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Magic proposes public offering

Magic Software Enterprises Ltd. (NASDAQ: MGIC) said it has announced its intention to offer and sell ordinary shares of the company in an underwritten offering.

The company said it intends to grant to the underwriters an option to purchase additional ordinary shares of the company to cover over-allotments in connection with the offering.

The net proceeds will be used for general corporate purposes, which, according to the company, may include, among other things, funding of its working capital needs and funding of potential acquisitions.

Barclays Capital Inc. and William Blair & company, L.L.C. are acting as joint book-running managers for the offering and Maxim Group LLC and H.C. Wainwright & Co., LLC are acting as co-managers for the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Magic Software Enterprises is a global provider of mobile and cloud-enabled application development and business integration platforms.


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