Magic Acquires Allstates Technical Services, LLC Enterprise Operations in the
US for $10 Million USD
Acquisition to augment Magic's IT consulting services in US
OR YEHUDA, Israel, October 8, 2013
OR YEHUDA, Israel, October 8, 2013 /PRNewswire/ --
Magic Software Enterprises Ltd. (NASDAQ: MGIC), a global provider of software
platforms for enterprise mobility, cloud applications, and business
integration, announced today that it has entered into an agreement with KBR
Inc. (NYSE: KBR) to acquire the US enterprise operations of KBR subsidiary,
Allstates Technical Services, LLC, for $10 million. The acquisition is
expected to be finalized by mid-November 2013, subject to the fulfillment of
certain conditions defined in the acquisition agreement.
Allstates Technical Services, LLC is a US-based full-service provider of
consulting and staffing solutions for IT, Engineering and Telecom personnel.
With a 60-year history, Allstates brings a strong reputation and an
experienced growth-focused management team serving some of the world's leading
telecom and technology companies.
The Allstates acquisition broadens Magic's existing US footprint and adds
leading Fortune 500 companies to its customer base, making an important
contribution to Magic's growth strategy. The acquisition will be managed by
Magic's US-based Fusion Solutions LLC subsidiary.
"We're excited about the synergies and growth opportunities provided by the
Allstates acquisition," said Yuki Tsaroya, President and CEO of Fusion
Solutions LLC. "We welcome Allstates' clients and are committed to providing
them with the same great service and support to which they have grown
The acquisition was facilitated by Pauli Overdorff, President of Alarian
About Magic Software Enterprises
Magic Software Enterprises (NASDAQ: MGIC) empowers customers and partners
around the globe with smarter technology that provides a multichannel user
experience of enterprise logic and data.
For more information, visit http://www.magicsoftware.com.
About KBR, Inc.
KBR is a global engineering, construction and services company supporting the
energy, hydrocarbon, government services, minerals, civil infrastructure,
power, industrial, and commercial markets. For more information,
Except for any historical information contained herein, matters discussed in
this press release might include forward-looking statements that involve a
number of risks and uncertainties. Regarding any financial statements, actual
results might 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 locally and abroad,
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press release is accurate; however, there are no representations or warranties
regarding this information, including warranties of merchantability or fitness
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product and company names mentioned herein are for identification purposes
only and are the property of, and might be trademarks of, their respective
Amit Birk | VP M&A and General Counsel
Magic Software Enterprises
SOURCE Magic Software Enterprises Ltd
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