Magic ( (MGIC) ) has issued an update.
On March 11, 2025, Magic Software Enterprises Ltd. announced a proposed merger with Matrix I.T Ltd., a leading Israeli IT services company. The merger, structured as a reverse triangular merger, will result in Magic becoming a wholly-owned subsidiary of Matrix. This strategic move is expected to enhance Magic’s market position, expand its capabilities, and create significant operational synergies. The combined entity, valued at $2.1 billion, aims to leverage increased scale, complementary geographic presence, and a broader product and service portfolio to better compete globally. The merger is anticipated to benefit stakeholders by providing a more diversified offering and strengthening the financial profile of the combined entity.
More about Magic
Magic Software Enterprises Ltd. is a global provider of IT consulting services and end-to-end integration and application development platform solutions. The company is focused on delivering low-code/no-code application development and business process integration platforms, software solutions, and IT outsourcing services.
YTD Price Performance: 8.07%
Average Trading Volume: 45,660
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $630.9M
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