Formula Systems

Formula Systems was founded in 1985 by Dan Goldstein and his brother Gad.{{cite web|title=Tel Aviv University Webflash – September 2000|url=http://www.tau.ac.il/webflash/wf-0009.html|publisher=Tel Aviv University|access-date=27 September 2011|date=September 2000}}{{cite news|title=Formula appoints Guy Bernstein as CEO|url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000300810|access-date=27 September 2011|newspaper=Globes|date=22 January 2008}} 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.{{cite news|last=Aspril|first=Shay|title='מצפון נקי עולה הרבה כסף'|url=http://www.calcalist.co.il/articles/0,7340,L-3407394,00.html|access-date=30 September 2011|newspaper=Calcalist|date=10 June 2010|language=Hebrew|trans-title=A clean conscience costs a lot of money}}

In 2006, 33.6% of Formula was owned by Emblaze Group.{{cite news|title=Emblaze sells Formula Systems to Asseco|url=http://www.haaretz.com/print-edition/business/emblaze-sells-formula-systems-to-asseco-1.312209|access-date=27 September 2011|newspaper=Haaretz|date=5 September 2010|agency=Reuters, TheMarker}} In late 2010, Polish software maker Asseco, a subsidiary of Asseco Group, acquired a 50.2% stake in Formula Systems.{{cite news|title=Poland's Asseco mulls Nasdaq issue with investors|url=https://www.reuters.com/article/2011/03/16/asseco-formula-idUSLDE72F0T920110316|archive-url=https://archive.today/20120909045126/http://www.reuters.com/article/2011/03/16/asseco-formula-idUSLDE72F0T920110316|url-status=dead|archive-date=September 9, 2012|access-date=27 September 2011|newspaper=Reuters|date=16 March 2011|location=Tel Aviv}}{{cite web|title=Asseco Group Buys Formula Systems, and Therefore Magic Software|url=http://www.itjungle.com/tfh/tfh091310-story09.html|work=The Four Hundred|publisher=IT Jungle|access-date=27 September 2011|author=Timothy Prickett Morgan|date=13 September 2010|archive-url=https://web.archive.org/web/20111127183829/http://www.itjungle.com/tfh/tfh091310-story09.html|archive-date=27 November 2011|url-status=dead}}

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.{{cite news|last=Starkman|first=Rotem|title=Formula founder re-acquires control|url=http://www.haaretz.com/print-edition/business/formula-founder-re-acquires-control-1.54137|access-date=27 September 2011|newspaper=Haaretz|date=1 February 2002}}{{cite web|title=MIT Human Resources: Staffing Services|url=http://hrweb.mit.edu/staffing-services/mitemps/faqs|publisher=Massachusetts Institute of Technology|access-date=27 September 2011}}{{cite news|title=Formula Systems sells BluePhoenix shares|url=http://www.ynetnews.com/articles/0,7340,L-3413703,00.html|access-date=27 September 2011|newspaper=Ynetnews|date=17 June 2007|agency=Associated Press}} 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%).{{cite web|title=SEC Info – Formula Systems (1985) Ltd – 20-F – For 12/31/10|url=http://www.secinfo.com/d12TC3.qFy4.htm|publisher=SEC Info|access-date=27 September 2011|year=2011}}

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Category:Companies established in 1985

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Category:1985 establishments in Israel