Matrix IT (Tase: MTRX), the most important IT company company on the stock exchange in Tel Aviv, signed a memorandum of arrangements to buy magical software enterprises (Tase: MGIC; Nasdaq MGIC). According to notification for the stock exchange in Tel Aviv, Matrix will buy all Magic shares in the other triangular connection, and Magic will change into a totally unusual company Matrix. Considering magical shareholders could have the shape of Matrix, which supplies them 31.125% of the combined company, while Matrix shareholders could have 68.875%. The market capital of a combined company might be around 7.7 billion NIS.
Both firms are a part of the formula systems (Tase: Forty; Nasdaq: Forts) Group. Guy Bernstein is the overall director of each the formula and magic and the chairman of Matrix. CEO Matrix is Moti Gutman. The connection would require the approval of shareholders. The shares of each firms are within the possession of Israeli financial institutions, including almond, Phoenix Holdings and Harel in Matrix and Clal in Magic.
Matrix has a market capitalization of 5.7 billion NIS. Formula systems have 48.2% of its shares, currently price 2.76 billion NIS. Magic has a market capitalization of $ 631 million, after the worth of shares on NASDAQ increased by almost 8%yesterday after the motorization is announced, compared to the market trend. Formula Systems has 46.7% of magic, shares price $ 290 million. Formula systems themselves are shares with a double list, with a market capital $ 1.4 billion on NASDAQ. Its share price increased yesterday by 5.33%. The important shareholder within the Systems formula is the Polish company Asseco, with a maintenance of 25.8%. In addition to Matrix and Magic, formula systems also control Sapiens (Tase: SPNS; NASDAQ: SPNS), which provides software for the insurance industry.
Both Matrix and Magic are to issue quarterly financial funds this week. Neither Matrix nor Magic nor formula systems issued a response to the report.
Published by Globes, Israel Business News – EN.GLOBES.CO.IL – March 11, 2025.
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