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TheStreet Open House

Magic Software To Acquire BluePhoenix's AppBuilder Activity For $17M

Stocks in this article: BPHXMGIC

OR YEHUDA, Israel, October 31, 2011 /PRNewswire/ --

Magic Software Enterprises Ltd. ( NASDAQ: MGIC), a global provider of  mobile and cloud-enabled  application and  business integration platforms, and BluePhoenix Solutions ( 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. ( 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

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