Cognizant makes third acquisition in 2021, adds Magenic Technologies

Cognizant has kept up its brisk M&A pace with the acquisition of Magenic Technologies, a Minneapolis-based digital product engineering firm. Financial terms of the deal, which is slated to close this quarter, were not disclosed.

Founded in 1995, Magenic delivers services in software and cloud development, DevOps, experience design, and advisory. The firm has deep experience migrating products to the cloud, building web apps, creating APIs, and designing payment processing systems. Magenic works with clients in a range of industries, including financial services, insurance, pharmaceuticals, manufacturing, and professional services.

The Minneapolis-based firm has 475 employees in seven US offices, as well as 350 employees in Manila, Philippines. The firm’s technology partners include Microsoft Azure, Google Cloud, and AWS.

Cognizant’s acquisition of Magenic will expand its digital engineering footprint in the US and Philippines. Magenic’s approximately 800 employees will join Cognizant Softvision – a 10,000-strong product engineering division formed out of the 2018 acquisition of Austin-based Softvision.

“Magenic has exceptional software development and cloud modernization teams that will enhance our global engineering talent network and expertise,” said Malcolm Frank, president, digital business and technology, Cognizant. “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.”

Cognizant in September 2020 added Tin Roof, a software product engineering firm with 250 people in Atlanta and Dallas, to Softvision.

The firm has been bolstering its capabilities in key areas such as engineering and cloud services through an aggressive M&A strategy. Magenic is Cognizant’s third acquisition in 2021, and its 12th since January 2020.

Cognizant earlier this month acquired Linium, an Albany, NY-based provider of ServiceNow consulting.