Magic Software claims 100% stake in SA distributor
Magic Software Enterprises, a global provider of mobile and cloud-enabled application and business integration platforms, said on Tuesday that it has purchased additional shares in its South African distributor, Magix Integration to extend its presence in the country.
The purchase sees the Israeli-based firm take a 100% shareholding in the company at a total value of $2.8 million.
The sellers would receive an additional $400,000 depending on a number of performance targets in place.
Amit Birk, VP M&A Magic Software, said it was company policy to obtain total control of all its subsidiaries. “This move reasserts our strong faith in the future growth of the South African market.”
Magix Integration specialises in software integration and application development, implementing a combination of tools and disciplines to meet complex and large-scale software requirements.
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