|
Tuesday September 24, 9:08 am ET
Magic Software Enterprises Announces The Creation of CoreTech Consulting Group LLC
New Partnership Closely Aligns The Interests Of The Company, Its Managing Consultants and Customers
IRVINE, Calif.--(BUSINESS WIRE)--Sept. 24, 2002--
Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of
state-of-the-art development technology and business solutions,
announced today the signing of an Operating Agreement for the creation
of CoreTech Consulting Group, LLC. CoreTech is a leading provider of
Consulting Services and Solutions to the Life Sciences and Financial
Services industries.
CoreTech, based in King of Prussia, Pennsylvania, is recognized as
a leader in the highly competitive field of Information Technology
Consulting. CoreTech provides consulting and services in the areas of
Internetworking, Platforms, Security, Business Intelligence, Project
Management, Project Staff Augmentation, and Support/Help Desk
Services, to its Fortune 50 client base.
The newly created organizational structure will more closely
resemble a consulting model that aligns the interests of CoreTech, its
key consulting management and thought leaders, and its customer base.
"We have studied the past success that CoreTech has had over the
last ten years and determined that a key component of the success
resulted from the direct alignment of the interests of its
stakeholders -- the clients, employees and partners," said Menachem
Hasfari, chief executive officer of Magic Software Enterprises.
"During the past year, we have met with most of our key customers and
listened to why they choose to buy consulting services from certain
organizations rather than others. It was clear that they want to
partner with companies who have aligned interests in the success of
both projects and resource placements."
The new LLC structure provides CoreTech with the flexibility to
have as many partners as warranted by its business, while enabling
Magic Software Enterprises, a significant strategic and financial
partner, to maintain ownership interest of the consulting group.
In addition, the following individuals were nominated as
shareholders: Michael Brown, Steve Brown, Andrew Cox, Peter Cherpack,
Frank Daly, Michael Ford, Doug Nohe, Krishna Palaparthi, Mark Redlus
and Carol Sysak. The individual partners are charged with building the
future value of the company.
About CoreTech Consulting Group, LLC. (CoreTech)
CoreTech, a subsidiary of Magic Software Enterprises, is a leading
provider of Consulting Solutions in the areas of Internetworking,
Security, Platforms, Business Intelligence, Program and Project
Management, Project Staff Augmentation, and Support Services in the
Life Sciences and Financial Services industries. CoreTech's clients
include enterprises such as GlaxoSmithKline, Johnson & Johnson,
Wyeth, SunTrusT Banks, Synovous Financial and many more. CoreTech,
which has been named to the "Inc. 500" and Deloitte & Touche's "Fast
500," is based in suburban Philadelphia. More information about
CoreTech may be obtained by calling 800/220-3337 or by visiting
www.coretech.com.
About Magic Software Enterprises
Magic Software Enterprises, a member of the Formula Group (Nasdaq: FORTY - News), develops, markets and supports software development and
deployment 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. The Company's North American subsidiary is
located at 13710 Redhill Avenue #270, Irvine, CA 92614-5637, telephone
800/345-6244, 949/250-1718, fax 949/250-7404, www.magicsoftware.com.
The Formula Group 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.
Contact:
Magic Software Enterprises Ltd.
David Leichner
Vice President, Worldwide Marketing
949/250-1718 ext. 299
davidl@magicsoftware.com
 
|
 |
