October 31, 2011
Magic Software Enterprises Ltd.
), a global provider of
), 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
. The acquisition is expected to be finalized by
, 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,
, 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
. "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
) is a global provider of mobile and cloud-enabled application and business integration platforms.
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About BluePhoenix Solutions