TEANECK, N.J., Jan. 19, 2021 /PRNewswire/
-- Cognizant (Nasdaq: CTSH) has entered into an agreement
to acquire Magenic Technologies, Inc., a privately-held custom
software development services company headquartered in Minneapolis, Minnesota. 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.
Upon completion of the acquisition, Magenic associates will become
part of Cognizant Softvision, connecting Magenic's expertise with
Cognizant's global software development capabilities.
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 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. We look forward to welcoming
Magenic's experts to Cognizant."
"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," said Greg Frankenfield,
Co-Founder and Chief Executive Officer, Magenic. "We look forward
to joining Cognizant Softvision and connecting to Cognizant's
broader range of digital expertise for the benefit of our
clients."
The transaction is expected to close in the first quarter of
2021, subject to the satisfaction of closing conditions. Financial
details were not disclosed.
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 -- that provide clients with capabilities to
compete as modern digital businesses. Cognizant is among the
world's largest digital engineering firms, and 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 broader global network
of existing studios in Argentina,
Australia, Canada, India,
Mexico, and Romania.
Magenic was named one of the 10 Most Promising Microsoft Azure
Solution Partners by CIO Review in 2020, and has been
recognized eight times by Minnesota's Star Tribune as one of the
Top Workplaces in the state.
Learn More
Magenic website
Cognizant Softvision website
About Magenic Technologies, Inc.
Based
in Minneapolis, Magenic is the digital technology consulting
company built for speed. Magenic has the right strategies, the
right process, and the right people to get their clients' digital
products to market faster. To learn more about Magenic, visit
Magenic.com.
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of
the world's leading professional services companies, transforming
clients' business, operating and technology models for the digital
era. Our unique industry-based, consultative approach helps clients
envision, build and run more innovative and efficient businesses.
Headquartered in the U.S., Cognizant is ranked 194 on the Fortune
500 and is consistently listed among the most admired companies in
the world. Learn how Cognizant helps clients lead with digital at
www.cognizant.com or follow us @Cognizant.
Forward-Looking Statements
This press release includes
statements which may constitute forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the accuracy of which are
necessarily subject to risks, uncertainties, and assumptions as to
future events that may not prove to be accurate. These statements
include, but are not limited to, express or implied forward-looking
statements relating to expectations regarding the anticipated
closing of the acquisition of Magenic and the impact of the
acquisition of Magenic on the business and prospects of Cognizant.
These statements are neither promises nor guarantees but are
subject to a variety of risks and uncertainties, many of which are
beyond our control, which could cause actual results to differ
materially from those contemplated in these forward-looking
statements. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. Factors that could cause actual
results to differ materially from those expressed or implied
include general economic conditions, changes in the regulatory
environment, including with respect to immigration and taxes, and
the other factors discussed in our most recent Annual Report on
Form 10-K and other filings with the Securities and Exchange
Commission. Cognizant undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities law.
For more information, contact:
U.S.
Jodi
Sorensen
jodi.sorensen@cognizant.com
Fausta
Ballesteros
fausta.ballesteros@softvision.com
|
Europe
Grazia
Valentino-Boschi
grazia@cognizant.com
|
Asia-Pac
Harsh
Kabra
harsh.kabra@cognizant.com
|
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SOURCE Cognizant