Magic Software Strengthens Its Position As Leading Provider Of Technology And Solutions For Senior Living And Healthcare In The U.S.
Magic Software Enterprises via BizWire
OR YEHUDA, Israel--(BUSINESS WIRE)--April 29, 2004--
Company Increases Holdings In Advanced Answers On Demand (AAOD) To 84%
Magic Software Enterprises (Nasdaq:MGIC), a leading provider of
state-of-the-art business integration and development technology
announced today the execution of a stock purchase agreement with
existing shareholders to purchase twenty one percent of the
outstanding and issued stock of Advanced Answers on Demand, Inc.
(AAOD). This purchase increases Magic's holding in AAOD from 63% to
84%.
Advanced Answers on Demand (www.advanced-answers.com) develops,
markets and supports integrated software solutions designed to meet
the challenges and ever-changing demands of the healthcare and senior
living industries. AAOD continues to be an industry leader in the U.S.
and provides a vast array of software solutions to over 500
facilities. AAOD's solutions are developed and deployed using Magic's
eDeveloper application development technology.
"AAOD is performing very well with continuous growth in annual
revenue and profit from the time of our initial investment three years
ago," said Menachem Hasfari, CEO of Magic Software. "Given the growing
opportunities in the senior living industry in the U.S. and abroad, we
expect the consolidation of the number of shareholders to provide us
with the flexibility we need to develop the AAOD business more quickly
and with stronger results in this growing industry."
About Magic Software Enterprises
Magic Software Enterprises, a subsidiary of Formula Systems
(Nasdaq:FORTY), develops, markets and supports software development,
deployment and integration technology that enables enterprises to
accelerate the process of building and deploying applications that can
be rapidly customized and integrated with existing systems. Magic
technology, applications and professional services are available
through a global network of subsidiaries, distributors and Magic
solutions partners in approximately 50 countries. Magic's EMEA
headquarters is located at Pelmolen 17 3994 XX Houten in the
Netherlands, telephone: +31-30-656 6266, fax: +31-30-656 6277. Magic's
North American subsidiary is located at 17310 Redhill Avenue #270,
Irvine, CA 92614-5637, telephone: 949-250-1718, fax: 949-250-7404,
http://www.magicsoftware.com/.
Formula Systems is an international information technology company
principally engaged, through its subsidiaries and affiliates, in
providing software consulting services, developing proprietary
software products and producing computer-based solutions.
Except for the historical information contained herein, the
matters discussed in this news release include forward-looking
statements that may involve a number of risks and uncertainties.
Actual results may 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 here and abroad, release and sales of new products by
strategic resellers and customers, and other risk factors detailed in
the Company's most recent annual report and other filings with the
Securities and Exchange Commission.