Formula Systems
| Public | |
| Traded as | NASDAQ: FORTY, : FORT |
| Industry | Conglomerate |
| Predecessor | Formula Software Services |
| Founded | 1985 |
| Founder | Dan and Gad Goldstein |
| Headquarters | Or Yehuda, Israel |
|
Key people
|
Guy Bernstein, CEO |
| Revenue |
 US$640.62 million (2012)
|
|
US$49.24 million (2012)
|
|
| Profit |
US$42.96 million (2012)
|
| Parent | Asseco Poland S.A. |
| Subsidiaries | |
| Website | www |
|
Footnotes / references |
|
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 . In 2010 Polish software maker Asseco acquired a 50.2% stake in the company.
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, , 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.
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