Magic Software Acquires PowWow Creator of SmartUX™, A leading Low-Code Development Platform for Mobilizing and Modernizing ...
May 13 2019 - 4:00AM
Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC), a global
provider of end-to-end low code integration and application
development platforms solutions and IT consulting services,
announced that it has completed the acquisition of San Francisco
based, PowWow Inc.
PowWow’s SmartUX™ is redefining digital
transformation in the enterprise arena. The rapid low code
development platform enables organizations to simplify and transfer
existing business processes over cross-platform web and mobile apps
delivering new and intelligent “enterprise to edge”
experiences.
PowWow’s SmartUX™, launched in 2016, accelerates
enterprise modernization by delivering powerful, modern native
mobile and web apps faster and more economically. It allows the
enterprise to rapidly transform any Windows or web application,
workflow or data source into a full responsive and secure app that
runs anywhere and on any device, with no disruption to the
business.
The market for low-code development platforms is
large, and the highest-growth years are still ahead. Leading market
analysts expects the market to increase to $21.2 billion by 2022,
up from $3.8 billion in 2017, a CAGR of 41%.
Magic expects this transaction to be accretive
to earnings in 18-24 months, following investment in product
localization for opening new markets in additional territories as
well as intensive sales and marketing efforts.
“We are thrilled to welcome PowWow’s SmartUX™ to
our product portfolio, and see this acquisition as an important
step in Magic’s strategy and market positioning. By bringing
together the strengths of the Magic’s Low Code paradigm and
PowWow’s platform, Magic is able to offer to new and existing
clients a strong portfolio of solutions and services that are
well-tuned for the high demand of today’s digital workplace”,
commented Guy Bernstein, Magic Software’s chief executive officer.
The pace of digital transformation is accelerating at companies all
around the world, with organizations seeking to modernize their
tech infrastructure at a rapid pace with the goal of becoming more
efficient and effective in their operations. Magic Software is
proud to be part of this wave.
“As part of the Magic organization, the PowWow
team and customers will have access to extensive resources and a
global network of relationships,” said Rafael Santini, PowWow’s SVP
of Sales. “Incorporating our solution with the Magic xpi low code
integration platform and allowing access to additional professional
resources provided by Magic will strengthen PowWow’s competitive
marketplace position and allow us to continue to add key
capabilities to our customers.”
Magic and PowWow senior management will
participate in the Gartner AADI summit on Monday, May 20-21, 2019,
London, UK, and will be available for one-on-one, or group meetings
throughout the conference.
About Magic Software Enterprises
Magic Software Enterprises Ltd. (NASDAQ and
TASE: MGIC) is a global provider of powerful and versatile
end-to-end, on-premises and cloud-based integration and low-code
application development platforms. With over 30 years of
experience, 24 regional offices, millions of installations
worldwide, and strategic alliances with global IT leaders, Magic
enables its customers to seamlessly adopt new technologies and
maximize business opportunities. Magic collaborates closely with
its customers and thousands of business partners in 50 countries to
accelerate their business performance.
For more information, visit
www.magicsoftware.com.
About PowWow Inc
PowWow Inc., a San Francisco based company, is
redefining digital transformation in the enterprise arena. Their
rapid mobile and web app solution, SmartUX™, enables organizations
to simplify and extend business apps to mobile and web by
modernizing and streamlining existing processes to deliver new and
intelligent “enterprise to edge” experiences. For more
information, visit www.powwowmobile.com, on Twitter @powwowmobile
or on LinkedIn.
Press Contact:
Noam AmirMagic Software Enterprisesnoama@magicsoftware.com
Except for any historical information contained
herein, matters discussed in this press release might include
forward-looking statements that involve a number of risks and
uncertainties. Regarding any financial statements, actual results
might vary significantly based upon a number of factors including,
but not limited to, risks in product and technology development,
market acceptance of new products and continuing product
conditions, both locally and abroad, release and sales of new
products by strategic resellers and customers, and other risk
factors detailed in Magic's most recent annual report and other
filings with the Securities and Exchange Commission. Magic has made
every effort to ensure that the information contained in this press
release is accurate; however, there are no representations or
warranties regarding this information, including warranties of
merchantability or fitness for a particular purpose. Magic assumes
no responsibility for errors or omissions that may occur in this
press release. Magic is a registered trademark of Magic Software
Enterprises Ltd. All other product and company names mentioned
herein are for identification purposes only and are the property
of, and might be trademarks of, their respective owners.
Magic Software Enterprises (NASDAQ:MGIC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Magic Software Enterprises (NASDAQ:MGIC)
Historical Stock Chart
From Apr 2023 to Apr 2024