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Magic Strengthens its Position in The Nordic Countries
Magic Software Signs a $400,000 Nordic Distribution Agreement with VM-Line

Bracknell, UK (27th September 2004) - Magic Software Enterprises (NASDAQ: MGIC), a leading provider of state-of-the-art development and integration technology, has strengthened its commitment to the Nordic market with a range of initiatives including the appointment of VM Line from Denmark as its key distributor for the region, the recruitment of new sales partners to promote its iBOLT business integration suite and a program of customer initiatives and activities.

Copenhagen-based VM-Line - a leading Danish software developer and systems integrator that counts amongst its customers Denmark’s Ministry of Economy & Business Affairs, The Danish Telecom Agency, United Nations, Deutsche Bank and PA Consulting Group - will be responsible for supporting Magic’s existing partner and corporate customer base and in driving sales of iBOLT. As part of the agreement, VM Line has made an initial purchase of licenses for iBOLT and eDeveloper at a value of $400,000 that was recognised in the first half of 2004.

To support VM-Line with the promotion of iBOLT in the Nordic Countries, Magic has recruited a number of new Sales Partners and already has the backing of one of the largest system integrators and management consultancies in the region.

Existing Magic users – including PA Consulting in Denmark, Sigma in Sweden and a number of Danish government ministries will also be benefiting from Magic’s increased focus in the region. Magic is working with VM-Line to enhance communications with its customers and has already held its first Nordic User Group in early September, which will be followed by further technical briefings and product training over the coming months.

Vagn Majland, Managing Director of VM Line said, “Magic’s eDeveloper is already a proven, well-respected application development technology in the Nordic Countries with many of the regions largest companies running applications based on Magic. We believe there is a tremendous opportunity to develop additional business with both Magic’s existing customers and companies new to the technology. I look forward to working with Magic to strengthen our position in the region. The final element of our approach to Scandinavia is to recruit new Sales and Integration Partners for iBOLT, particularly in Sweden, Norway and Finland.”

For system integrators and solution providers, iBOLT's open, standards-based service-oriented architecture provides an easy-to-use, flexible tool that delivers rapid return on investment. iBOLT's comprehensive integration framework offers advanced business integration, process management and activity monitoring capabilities that benefits both integrators and customers with rapid project development and deployment, lower implementation and maintenance costs, in addition to increasing customer satisfaction.

“We believe there is a significant opportunity for iBOLT in the region. Its open, standards-based structure and ease-of-use make it an ideal integration tool for both business and IT professionals, whilst the affordable pricing model makes it attractive to both mid-sized businesses as well as larger corporations,” commented Regev Yativ, Managing Director of Magic EMEA. “Scandinavia is extremely important to Magic and we are pleased to be working with VM Line in the region”.

About Magic Software Enterprises
Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY), develops, markets and supports software development, deployment and integration technology (www.magicsoftware.com/ibolt) that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized 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. 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.

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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