Magic Software Enterprises Ltd. reported consolidated unaudited earnings results for third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $902,000 or $0.03 per diluted share on revenues of $13,504,000 compared to net income of $1,706,000 or $0.05 per diluted share on revenues of $15,809,000 for the same period a year ago. Income before taxes on income was $903,000 compared to income before taxes on income of $1,777,000 for the same period a year ago. Non GAAP net income was $1,145,000 or $0.04 per basic share compared to non GAAP net income of $1,884,000 or $0.06 per basic share for the same period a year ago. For nine months period the company reported net income of $2,703,000 or $0.08 per diluted share on revenues of $40,869,000 compared to net income of $3,424,000 or $0.11 per diluted share on revenues of $46,909,000 for the same period a year ago. Income before taxes on income was $2,870,000 compared to income before taxes on income of $3,580,000 for the same period a year ago. Non GAAP net income was $3,236,000 or $0.10 per basic share compared to non GAAP net income of $3,622,000 or $0.11 per basic share for the same period a year ago.

Magic Software Enterprises Ltd. announced the appointment of a new chief technology officer and the departure of its chief financial officer. Eyal Pfeifel, 41, will join Magic Software's executive team as chief technology officer. He replaces Avikam Perry who has stepped down after leading the company's technology and product development for the last ten years. Mr. Pfeifel joins Magic Software from Ai Research and Technology where he served as CTO. Eyal Pfeifel has worked previously at Magic Software, most recently as marketing general manager for the company's Japanese branch from 1998 to 2000 and formerly as product manager at Magic Software's headquarters from 1993 to 1998. Eyal will be responsible for defining and implementing Magic Software's technology vision and overall product offering. This includes developing the company's technology roadmap and future directions, providing accountability and ownership to the company's uniPaaS application platform and iBOLT business integration suite, initiating business co-operations with technology partners and sharing the company's technology vision with customers and industry analysts. In addition, Hadas Gazit-Kaiser has decided to move from her post as Chief Financial Officer of the company to pursue other career opportunities. At the Company's request, Ms. Gazit-Kaiser has agreed to continue and oversee the Company's financial activity for a transitional period.

Magic Software Enterprises Ltd. announced that Clinical Financial Services, LLP (CFS) is using the iBOLT Business Integration Suite to manage complex integration requirements for its Software-as-a-Service (SaaS)-based ePayment solution. iBOLT also helps CFS provide a completely cloud-based business intelligence solution for its customers by automating invoice payment and forecasting processes. iBOLT seamlessly connects CFS' proprietary ePayment solution with other key processes and integrates data from the Salesforce.com CRM system and SAP Business One ERP system. A close working relationship with technology partner Accelbus Systems LLC lets CFS quickly adapt iBOLT-driven workflows and process changes required by customers. The complex integration between the cloud and on-premise data is simplified by iBOLT and helps CFS maintain ongoing access to real-time data flows and offer enhanced capabilities to its customers. Furthermore, iBOLT also helps CFS extend its technology applications to SaaS and cloud computing environments.