Market Overview

Magic Software Climbs 13.5% To 52-Week High On Acquisition News (MGIC)


Shares of Magic Software Enterprises Ltd. (Nasdaq: MGIC) are trading up 13.5% at $7.72 per share during the Monday afternoon trading session.

The provider of cloud and on-premise application platform and business integration solutions announced early Monday morning that it signed an agreement to acquire its South African distributor, Magix Integration (Pty) Ltd.

The day's trading range for shares of Magic Software Enterprises Ltd has been between $6.87 and a 52-week high of $7.85 per share.

Trading volume for Magic Software Enterprises Ltd. (MGIC) has been heavy, with 2.2 million shares having been traded today, 4 times the daily average volume of 530,000 shares.

Chief executive officer Guy Bernstein said, "I am very pleased with the new acquisition, which expands our global operations to include South Africa, adding to our 13 existing offices worldwide. We expect this addition to positively contribute to our growth plans and further strengthen our presence in this region."

Magic Software Enterprises Ltd is a global provider of cloud and on-premise application platform solutions – including full client, rich internet applications (RIA), mobile and software-as-a-service (SaaS) modes – and business and process integration solutions.

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