Bloomberg News

BluePhoenix Gains Most in Four Months on AppBuilder Sale

November 01, 2011

(Updates with closing share price in second paragraph).

Oct. 31 (Bloomberg) -- BluePhoenix Solutions Ltd. gained the most in four months after the information-technology company agreed to sell its AppBuilder business to Magic Software Enterprises Ltd. for $17 million.

BluePhoenix shares jumped 13 percent, the biggest increase since June 28, to 3.122 shekels at the 4:30 p.m. close in Tel Aviv. Magic rose 2.9 percent to 18.02 shekels, the highest level since Aug. 4.

--Editors: Susan Lerner, Claudia Maedler

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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