The majority owner of Magic Software Enterprises, Dan Goldstein has become its chairman, replacing David Assia, who will assume the role of vice-chairman.
In addition, Magic, a member of the Formula Group, has announced its intention to continue buying back shares of its common stock. Over the last month, it has repurchased more than 400,000 shares on the open market.
Formula Systems is a global information technology company principally engaged in providing software consulting services and developing proprietary software products. In addition, it manages a venture capital fund, which invests in early stage companies that develop software products for the international market. The company delivers solutions in more than 50 countries.
Magic, which began evolving into a business solutions provider in late 1998, following Formula’s investment in the company, is poised to become a major player in the e-commerce and CRM markets.
In 1999, it introduced its first B2B e-commerce solution, eMerchant, which has won technology awards and been implemented in several multinational enterprises.
Magic will now take the remaining important steps to re-engineer its infrastructure and business model to move to the next level in the business solutions arena. “My plan is to adapt my experience in turning around promising technology companies to help make Magic an international business solutions powerhouse,” said Goldstein.
Chairman of Formula since 1985, Goldstein was named one of the most influential leaders of the Israeli technology movement in 1998.
“Magic is a leading member of the Formula family of companies, and we believe its shares represent an attractive investment at its present market value,” added Goldstein. “The fact that Magic was able to survive the continued weakness in the application development tools market is a testament to the superiority of its underlying technology, while the early market acceptance of its e-commerce and CRM solutions bodes extremely well for the future.”