Magic Software Purchases Additional 25% of Shares in Magix Integration to Hold 100% of its South African Distributor

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  Published in Science and Technology on Monday, January 9th 2012 at 3:02 GMT by Market Wire
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Magic Software Purchases Additional 25% of Shares in Magix Integration to... -- OR YEHUDA, Israel, January 9, 2012 /PRNewswire/ --

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Company Completes the Acquisition of a 100% Shareholding, Valued at $2.8 Million, to Extend its Presence in South Africa

OR YEHUDA, Israel, January 9, 2012 /PRNewswire/ --

[ 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.

For more information, visit [ http://www.magix.co.za ].

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 [ http://www.magicsoftware.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.

Press Contact:

Tania Amar, VP Global Marketing

Magic Software Enterprises
Tel: +972-(0)3-538-9300
[ tania@magicsoftware.com ]

SOURCE Magic Software Enterprises Ltd