According to the acquisition agreement, Magic Software paid out a net amount of $13.5 million. $4 million of the total purchase amount will be held in escrow accounts pending fulfillment of certain obligations of BluePhoenix under the sale agreement.
Regarding the acquisition, Guy Bernstein, CEO of Magic Software, remarked, “We are pleased to have completed this important acquisition, which broadens Magic Software’s product portfolio and strengthens our presence in numerous global markets, including Asia and Europe. We plan to develop and invest in all aspects of AppBuilder’s activity, including offering increased support for its customers.”
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