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Cognizant To Acquire Magenic Technologies; Terms Undisclosed

Cognizant (CTSH) said that it agreed to acquire Magenic Technologies Inc., a privately-held custom software development services company headquartered in Minneapolis, Minnesota. Financial details were not disclosed.

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.

The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions.

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