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Extended Engagement To Include IT Support and Management Services


Bracknell, UK (10 December, 2003) - Magic Software Enterprises, a leading provider of state-of-the-art business integration and development technology, has announced that its wholly owned subsidiary CoreTech Consulting Group, will provide support services to a major U.S. government agency in a contract valued at million.


In this multi-year engagement, CoreTech will provide IT support and server management services for the government agency over the next two years, with the aim of increasing organisational efficiencies, reducing overall IT costs and ensuring the quality of critical services across the agency.


A recent analyst report estimates that U.S. federal government spending on information technology outsourcing services will increase to nearly billion in FY 2007. “By continuing to leverage our relationships with our large system integrator channel partners in the federal government,” said Kathleen A. Nugent, Managing Director of Sales at CoreTech. “We remain confident that we will be able to expand the business we are already doing in this sector, to take advantage of this growth market.”


"Excellence, integrity, service and responsibility personify the character of CoreTech and our employees,” said Mark A. Redlus, CEO of CoreTech. “By combining world-class recruiting with rigorous methodology and discipline, we are able to rapidly deliver quality service in response to fluctuations in customer demand.”


Working across a wide range of industries CoreTech provides organisations with experienced technical staff in temporary assignments or interim positions that arise due to staffing or management changes, vacations or leaves of absence, or other day-to-day occurrences. CoreTech carefully matches the requirements to the skills and technology backgrounds of the employees who can work individually or as part of a team within the organisation to ensure the seamless flow of work.


Companies interested in finding out more about CoreTech’s project staffing services can visit http://www.coretech.com/staffing/index.html or send e-mail to info@coretech.com


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About CoreTech Consulting Group, LLC (CoreTech)

CoreTech, a wholly owned subsidiary of Magic Software, is a leading provider of Consulting Solutions in the areas of Internetworking, Security, Platforms, Business Intelligence, Program and Project Management, Project Staff Augmentation, and Support Services in the Life Sciences and Financial Services industries. CoreTech's clients include enterprises such as GlaxoSmithKline , Johnson & Johnson, Wyeth, SunTrusT Banks, Synovous Financial and many more. http://www.coretech.com.


About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customised and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries, including the UK. http://www.magicsoftware.com/.


Formula Systems is an international information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and producing computer-based solutions.


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.


Company Contact:

Andy Peart

Magic Software Enterprises UK Ltd

01344 667000

andy_peart@magicsoftware.com


Media Contact:

Sara Claridge

Marylebone Media Relations Ltd

01344 876558

sara@marylebone.co.uk



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