Cognizant has agreed to acquire a custom software development company, strengthening its digital engineering capabilities, it announced this week.
The Teaneck-based professional services company said in a news release that it will add Minneapolis-based Magenic Technologies Inc., a privately held company. The move will bolster its workforce by 475 in the U.S. and 350 in the Philippines.
“Magenic has exceptional software development and cloud modernization teams that will enhance our global engineering talent network and expertise,” Malcolm Frank, Cognizant’s president, digital business and technology, said in a prepared statement. “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.”
Upon completion of the acquisition, expected to occur in the first quarter, Magenic’s workers will join the Cognizant Softvision unit.
Financial details of the transaction were not disclosed. The finalization of the deal is subject to customary approvals and conditions.