Magic Software Appoints David Zigdon as its Chief Financial Officer
OR YEHUDA, ISRAEL; July 26, 2007 - Magic Software Enterprises Ltd. (NASDAQ: MGIC), a leading provider of state-of-the-art business integration and application development technology, has announced the appointment of David Zigdon as the Company's Chief Financial Officer (CFO) effective October 1, 2007. Mr. Zigdon replaces Ziv Zviel, who served as the Company’s VP finance and operations.
"David brings to Magic Software extensive and diverse financial leadership experience,” said Eitan Naor, President and CEO of Magic Software, in announcing the appointment. “He will play a key role in the continued implementation of our long-term strategic and financial goals. I am delighted to welcome David at this exciting juncture for Magic and I'm confident that he will prove to be very instrumental to our Company."
Mr. Zigdon comes to Magic Software Enterprises from Power Paper, a leading pioneer of micro-electric patch technology for the pharmaceutical industries. Prior to Power Paper, Mr Zigdon served for six years as Chief Financial Officer of Radcom Ltd. (Nasdaq: RDCM), a technology developer of innovative network test and service monitoring solutions for communications service providers and equipment vendors. From 1989 to 2000, Mr. Zigdon was a Manager in the RAD-BYNET Group, where he began as Chief Financial Officer and continued to serve as Chief Executive Officer of Bynet Electronics Ltd. for four years.
Mr. Zigdon is a Certified Public Accountant and holds a B.A. in economics and accounting and an L.L.M in business law from
"I would like to thank Ziv Zviel for his long term contribution to Magic Software,” Mr. Naor continued. "Ziv was instrumental in executing our financial recovery plan in the last few quarters. We wish him luck in his future endeavors."
About Magic Software Enterprises
Magic Software Enterprises (NASDAQ: MGIC) has been a leader in enterprise application development, deployment and integration technology for more than two decades. The company's service-oriented (SOA) platforms are used by companies worldwide to develop, maintain, and deploy both legacy and new business solutions, while integrating these applications across both internal and external, heterogeneous environments. Magic Software’s platform-independent methodology lets companies achieve agility by quickly assembling composite applications, allowing programmers to create services and architects and business analysts to orchestrate and reuse these services to enable business processes. Through partnerships with industry leaders such as IBM and SAP and more than 2500 ISVs worldwide, Magic Software technology is used by more than 1.5 million customers around the globe.
Magic Software is a subsidiary of the Formula Systems and Emblaze Group of companies.
For more information on Magic Software Enterprises and its products and services, visit www.magicsoftware.com.
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may 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 here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
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Press contacts:
Steven L. Lubetkin
Public Relations Counsel
Magic Software Enterprises Ltd.
slubetkin@magicsoftware.com
Phone: +1 856.751.5491
Cell: +1 856.625.5502
Mary Lou Roberts
Magic Software Corporate Communications
Phone: 215-740-8976
