Magic Software Enterprises Ltd.
(NASDAQ: MGIC), a global provider of mobile
and cloud-enabled application
and business integration
platforms, today announced that it has purchased additional shares in its South African distributor, Magix Integration, thereby completing the acquisition of a 100% shareholding in the company at a total value of $2.8 million. The sellers stand to receive an additional $400,000 providing that the company reaches specific targets for performance in 2011.
Commenting on the acquisition, Amit Birk, VP M&A Magic Software, said, “We are pleased to have successfully completed our acquisition of a 100% shareholding in Magix Integration, in keeping with our policy of obtaining total control of all our subsidiaries. This move reasserts our strong faith in the future growth of the South African market.”
About Magix Integration
Magix Integration specializes in software integration and application development, implementing a combination of tools and disciplines to meet complex and large-scale software requirements. Magix Integration strives to listen to customer needs, provide value at every step of the engagement process, and solve problems with innovation and simplicity.
About Magic Software
Magic Software Enterprises Ltd. (NASDAQ: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms.
For more information, visit www.magicsoftware.com
Except for any historical information contained herein, the matters discussed in this press release include forward-looking statements that might involve a number of risks and uncertainties. Actual results might vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both locally and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in Magic’s most recent annual report and other filings with the Securities and Exchange Commission.
Magic is a registered trademark of Magic Software Enterprises Ltd. All other product and company names mentioned herein are for identification purposes only and are the property of, and might be trademarks of, their respective owners.
Tania Amar, VP Global Marketing
Magic Software Enterprises