Formula Systems () is a publicly traded

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

headquartered in

Or Yehuda Or Yehuda ( he, אוֹר יְהוּדָה, ar, أور يهوده ) is a town in the Tel Aviv District of Gush Dan, Israel. In it had a population of . History Prehistory Human settlement back to the Chalcolithic has been found on the site.

, Israel. Through its subsidiaries it operates mainly in the area of

information technology Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system (I ...

. Shares of Formula Systems are traded on the

NASDAQ Global Select Market The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

and on the Tel Aviv Stock Exchange. In 2010

Polish Polish may refer to: * Anything from or related to Poland, a country in Europe * Polish language * Poles, people from Poland or of Polish descent * Polish chicken *Polish brothers (Mark Polish and Michael Polish, born 1970), American twin screenwr ...

software maker Asseco acquired a 50.2% stake in the company.

History

Formula Systems was founded in 1985 by

Dan Goldstein Dan Goldstein (19 June 1954 – 9 June 2022) was a pioneer of the Israeli software industry. He was the founder of Formula Systems, sold in 2006, and ''Formula Vision Technologies''. Goldstein served as Chairman of the Public Companies Associat ...

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 Tel Aviv University (TAU) ( he, אוּנִיבֶרְסִיטַת תֵּל אָבִיב, ''Universitat Tel Aviv'') is a public research university in Tel Aviv, Israel. With over 30,000 students, it is the largest university in the country. Locate ...

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 The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

such as

BluePhoenix BluePhoenix Solutions Ltd. is a publicly traded company, headquartered in Israel, that develops and sells modernization services for legacy information technology systems. Its shares are traded on the NASDAQ Global Market exchange. The company pa ...

, Wiztech,

Matrix Matrix most commonly refers to: * ''The Matrix'' (franchise), an American media franchise ** ''The Matrix'', a 1999 science-fiction action film ** "The Matrix", a fictional setting, a virtual reality environment, within ''The Matrix'' (franchis ...

Sapiens International Corporation Sapiens International Corporation is a publicly traded company, headquartered in Israel, that develops computer software for the insurance industry, Sapiens' shares are traded on the NASDAQ Capital Market and on the Tel Aviv Stock Exchange. As ...

and many others. In 1998 Formula Systems acquired control of the Mashov Group, including assets such as

Magic Software Enterprises Magic Software Enterprises Ltd is a global enterprise software company headquartered in Or Yehuda, Israel. It is listed on the NASDAQ Global Select (NASDAQ: MGIC) and is also listed on the Tel Aviv Stock Exchange TA-100 Index. History Magic ...

, Walla!, Paradigm Geophysical, Babylon (software) and others. In 2005,

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%),

(51.7%), and

(50.1%).

References

{{TA 100 companies 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

History

Subsidiaries

See also

References