< "dateline" > or YEHUDA, Israel, October 31, 2011–/PRNewswire/–
NASDAQ: BPHX), a leading provider of value-driven legacy modernization of IT solutions, today announced that it has entered into a definitive agreement where Magic Software will acquire BluePhoenix's AppBuilder activities for $ 5 million. The acquisition is expected to be completed in mid-December 2011, subject to the fulfilment of the requirements set out in acquisition Agreements.
AppBuilder is a comprehensive application development infrastructure that is used by many Fortune 1000 companies around the world. The main application development environment the company is a powerful tool, model-driven, which allows development teams to build, use, and maintain large-scale applications, custom-built business.
Commenting on the acquisition, Guy Bernstein, CEO of Magic Software, said: "the acquisition will allow Magic AppBuilder Software to further expand and improve the product portfolio, strengthen global providers stand out as application development platform. We will develop and invest in all aspects of the AppBuilder's activity, and will increase its support to its customers, allowing them to benefit from a strong vision for the future. "
"The acquisition of technology-based will increase market share and create new business opportunities by leveraging customer base around the world leading company BluePhoenix's, high end, in a variety of industries and vertical markets," continued Guy Bernstein. "The synergy of technology and business presented by this acquisition will provide an important contribution to the continued growth of Magic Software."