Wipro Broadens Application Integration Offering With iBOLT Application Product Suite.

BANGALORE, India -- Wipro Technologies, the global IT services division of Wipro Limited (NYSE: WIT) and Magic Software, the leading provider of state - of - the - art development and integration technology , today announced a joint partnership to market and implement the iBOLT integration suite.

Through this partnership, Wipro will offer its customers the iBOLT Integration Suite that delivers an affordable business integration framework which empowers companies to dramatically improve business performance. iBOLT provides a comprehensive platform for integrating front and back office applications, billing and inventory systems, customer service solutions and ordering systems.

"Today customers are looking for a flexible integration products to quickly and easily deploy new business processes and composite applications that improve the way they conduct business," said Vivek Bhasin, Vice President - e-Business and BIDW at Wipro Technologies "iBOLT offers that distinctive value proposition and combining that with Wipro's expertise in application integration will enable faster ROI and lower TCO for our customers."

Referring to the partnership, Menachem Hasfari, CEO of Magic Software remarked, "We are pleased to align with Wipro Technologies for our full range of our development and integration products and services portfolio." He further added, "Magic and Wipro will partner on joint customer engagements to deliver complex integration solutions and increase their presence in USA and Europe".

Wipro's has over 750 consultants in the Enterprise Application Integration space who specialize on middleware products and have developed an optimized EAI project methodology and product evaluation framework based on work experience with large Fortune 500 companies across industry domains and geographies. Wipro has been positioned by industry research group IDC as one of the leading vendors in the "Integrated services IDC leadership grid" for application integration offerings and was acknowledged for its leadership in quality offshore practices, its cost structure and superior technical skills.

About Wipro Limited

Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. Wipro also has profitable presence in niche market segments of consumer products and lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai and the National Stock Exchange, among others. More information is available at www.wipro.com.

About Magic Software

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 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. Magic's EMEA headquarters is located at Pelmolen 17 3994 XX Houten in the Netherlands, telephone: [phone], fax: [phone]. Magic's North American subsidiary is located at 17310 Redhill Avenue #270, Irvine, CA 92614-5637, telephone: [phone], fax: [phone], 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

Forward-looking and cautionary statements

Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Wipro may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company. For further information, please visit our websites at www.wipro.com, www.wiprocorporate.com and www.wipro.co.in.