EC-Hold has disposed of Magic SA in a management buyout involving former EC-Hold CEO Amir Lubashevsky and former MGX CEO Chris Hills, among others.
Lubashevsky confirmed this morning that the deal had taken place but said that in terms of an agreement with MGX he could not comment on the details until an official announcement was made in conjunction with MGX.
However, he confirmed that Hills was involved in the buyout, which was concluded last week with an effective date of 1 April. Lubashevsky has been CEO of Magic SA since 1994.
The company represents Nasdaq-listed Magic Software and customers in SA include Discovery Health, Pastel Software, Clover dairies, government and others in the banking, insurance, mining and manufacturing sectors.
Magic Software`s products include a business integration framework and technology for developing and deploying Web and client/server e-business, e-commerce and customer relationship management solutions.
EC-Hold announced at the end of April that Lubashevsky and Tzvi Appel, also involved in the buyout, had resigned.
Hills took extended leave from MGX in November last year, the move coinciding with the reconstitution of the MGX board and the appointment of turnaround specialist Peter Flack as executive chairman and CEO.
MGX said in January that Hills had not been reappointed as a director.
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