Formula Systems

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Formula Systems (1985) Ltd.
Company typePublic
Nasdaq: FORTY, TASE: FORT
IndustryConglomerate
PredecessorFormula Software Services
Founded1985; 39 years ago (1985)
FounderDan and Gad Goldstein
Headquarters
Or Yehuda
,
Israel
Key people
Guy Bernstein, CEO
RevenueIncrease US$640.62 million (2012)
Increase US$49.24 million (2012)
Increase US$42.96 million (2012)
ParentAsseco Poland S.A.
Subsidiaries
Websitewww.formulasystems.com
Footnotes / references
[1]
Formula Systems' former Headquarters in Herzliya

Formula Systems (Hebrew: פורמולה מערכות) is a publicly traded holding company headquartered in Or Yehuda, Israel. Through its subsidiaries it operates mainly in the area of information technology. Shares of Formula Systems are traded on the NASDAQ Global Select Market and on the Tel Aviv Stock Exchange. In 2010 Polish software maker Asseco acquired a 50.2% stake in the company.

History[edit]

Formula Systems was founded in 1985 by Dan Goldstein and his brother Gad.[2][3] Dan Goldstein, who had an undergraduate degree in math and computer science and a master's in business management, had been a doctoral student at Tel Aviv University when, in 1981, he decided to leave the academic world and direct his efforts toward the private sector instead. He established a software company, which he called Formula Software Solutions, serving such clients as Egged and Mekorot, and recruited brother Gad Goldstein to work alongside him. Soon the two co-founded Formula Systems, as well as many other technology companies. Until 1998, the company established its position as a technology oriented holding company. As such, it created, developed and invested in a number of the early companies, floated and traded on Nasdaq such as BluePhoenix, Wiztech, Matrix, Sapiens International Corporation and many others. In 1998 Formula Systems acquired control of the Mashov Group, including assets such as Magic Software Enterprises, Walla!, Paradigm Geophysical, Babylon (software) and others. In 2005, Dan Goldstein separated Formula Systems into two separate entities, by spinning off all the young start-up companies under Mashov Computers, which he renamed Formula Vision. Goldstein sold his share in Formula Systems to the Emblaze Group, and dedicated himself to the cultivation of several struggling yet promising start-ups.[4]

In 2006, 33.6% of Formula was owned by Emblaze Group.[5] In late 2010, Polish software maker Asseco, a subsidiary of Asseco Group, acquired a 50.2% stake in Formula Systems.[6][7]

Subsidiaries[edit]

Formula Systems' portfolio has changed over the years, but always with an emphasis on software engineering. At various times it included Magic Software Enterprises, Crystal Systems, Liraz, Sivan, Matrix IT, Sapiens International Corporation, New Applicom, Sintec, nextSource, and BluePhoenix Solutions.[8][9][10] As of fiscal year 2010, Formula retains a majority interest in three public companies: Sapiens International Corporation N.V. (71.6%), Magic Software Enterprises (51.7%), and Matrix (50.1%).[11]

See also[edit]

References[edit]

  1. ^ "FORTY Income Statement". Yahoo! Finance. 2011. Retrieved 27 September 2011.
  2. ^ "Tel Aviv University Webflash – September 2000". Tel Aviv University. September 2000. Retrieved 27 September 2011.
  3. ^ "Formula appoints Guy Bernstein as CEO". Globes. 22 January 2008. Retrieved 27 September 2011.
  4. ^ Aspril, Shay (10 June 2010). "'מצפון נקי עולה הרבה כסף'" [A clean conscience costs a lot of money]. Calcalist (in Hebrew). Retrieved 30 September 2011.
  5. ^ "Emblaze sells Formula Systems to Asseco". Haaretz. Reuters, TheMarker. 5 September 2010. Retrieved 27 September 2011.
  6. ^ "Poland's Asseco mulls Nasdaq issue with investors". Reuters. Tel Aviv. 16 March 2011. Retrieved 27 September 2011.[dead link]
  7. ^ Timothy Prickett Morgan (13 September 2010). "Asseco Group Buys Formula Systems, and Therefore Magic Software". The Four Hundred. IT Jungle. Archived from the original on 27 November 2011. Retrieved 27 September 2011.
  8. ^ Starkman, Rotem (1 February 2002). "Formula founder re-acquires control". Haaretz. Retrieved 27 September 2011.
  9. ^ "MIT Human Resources: Staffing Services". Massachusetts Institute of Technology. Retrieved 27 September 2011.
  10. ^ "Formula Systems sells BluePhoenix shares". Ynetnews. Associated Press. 17 June 2007. Retrieved 27 September 2011.
  11. ^ "SEC Info – Formula Systems (1985) Ltd – 20-F – For 12/31/10". SEC Info. 2011. Retrieved 27 September 2011.
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