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Magic Software to Acquire BluePhoenix's AppBuilder Activity for $17M
Acquisition Offers Significant Technology and Business Synergies
OR YEHUDA, Israel, October 31, 2011/PRNewswire-FirstCall/ --
Magic Software Enterprises Ltd. [http://www.magicsoftware.com ] (NASDAQ:
MGIC [http://www.google.com/finance?client=ob&q=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,
and BluePhoenix Solutions [http://www.bphx.com ] (NASDAQ: BPHX
[http://www.google.com/finance?client=ob&q=NASDAQ:BPHX ]), a leading
provider of value-driven legacy IT modernization solutions, announced today
that they have entered into a definitive agreement under which Magic
Software will acquire BluePhoenix's AppBuilder activity for $17 million. The
acquisition is expected to be finalized by mid-December 2011, subject to the
fulfillment of certain conditions defined in the acquisition agreement.
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.
Commenting on the acquisition, Guy Bernstein, CEO of Magic Software,
said: "The acquisition of AppBuilder will enable Magic Software to further
expand and enhance its portfolio of products, strengthening its standing as
a global provider of application development platforms. We will develop and
invest in all aspects of AppBuilder's activity, and will increase support
for its customers, enabling them to benefit from a powerful vision for the
future."
"This technology-driven acquisition will increase our market share and
create new business opportunities by leveraging BluePhoenix's worldwide
customer base of leading, high-end, large enterprises in diverse industries
and vertical markets," continued Guy Bernstein. "The technological and
business synergies presented by this acquisition will make an important
contribution to Magic Software's continued growth."
About Magic Software
Magic Software Enterprises Ltd [http://www.magicsoftware.com/en ].
(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.
Magic is the trademark of Magic Software Enterprises Ltd.
Company Contact:
Amit Birk, VP M&A
Magic Software Enterprises
Tel: +972(0)3-538-9480
abirk@magicsoftware.com
Source: Magic Software Enterprises Ltd
.
Magic Software to Acquire BluePhoenix's AppBuilder Activity for $17M
Acquisition Offers Significant Technology and Business Synergies
OR YEHUDA, Israel, October 31, 2011/PRNewswire-FirstCall/ --
Magic Software Enterprises Ltd. [http://www.magicsoftware.com ] (NASDAQ:
MGIC [http://www.google.com/finance?client=ob&q=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,
and BluePhoenix Solutions [http://www.bphx.com ] (NASDAQ: BPHX
[http://www.google.com/finance?client=ob&q=NASDAQ:BPHX ]), a leading
provider of value-driven legacy IT modernization solutions, announced today
that they have entered into a definitive agreement under which Magic
Software will acquire BluePhoenix's AppBuilder activity for $17 million. The
acquisition is expected to be finalized by mid-December 2011, subject to the
fulfillment of certain conditions defined in the acquisition agreement.
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.
Commenting on the acquisition, Guy Bernstein, CEO of Magic Software,
said: "The acquisition of AppBuilder will enable Magic Software to further
expand and enhance its portfolio of products, strengthening its standing as
a global provider of application development platforms. We will develop and
invest in all aspects of AppBuilder's activity, and will increase support
for its customers, enabling them to benefit from a powerful vision for the
future."
"This technology-driven acquisition will increase our market share and
create new business opportunities by leveraging BluePhoenix's worldwide
customer base of leading, high-end, large enterprises in diverse industries
and vertical markets," continued Guy Bernstein. "The technological and
business synergies presented by this acquisition will make an important
contribution to Magic Software's continued growth."
About Magic Software
Magic Software Enterprises Ltd [http://www.magicsoftware.com/en ].
(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.
Magic is the trademark of Magic Software Enterprises Ltd.
Company Contact:
Amit Birk, VP M&A
Magic Software Enterprises
Tel: +972(0)3-538-9480
abirk@magicsoftware.com
Source: Magic Software Enterprises Ltd
.