 19 statement.
“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,” added Magenic Chief Executive Officer Greg Frankenfield.
