| Type | Public |
|---|---|
| Traded as | NASDAQ: FORTY, TASE: FORT |
| Industry | Conglomerate |
| Predecessor | Formula Software Services |
| Founded | 1985 |
| Founder(s) | Dan and Gad Goldstein |
| Headquarters | Or Yehuda, Israel |
| Key people | Guy Bernstein, CEO |
| Revenue | US$549.694 million (2010) |
| Operating income | US$46.987 million (2010) |
| Profit | US$18.379 million (2010) |
| Parent | Asseco Poland S.A. |
| Subsidiaries | |
| Website | www.formulasystems.com |
| References: [1] | |
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.
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Formula Systems was founded in 1985 by brothers Dan and Gad Goldstein.[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.[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]
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, Martix 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 IT (50.1%).[11]
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