Magic Software Enterprises, Ltd. (MGIC) Acquires BluePhoneix’s AppBuilder Platform for $13.5 Million
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…