Magic Software Completes Acquisition of BluePhoenix's AppBuilder Activity
Poster: SySAdmin
Posted on December 27, 2011 at 11:56:01 AM
Magic Software Completes Acquisition of BluePhoenix's AppBuilder Activity
Acquisition Offers Significant Technology and Business Synergies
OR YEHUDA, Israel, December 27, 2011/PRNewswire-FirstCall/ --
Magic Software Enterprises Ltd. [http://www.magicsoftware.com ] (NASDAQ: MGIC), a
global provider of mobile [http://www.magicsoftware.com/en/solutions/?catID13 ] and
cloud-enabled application [http://www.magicsoftware.com/en/products/?catIDp ] and
business integration [http://www.magicsoftware.com/en/products/?catIDA ] platforms,
announced today that it has completed its acquisition of BluePhoenix [http://www.bphx.com
]'s AppBuilder activity for $13.5 million.
In accordance with the terms of the acquisition agreement, the net amount paid to
BluePhoenix at closing was $13.5 million. $4 million from the amount of the consideration
due to BluePhoenix will be held in escrow accounts pending fulfillment of certain
obligations of BluePhoenix under the sale agreement.
Commenting on the acquisition, Guy Bernstein, CEO of Magic Software, said: "We are
pleased to have completed this important acquisition, which broadens Magic Software's
product portfolio and strengthens our presence in numerous global markets, including Asia
and Europe. We plan to develop and invest in all aspects of AppBuilder's activity,
including offering increased support for its customers."
AppBuilder is a comprehensive application development infrastructure used by many
Fortune 1000 enterprises around the world. This premier enterprise application development
environment is a powerful, model-driven tool that enables development teams to build,
deploy, and maintain large-scale, custom-built business applications.
About Magic Software
Magic Software Enterprises Ltd. (NASDAQ: MGIC
[http://www.google.com/finance?client=ob&q=NASDAQ:MGIC ]) is a global provider of mobile
and cloud-enabled application and business integration platforms.
For more information, visit http://www.magicsoftware.com.
About BluePhoenix Solutions
BluePhoenix Solutions (NASDAQ: BPHX) is the leading provider of value-driven legacy IT
modernization solutions to companies from diverse industries and vertical markets, such as
automotive, banking and financial services, insurance, manufacturing, and retail. The
BluePhoenix portfolio includes a comprehensive suite of tools and services, from global IT
asset assessment and impact analysis to automated database and application migration,
rehosting, and renewal.
For more information, visit http://www.bphx.com.
Except for the historical information contained herein, the matters discussed in this
news release include forward-looking statements that may involve a number of risks and
uncertainties. Actual results may 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 here and abroad,
release and sales of new products by strategic resellers and customers, and other risk
factors detailed in the Company's most recent annual report and other filings with the
Securities and Exchange Commission.
Company Contact:
Amit Birk, VP M&A
Magic Software Enterprises
Tel: +972-(0)3-538-9480
abirk@magicsoftware.com
Source: Magic Software Enterprises Ltd
Acquisition Offers Significant Technology and Business Synergies
OR YEHUDA, Israel, December 27, 2011/PRNewswire-FirstCall/ --
Magic Software Enterprises Ltd. [http://www.magicsoftware.com ] (NASDAQ: MGIC), a
global provider of mobile [http://www.magicsoftware.com/en/solutions/?catID13 ] and
cloud-enabled application [http://www.magicsoftware.com/en/products/?catIDp ] and
business integration [http://www.magicsoftware.com/en/products/?catIDA ] platforms,
announced today that it has completed its acquisition of BluePhoenix [http://www.bphx.com
]'s AppBuilder activity for $13.5 million.
In accordance with the terms of the acquisition agreement, the net amount paid to
BluePhoenix at closing was $13.5 million. $4 million from the amount of the consideration
due to BluePhoenix will be held in escrow accounts pending fulfillment of certain
obligations of BluePhoenix under the sale agreement.
Commenting on the acquisition, Guy Bernstein, CEO of Magic Software, said: "We are
pleased to have completed this important acquisition, which broadens Magic Software's
product portfolio and strengthens our presence in numerous global markets, including Asia
and Europe. We plan to develop and invest in all aspects of AppBuilder's activity,
including offering increased support for its customers."
AppBuilder is a comprehensive application development infrastructure used by many
Fortune 1000 enterprises around the world. This premier enterprise application development
environment is a powerful, model-driven tool that enables development teams to build,
deploy, and maintain large-scale, custom-built business applications.
About Magic Software
Magic Software Enterprises Ltd. (NASDAQ: MGIC
[http://www.google.com/finance?client=ob&q=NASDAQ:MGIC ]) is a global provider of mobile
and cloud-enabled application and business integration platforms.
For more information, visit http://www.magicsoftware.com.
About BluePhoenix Solutions
BluePhoenix Solutions (NASDAQ: BPHX) is the leading provider of value-driven legacy IT
modernization solutions to companies from diverse industries and vertical markets, such as
automotive, banking and financial services, insurance, manufacturing, and retail. The
BluePhoenix portfolio includes a comprehensive suite of tools and services, from global IT
asset assessment and impact analysis to automated database and application migration,
rehosting, and renewal.
For more information, visit http://www.bphx.com.
Except for the historical information contained herein, the matters discussed in this
news release include forward-looking statements that may involve a number of risks and
uncertainties. Actual results may 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 here and abroad,
release and sales of new products by strategic resellers and customers, and other risk
factors detailed in the Company's most recent annual report and other filings with the
Securities and Exchange Commission.
Company Contact:
Amit Birk, VP M&A
Magic Software Enterprises
Tel: +972-(0)3-538-9480
abirk@magicsoftware.com
Source: Magic Software Enterprises Ltd