Magic Software continues to strengthen its presence in South Africa

Magic Software Enterprises Ltd (NASDAQ: MGIC), a global provider of cloud and on-premise enabled application platforms and business integration solutions, has announced that, following its acquisition in January 2011 of a controlling share in its South African distributor, Magix Integration, it has taken up the option to acquire additional shares and thereby increase its holding in the company to 75%.

According to Chris Hills, director and co-founder of Magix Integration, the additional acquisition is a vote of confidence in the company, its team and the growth prospects in the region.

“The business is trading well and the pipeline for future growth looks very encouraging. We are extremely optimistic about the prospects and anticipate that, in the light of the increased investment, MSE will further increase their support to grow this market.”

Commenting on the acquisition, Guy Bernstein, acting Chief Executive Officer of Magic Software, said: “Since completing our acquisition of a controlling share in Magix Integration, and having successfully integrated the company into our organisational infrastructure and operations, we have seen a continuous rise in demand for our application development and integration platforms in both the public and financial sectors in South Africa.

“Therefore, we are happy to reaffirm our faith in the great potential for future growth in this market by substantially increasing our shareholding in Magix Integration.”