Israel's Magic increases stake in U.S. firm AAOD

Thursday April 29, 10:18 am ET

TEL AVIV, April 29 (Reuters) - Israel's Magic Software Enterprises (Nasdaq:MGIC - News), said on Thursday it had increased its holding in U.S. firm Advanced Answers on Demand (AAOD) to 84 percent from 63 percent previously.

Magic said in a statement the deal had been done through a stock purchase agreement with existing shareholders purchasing 21 percent of AAOD's stock.

Financial details were not disclosed.

Contact:
Magic Software Enterprises Ltd.
David Leichner, 949-250-1718, ext. 299
davidl@magicsoftware.com