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Monday January 20, 9:05 am ET
Magic Software Announces Investment and Partnership Agreement With Enformia Ltd. To Enhance Product Offering
Enformia EIP Technology To Be Integrated as Part Of New iBOLT EAI Offering
IRVINE, Calif.--(BUSINESS WIRE)-)--Jan. 20, 2003-- Magic Software Enterprises (Nasdaq:MGIC - News), a leading provider of state-of-the-art development and integration technology, and business solutions, announced today that it has signed a partnership agreement with Enformia Ltd., a provider of leading technology for creating Enterprise Information Portals (EIP).
As part of this agreement, Magic Software will invest up to $1.5 million in the continued development of the Enformia EIP. Magic was given an option to increase its holdings in Enformia up to 51%. Magic Software and Enformia Ltd. have worked together in the past, already have several joint customers and David Assia, chairman of the board of Magic Software has served as an executive officer, director and shareholder in Enformia.
According to the Forrester Research group, employees spend an average of 25 percent of their time looking for information. By integrating systems with information resources, a portal can significantly reduce the amount of time it takes to locate information.
Work has already commenced to integrate the Enformia EIP as the iBOLT Portal Server, in the new iBOLT Integration family of products that Magic Software has recently announced. The iBOLT Portal Server will enable corporations to deliver customized information and applications to a wide range of users -- customers, employees, partners and suppliers -- using an architecturally superior approach to provide improved customer service and retention, enhanced communication and increased productivity.
"We see an excellent fit between our new iBOLT Integration product line and the Enformia EIP," said Menachem Hasfari, CEO of Magic Software. "While solutions for Enterprise Application Information (EAI) streamlines the speed and efficiency of business transactions, portal technology delivers a consolidated communication interface to users. Combined, these technologies can provide exponential gains in productivity, reduced cost of ownership of existing IT investments, better competitive and market intelligence, and decreased time to market."
About Enformia Ltd.
Enformia Ltd. is a provider of Enterprise Information Portal and Enterprise Content Management solutions designed to integrate corporate information. Enformia provides enterprises with a single solution to their Intranet, Extranet and Internet needs, creating a single access platform for all corporate content and information. Customers of Enformia solutions include the EU, Amsterdam Arena, ITC Travel, Group NDI, Magic Software Enterprises, Ministry of the Environment (Israel) and Aladdin Knowledge Systems. Further information about Enformia is available at http://www.enformia.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 17310 Redhill Avenue #270, Irvine, CA 92614-5637, telephone
800/345-6244, 949/250-1718, fax 949/250-7404,
http://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, 949/250-1718 ext. 299
davidl@magicsoftware.com
or
Glenn Johnson (Irvine contact), 949/250-1718
 
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