Magic Software Enterprises Ltd. (NASDAQ: MGIC), a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today that it has entered into a definitive agreement to acquire a 70% stake, with an option to increase the holding to 100%, in a profitable Israeli-based company that specializes in software professional services for mainframes and complex large-scale environments. The acquisition is subject to the fulfillment of certain conditions defined in the acquisition agreement.
With more than 60 experts, this dynamic operation provides professional services to an impressive portfolio of blue chip customers, including financial institutions, large enterprises and government organizations. By extending its software services capabilities, this acquisition delivers strong synergies with Magic’s AppBuilder software solution, which provides a comprehensive application development infrastructure for large-scale and complex environments, serving similar organizations around the world.
“We’re excited about the synergies and margins provided by this acquisition as large enterprises and institutions need specialized solutions and skills to leverage and maintain their mission-critical systems,” said Amit Birk, VP M&A of Magic Software Enterprises Ltd. “We continue to implement our growth strategy by boosting organic growth along with complementary M&A activities and are confident that this will be a great addition to our successful track record of acquisitions.”
About Magic Software Enterprises
Magic Software Enterprises (NASDAQ: MGIC) empowers customers and partners around the globe with smarter technology that provides a multichannel user experience of enterprise logic and data.
For more information, visit www.magicsoftware.com.
Amit Birk | VP M&A and General Counsel
Magic Software Enterprises