Ridgecrest Advisors’ Client Neteffects Is Acquired by Magic Software
St. Louis – July 1, 2019 – Ridgecrest Advisors announced today that its client, Neteffects, Inc. (“Neteffects”), a leading IT staffing agency, has been acquired by Magic Software Enterprises Ltd. (“Magic Software;” NASDAQ and TASE: MGIC), a global provider of mobile and cloud-enabled application and business integration platforms. Financial terms were not disclosed.
“This quarter we welcome NetEffects Inc. to our software services portfolio. NetEffects, a US based company, specializes in IT staffing and recruiting. This acquisition supports our continuing efforts to maintain and upgrade our strong market position as a preferred one-stop-shop software services vendor,” said Guy Bernstein, Chief Executive Officer of Magic Software.
Randy Grigg, managing partner of Ridgecrest Advisors, advised Neteffects on the transaction in his capacity as a registered investment banking agent of M&A Securities Group, Inc. “The combination of Neteffects and Magic Software promises to create a powerhouse team of IT and human capital consultants,” said Grigg.
About Magic Software Enterprises
Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms.
For more information, visit www.magicsoftware.com.
About Neteffects
For over 25 years, we have made thousands of great matches and helped people move their careers forward. As one of the oldest and most respected St. Louis, MO IT staffing agencies, our mission is to connect the right people to the right career opportunities for both direct hire and contracting. Simply put, we place talented people with good companies.
About Ridgecrest Advisors
Ridgecrest Advisors is an investment banking and business consulting firm dedicated to helping technology consulting firms dramatically increase enterprise value. Ridgecrest Advisors helps clients in four core areas:
- Buy-side M&A advisory:We help technology consulting clients increase enterprise value by successfully executing transactions which fortify, extend or transform their businesses. We have run three of the most active acquisition programs in the sector over the last 15 years and bring deep insight into full lifecycle M&A efforts.
- Sell-side M&A advisory:We help technology consulting clients achieve premium valuations with attractive deal structures through a process that emphasizes speed and risk mitigation. Our deep industry expertise, expansive relationships with the buyer community and unmatched understanding of the perspectives of acquiring firms provide a unique ability to execute optimal transactions.
- Business consulting:Our Enterprise Value Optimization program helps technology consulting clients improve relative performance visibility, increase profit margins and reduce business risk. With our extensive experience from evaluating hundreds of consultancies while running acquisition programs, we bring unique insight into key performance indicator benchmarks and best practices of highly profitable firms.
- Private placements:Our ability to successfully raise capital allows our technology consulting clients to build value through funded strategic investment and reduce personal financial risk by realizing partial liquidity on their ownership positions. We have extensive relationships with private equity and debt financing providers who have experience and/or interest in the technology consulting sector.
All services involving securities are offered through M&A Securities Group, Inc. (“MAS”), member FINRA/SiPC; 4151 North Mulberry Drive, Suite 252; Kansas City, MO 64116; 816.888.7920. MAS and Ridgecrest are not affiliated entities.
