Cognizant to acquire software developer Magenic Technologies

Cognizant Technology Solutions agreed to acquire custom software development services company Magenic Technologies Inc. for an undisclosed amount.

Cognizant expects the acquisition to expand its global software product engineering capabilities while adding 475 U.S. employees and more than 350 staff in Manila, the Philippines, to its workforce, a Jan. 19 statement said.

The transaction's completion is expected in the first quarter of 2021, subject to certain closing conditions. Post-deal closing, Magenic staff will become part of Cognizant unit Cognizant Softvision.

Magenic is Cognizant's latest acquisition, following its purchases of Australian technology company Servian Pty. Ltd., U.K.-based artificial intelligence company Inawisdom Ltd., technology services provider Bright Wolf LLC, and software and architecture solutions developer Tin Roof Software LLC.