OR YEHUDA, Israel, April 6, 2011 /PRNewswire/ -- Magic Software Enterprises Ltd. (NASDAQ: MGIC), a global provider of cloud and on-premise enabled application platforms and business integration solutions, today announced that, following its acquisition in January 2011 of a controlling share in its South African distributor, Magix Integration, it has taken up the option to acquire additional shares and thereby increase its holding in the company to 75%.
Commenting on the acquisition, Guy Bernstein, acting Chief Executive Officer of Magic Software, said, "Since completing our acquisition of a controlling share in Magix Integration, and having successfully integrated the company into our organizational infrastructure and operations, we have seen a continuous rise in demand for our application development and integration platforms in both the public and financial sectors in South Africa. Therefore, we are happy to reaffirm our faith in the great potential for future growth in this market by substantially increasing our share holdings in Magix Integration."
About Magix Integration
Magix Integration specializes in Software Integration and Application Development. Magix Integration is able to provide solutions to complex and large-scale software requirements through a combination of software tools and disciplines. Magic Integration strives to listen to client needs, provide value at every step of the engagement process, and solve problems with innovation and simplicity.
About Magic Software
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.
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Magic Software Enterprises
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SOURCE Magic Software Enterprises Ltd.