Magic Acquires Allstates Technical Services, LLC Enterprise Operations in the US for $10 Million USD Acquisition to augment Magic's IT consulting services in US
OR YEHUDA, Israel, October 8, 2013 /PRNewswire/ --
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 an agreement with KBR Inc. (NYSE: KBR) to acquire the US enterprise operations of KBR subsidiary, Allstates Technical Services, LLC, for $10 million. The acquisition is expected to be finalized by mid-November 2013, subject to the fulfillment of certain conditions defined in the acquisition agreement.
Allstates Technical Services, LLC is a US-based full-service provider of consulting and staffing solutions for IT, Engineering and Telecom personnel. With a 60-year history, Allstates brings a strong reputation and an experienced growth-focused management team serving some of the world's leading telecom and technology companies.
The Allstates acquisition broadens Magic's existing US footprint and adds leading Fortune 500 companies to its customer base, making an important contribution to Magic's growth strategy. The acquisition will be managed by Magic's US-based Fusion Solutions LLC subsidiary.
"We're excited about the synergies and growth opportunities provided by the Allstates acquisition," said Yuki Tsaroya, President and CEO of Fusion Solutions LLC. "We welcome Allstates' clients and are committed to providing them with the same great service and support to which they have grown accustomed.
The acquisition was facilitated by Pauli Overdorff, President of Alarian Associates.
About Magic Software Enterprises
For more information, visit http://www.magicsoftware.com.
About KBR, Inc.
KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial, and commercial markets. For more information, visit http://www.KBR.com.
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Amit Birk | VP M&A and General Counsel
Magic Software Enterprises
SOURCE Magic Software Enterprises Ltd