Carl Wallbridge

Formula Systems

Formula Systems (1985) Ltd. ("Formula"), a member of Asseco group, is an IT global solutions provider with over 8000 software professionals and aggregate sales of approximately $640M for 2011. Formula Group offers a wide range of IT solutions and services in over fifty countries. Formula, through its subsidiaries, provide 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 companies, affiliates and business partners, have developed proprietary solutions that are installed and used by prominent clients around the world. Formula subsidiaries 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 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 largest listed IT companies in Europe.