Magic Software (NASDAQ: MGIC), a global provider of mobile and cloud-enabled application and business integration platforms, today announced that it has purchased additional shares in its South African distributor, Magix Integration, thereby completing the acquisition of a 100% shareholding in the company at a total value of $2.8 million. The sellers stand to receive an additional $400 000, providing the company reaches specific targets for performance in 2011.
Commenting on the acquisition, Amit Birk, VP M&A Magic Software, said: “We are pleased to have successfully completed our acquisition of a 100% shareholding in Magix Integration, in keeping with our policy of obtaining total control of all our subsidiaries. This move reasserts our strong faith in the future growth of the South African market.”
Magix Integration
Magix Integration specialises in software integration and application development, implementing a combination of tools and disciplines to meet complex and large-scale software requirements. Magix Integration strives to listen to customer needs, provide value at every step of the engagement process, and solve problems with innovation and simplicity.
For more information, visit www.magix.co.za.
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Magic Software
Magic Software (NASDAQ: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms.
For more information, visit www.magicsoftware.com.
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