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SOURCE Magic Software Enterprises Ltd
Acquisition to augment Magic's IT consulting services in US
OR YEHUDA, Israel, October 8, 2013 /PRNewswire/ --
Magic Software Enterprises Ltd. (NASDAQ: MGIC), a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today that it has entered into an agreement with KBR Inc. (NYSE: KBR) to acquire the US enterprise operations of KBR subsidiary, Allstates Technical Services, LLC, for $10 million. The acquisition is expected to be finalized by mid-November 2013, subject to the fulfillment of certain conditions defined in the acquisition agreement.
Allstates Technical Services, LLC is a US-based full-service provider of consulting and staffing solutions for IT, Engineering and Telecom personnel. With a 60-year history, Allstates brings a strong reputation and an experienced growth-focused management team serving some of the world's leading telecom and technology companies.
The Allstates acquisition broadens Magic's existing US footprint and adds leading Fortune 500 companies to its customer base, making an important contribution to Magic's growth strategy. The acquisition will be managed by Magic's US-based Fusion Solutions LLC subsidiary.
"We're excited about the synergies and growth opportunities provided by the Allstates acquisition," said Yuki Tsaroya, President and CEO of Fusion Solutions LLC. "We welcome Allstates' clients and are committed to providing them with the same great service and support to which they have grown accustomed.
The acquisition was facilitated by Pauli Overdorff, President of Alarian Associates.
About Magic Software Enterprises
Magic Software Enterprises (NASDAQ: MGIC) empowers customers and partners around the globe with smarter technology that provides a multichannel user experience of enterprise logic and data.
For more information, visit http://www.magicsoftware.com.
About KBR, Inc.
KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial, and commercial markets. For more information, visit http://www.KBR.com.
Except for any historical information contained herein, matters discussed in this press release might include forward-looking statements that involve a number of risks and uncertainties. Regarding any financial statements, actual results might vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both locally and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in Magic's most recent annual report and other filings with the Securities and Exchange Commission.
Magic has made every effort to ensure that the information contained in this press release is accurate; however, there are no representations or warranties regarding this information, including warranties of merchantability or fitness for a particular purpose. Magic assumes no responsibility for errors or omissions that may occur in this press release.
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Amit Birk | VP M&A and General Counsel
Magic Software Enterprises
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