COSMOS (Carnegie Observatories System for MultiObject Spectroscopy) reduces multislit spectra obtained with the IMACS and LDSS3 spectrographs on the Magellan Telescopes. It can be used for the quick-look analysis of data at the telescope as well as for pipeline reduction of large data sets. COSMOS is based on a precise optical model of the spectrographs, which allows (after alignment and calibration) an accurate prediction of the location of spectra features. This eliminates the line search procedure which is fundamental to many spectral reduction programs, and allows a robust data pipeline to be run in an almost fully automatic mode, allowing large amounts of data to be reduced with minimal intervention.