Update From Nazareth |
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| Magic unit buys IT firm |
| 06/02/2010 |
| IT integrator Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) subsidiary CoreTech Consulting Group LLC, based in King of Prussia, Pennsylvania, acquired the assets of a US-based IT services company for up to $11.8 million to be paid over the next three years. Magic did not disclose the name of the company acquired.
The acquired business provides a range of consulting and staffing services for telecommunications, network communications, and the IT industry and serves some of the world's leading telecom and technology corporations. The company has 250 employees at its offices across the US.
Magic Software chairman Guy Bernstein said, "The acquisition of these assets will enable CoreTech and Magic Software to expand their US market presence and leverage on its relationship with top tier customers."
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