Magic Software Enterprises

(Nasdaq:MGIC) recently fired 80 workers,

Ma'ariv

reports.

The job cuts encompass 7% of its total workforce.

Danny Goldstein, chairman of Magic parent

Formula Systems

(Nasdaq:FORTY), says the company had to cut jobs in order to adapt to the tighter working environment.

Goldstein added that most of the dismissals were at offices outside Israel, and that they affected mostly sales and administration, not R&D.