RealTime IT News

Magic Software to Acquire Interest in CasWell Logistics

Israeli software company Magic Software Enterprises has signed a letter of understanding with CasWell Logistics BV, a business partner for the past 12 years, to acquire a majority interest in the company.

CasWell is a provider of supply chain, logistical, administration and accounting software in the Netherlands. Financial terms were not disclosed.

Upon closing, Magic will own 51 percent of the company, which will be renamed CasWell Magic Logistics BV.

In October, Magic and CasWell closed a deal for more than $2 million to provide Seabrex, the world's largest fruit shipping agent, a totally integrated e-commerce trading and tracking system to support all of Seabrex's global operations.

Magic also said it has completed acquisition of a 51 percent interest in its Hungarian distributor, Onyx Software Enterprises Ltd., which has been a player in the Hungarian software market for more than eight years.

Renamed Magic (Onyx) Software Enterprises Hungary KFT, the company is expected to play an integral role in increasing Magic's sales of its application development technology and e-commerce solutions in the central European and Russian markets, as well as Hungary.

Magic Software offers development technology, customizable applications and services for solving business problems. Using Magic, companies can leverage their existing resources and take advantage of emerging technologies, such as e-commerce and Linux.