Company History
Magic Software Enterprises was founded in 1983 by David Assia and Yaki Dunietz, as a spin-off from Mashov Computers, a publicly traded Israeli company that provided business solutions on microcomputers. The new company was originally named Mashov Software Export (MSE), and developed software for the global market – specifically an Application Generator named Magic. Mashov’s major innovation was a metadata-driven approach to programming that required no compiling or linking, and also allowed instantaneous debugging. During the 1980s, the company grew based on its sales to the DOS and UNIX platforms. The product was used by many large organizations, including the Israel Defence Forces.
In 1991, the company changed its name to "Magic Software Enterprises" (retaining the acronym "MSE") and became the first Israeli software company to go public on the NASDAQ. During this period the company developed a close relationship with IBM, focusing on AS/400 systems. Later, Magic completely redeveloped its platform for the Windows architecture and renamed it eDeveloper. This was a graphical, rules-based, and event-driven framework that offered:
- A pre-compiled engine suited for database business tasks
- A declarative programming methodology
- A repository of basic application modules for easy reference and re-use
- A wide variety of generic services and functions configured and invoked at runtime
In 1998, Magic was acquired by The Formula Group, headed by Dan Goldstein. In the following years the company experienced rapid growth in sales and profits, and in a secondary share offering in February 2000 it raised app. $100 million, and traded at a company valuation of $900 million.
In October 2003, Magic released iBOLT.
In July 2008, Magic released uniPaaS.
Read more about this topic: Magic Software Enterprises
Famous quotes containing the words company and/or history:
“We noticed several other sandy tracts in our voyage; and the course of the Merrimack can be traced from the nearest mountain by its yellow sand-banks, though the river itself is for the most part invisible. Lawsuits, as we hear, have in some cases grown out of these causes. Railroads have been made through certain irritable districts, breaking their sod, and so have set the sand to blowing, till it has converted fertile farms into deserts, and the company has had to pay the damages.”
—Henry David Thoreau (1817–1862)
“Humankind has understood history as a series of battles because, to this day, it regards conflict as the central facet of life.”
—Anton Pavlovich Chekhov (1860–1904)