Formula Systems (1985) Ltd. ("Formula"), a member of Asseco group, is an IT global solutions provider with over 14,000 software professionals and aggregate sales of approximately $1.1 billion for 2016. Formula Group offers a wide range of IT solutions and services in over fifty countries.
Formula, through its subsidiaries and affiliates, provides quality IT solutions worldwide, developing and implementing innovative, proprietary software, services and solutions, turnkey projects and outsourcing services as well as software distribution and support.
Formula subsidiaries, affiliates and business partners, have developed proprietary solutions that are installed and used by prominent clients around the world.
Formula subsidiaries and affiliates provide their proprietary cross industry solutions for e-business development, data center management, software development, software conversion & porting and other advanced solutions. When providing a turnkey solution to a client, Formula Group companies can act as system integrators, integrating their proprietary products as well as third party products into the complete solution provided to the client's satisfaction.
Our ordinary shares are traded on the TASE and our ADSs are traded on the NASDAQ Global Select Market (FORTY). The ordinary shares of Magic Software (MGIC) and the ordinary shares of Sapiens (SPNS) are traded on the NASDAQ Global Select Market and on the NASDAQ Global Market, respectively and on the TASE, and the ordinary shares of Matrix are traded on the TASE.
In May 2016, Formula and Israel Aerospace Industries Ltd (IAI) each acquired 50% share interest in TSG Advance IT Systems Ltd, a global high technology company engaged in high-end technical solutions for protecting the safety of national borders, improving data gathering mechanisms, and enhancing communications channels for military, homeland security and civilian organizations. TSG operates primarily in the defense and homeland security arenas.
In January 2017, Formula acquired all of the share capital of Michpal, an Israeli-based company that develops, sells and supports a proprietary on-premise payroll software solution for processing traditional payroll stubs to Israeli enterprises and payroll service providers. Michpal serves approximately 8,000 customers, most of which are long-term customers.
In November 2010, Formula was acquired by Asseco Poland S.A ("Asseco") a Polish IT company listed on the Warsaw Stock Exchange. Asseco is the largest Polish IT company and one of the ten six largest listed IT companies in Europe. As of August 2017 Asseco owns approximately 26.3% of our outstanding ordinary shares
The Asseco Group companies offer comprehensive innovative IT solutions for all sectors of the economy. Its customer portfolio includes leading global banks and financial institutions, public institutions, healthcare sector, agriculture institutions, international organizations, as well as small and medium-sized enterprises and utility.
Guy Bernstein is the CEO of Formula and Magic and Chairman of the Board of Directors at Matrix and Sapiens.