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Magic Advances for Second Day After Turkish Agreement

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Jan. 3 (Bloomberg) -- Magic Software Enterprises Ltd. advanced for a second day as the Israeli software developer signed an agreement to distribute its products in Turkey.

The shares increased 2.6 percent to 22.72 shekels, the highest level since Dec. 29, at the 4:30 p.m. close in Tel Aviv. The stock more than doubled last year, giving the Or Yehuda, Israel-based company a market value of 675 million shekels ($191 million).

Senoglu Yazilim AS committed to a minimum of $700,000 over the next three years to distribute Magic’s software, the company said today in a press release filed to the Tel Aviv Stock Exchange.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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