OR YEHUDA, Israel, December 27, 2011 /PRNewswire/ --
Magic Software Enterprises Ltd. (NASDAQ: MGIC), a global provider of mobile and cloud-enabled application and business integration platforms, announced today that it has completed its acquisition of BluePhoenix's AppBuilder activity for $13.5 million.
In accordance with the terms of the acquisition agreement, the net amount paid to BluePhoenix at closing was $13.5 million. $4 million from the amount of the consideration due to BluePhoenix will be held in escrow accounts pending fulfillment of certain obligations of BluePhoenix under the sale agreement.
Commenting on the acquisition, Guy Bernstein, CEO of Magic Software, said: "We are pleased to have completed this important acquisition, which broadens Magic Software's product portfolio and strengthens our presence in numerous global markets, including Asia and Europe. We plan to develop and invest in all aspects of AppBuilder's activity, including offering increased support for its customers."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. 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 BluePhoenix Solutions (NASDAQ: BPHX) is the leading provider of value-driven legacy IT modernization solutions to companies from diverse industries and vertical markets, such as automotive, banking and financial services, insurance, manufacturing, and retail. The BluePhoenix portfolio includes a comprehensive suite of tools and services, from global IT asset assessment and impact analysis to automated database and application migration, rehosting, and renewal.