Today, Magic Software Enterprises, Ltd. announced that it has acquired BluePhoneix’s AppBuilder activity for $13.5 million. AppBuilder is a comprehensive application development infrastructure that enables development teams to build, deploy, and maintain large-scale, custom-built business applications. Currently used by many Fortune 100 companies around the globe, AppBuilder is recognized in the industry as a powerful, model-driven tool.
According to the acquisition agreement, Magic Software paid out a net amount of $13.5 million. $4 million of the total purchase amount will be held in escrow accounts pending fulfillment of certain obligations of BluePhoenix under the sale agreement.
Regarding the acquisition, Guy Bernstein, CEO of Magic Software, remarked, “We are pleased to have completed this important acquisition, which broadens Magic Software’s product portfolio and strengthens our presence in numerous global markets, including Asia and Europe. We plan to develop and invest in all aspects of AppBuilder’s activity, including offering increased support for its customers.”
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