Magic Raises $17 Million in Sale of Subsidiary
January 8, 2008 Alex Woodie
System i development tool maker Magic Software has sold its Advanced Answers on Demand (AOD) subsidiary to Fortissimo Capital for $17 million, the software company announced in late 2007. AOD develops a suite of applications, also called AOD, that are targeted at the long-term care industry, including retirement and continuing care facilities, home health, and rehabilitation agencies. The AOD suite was developed in Magic’s fourth-generation language, eDeveloper, and runs on Windows servers. AOD is based in Fort Lauderdale, Florida, while Magic Software is headquartered in Israel, and has U.S. headquarters in Irvine, California. The sale of the AOD subsidiary to |