Magic Software Subsidiary CoreTech Announces $2 Million Project Expansion With Major U.S. Government Agency
Extended Engagement to Include IT Support and Management Services
Tuesday December 9, 10:18 am ET
IRVINE, Calif.--(BUSINESS WIRE)--Dec. 9, 2003-- Magic Software Enterprises (Nasdaq:MGIC - News), a leading provider of state-of-the-art business integration and development technology, announced today that its wholly owned subsidiary CoreTech Consulting Group, LLC, of King of Prussia, Pennsylvania, will provide support services to a major U.S. government agency in a contract valued at $2 million.
In this multi-year engagement, CoreTech will provide IT support and server management services for the government agency over the next two years, with the aim of increasing organizational efficiencies, reducing overall IT costs and ensuring the quality of critical services across the agency.
A recent analyst report estimates that U.S. federal government spending on information technology outsourcing services will increase to nearly $15 billion in FY 2007. "By continuing to leverage our relationships with our large system integrator channel partners in the federal government," said Kathleen A. Nugent, Managing Director of Sales at CoreTech, "we remain confident that we will be able to expand the business we are already doing in this sector, to take advantage of this growth market."
In this multi-year engagement, CoreTech will provide IT support and server management services for the government agency over the next two years, with the aim of increasing organizational efficiencies, reducing overall IT costs and ensuring the quality of critical services across the agency.
A recent analyst report estimates that U.S. federal government spending on information technology outsourcing services will increase to nearly $15 billion in FY 2007. "By continuing to leverage our relationships with our large system integrator channel partners in the federal government," said Kathleen A. Nugent, Managing Director of Sales at CoreTech, "we remain confident that we will be able to expand the business we are already doing in this sector, to take advantage of this growth market."
About CoreTech Consulting Group, LLC (CoreTech)
CoreTech, a wholly owned subsidiary of Magic Software, 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 http://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, deployment and integration 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
 
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