Formula Systems

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Israeli company

title: "Formula Systems" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["companies-listed-on-the-nasdaq", "companies-listed-on-the-tel-aviv-stock-exchange", "companies-established-in-1985", "software-companies-of-israel", "1985-establishments-in-israel"] description: "Israeli company" topic_path: "geography/israel" source: "https://en.wikipedia.org/wiki/Formula_Systems" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::summary Israeli company ::

::data[format=table title="Infobox company"]

FieldValue
nameFormula Systems (1985) Ltd.
typePublic
traded_as,
predecessorFormula Software Services
foundation
founderDan and Gad Goldstein
defunct
location_cityOr Yehuda
location_countryIsrael
key_peopleGuy Bernstein (CEO)
industryConglomerate
revenueUS$640.62 million (2012)
operating_incomeUS$49.24 million (2012)
net_incomeUS$42.96 million (2012)
parentAsseco Poland S.A.
subsid
homepage
footnotes
::

| name = Formula Systems (1985) Ltd. | logo = | caption = | type = Public | traded_as = , | fate = | predecessor = Formula Software Services | successor = | foundation = | founder = Dan and Gad Goldstein | defunct = | location_city = Or Yehuda | location_country = Israel | location = | locations = | area_served = | key_people = Guy Bernstein (CEO) | industry = Conglomerate | products = | services = | revenue = US$640.62 million (2012) | operating_income = US$49.24 million (2012) | net_income = US$42.96 million (2012) | assets = | equity = | owner = | num_employees = | parent = Asseco Poland S.A. | divisions = | subsid = | homepage = | footnotes = ::figure[src="https://upload.wikimedia.org/wikipedia/commons/3/38/Herzliya_Ind_039.jpg" caption="Formula Systems' former Headquarters in [[Herzliya"] ::

Formula Systems (1985) Ltd. () 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

Formula Systems was founded in 1985 by Dan Goldstein and his brother Gad. 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.

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

Subsidiaries

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. 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%).

References

References

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

::callout[type=info title="Wikipedia Source"] This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page. ::

companies-listed-on-the-nasdaqcompanies-listed-on-the-tel-aviv-stock-exchangecompanies-established-in-1985software-companies-of-israel1985-establishments-in-israel