Magic Software Enterprises Ltd. (MGIC): Magic Software files to raise $60m on Na...

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Sunday, 11/10/2013 11:47:02 AM

Sunday, November 10, 2013 11:47:02 AM

Magic Software files to raise $60m on Nasdaq

In the prospectus, Magic said that it would use the proceeds from the offering for general purposes, including acquisitions and investments.

10 November 13 15:00, Shiri Habib-Valdhorn

On Friday, Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) filed with the US Securities and Exchange Commission (SEC) a draft prospectus to raise up to $60 million. The company did not disclose the structure of the proposed offering, and whether it will include shares, warrants, bonds, or a combination of these securities.
In the prospectus, Magic said that it would use the proceeds from the offering for general purposes, including acquisitions and investments. In October, it acquired the US operations of Allstates Technical Services LLC, a subsidiary of KBR Inc. (NYSE: KNR), for $10 million.
On Thursday, Magic reported 9% revenue growth to $35.6 million for the third quarter from $32.6 million for the corresponding quarter, and 23% non-GAAP net profit growth to $5.5 million from $4.5 million.

Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2013