Cognizant acquires Magenic Technologies, a privately held custom software development services company focused on Amazon Web Services (AWS), Microsoft Azure, VMware Tanzu, Dynatrace, and Google Cloud Platform (GCP), among other platforms. Financial terms of the deal were not disclosed.
This is M&A deal number 55 that ChannelE2E has covered so far in 2021.
Magenic’s areas of expertise span Agile software and cloud development, DevOps, experience design and consulting services. Magenic has 475 employees in the United States across seven locations and more than 350 employees in Manila, Philippines.
The Magenic team will integrate the Cognizant Softvision business, which has global software development capabilities. Cognizant acquired Softvision in 2018.
Cognizant Acquires Magenic: Management Perspectives
In a prepared statement regarding the acquisition of Magenic, Cognizant’s Malcolm Frank, President of the Digital Business and Technology Group, said:
“Magenic has exceptional software development and cloud modernization teams that will strengthen our global network of engineering talent and expertise. We continue to invest in digital engineering, a key priority as customers move from traditional application development to custom software to deliver compelling customer experiences and differentiated productivity solutions. We look forward to welcoming the experts from Magenic to Cognizant.
Added Greg Frankenfield, co-founder and CEO of Magenic:
“We have been solving complex business and technology challenges with agility and speed for more than 25 years, and today Magenic continues to create highly innovative software solutions in the cloud. We look forward to joining Cognizant Softvision and connecting to Cognizant’s expanded range of digital expertise for the benefit of our customers.
Global IT Consulting Companies: Acquisitions of Technology Services
Mergers and acquisitions activity between global IT consulting firms, systems integrators and public cloud MSPs continues to accelerate. Active buyers include Accenture, Atos, IBM, NTT Data and several private equity firms.
M&A land grabs typically involve cloud, big data analytics, cybersecurity, SaaS applications, and DevOps expertise.