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<title>Formula Systems</title>

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</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org" style="font-size: 125%;">Formula Systems (1985) Ltd.</caption><tbody><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="Public_company" title="Public company">Public</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Ticker_symbol" title="Ticker symbol">Traded as</a></div></th><td class="infobox-data"><a href="Nasdaq" title="Nasdaq">Nasdaq</a>: <a rel="nofollow" class="external text" href="https://www.nasdaq.com/market-activity/stocks/forty">FORTY</a>, <a href="Tel_Aviv_Stock_Exchange" title="Tel Aviv Stock Exchange">TASE</a>: <a rel="nofollow" class="external text" href="http://www.tase.co.il/TASEEng/Management/GeneralPages/SimpleSearchResult.htm?objectId=&objectType=&securityType=&searchTerm=FORT">FORT</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></td></tr><tr><th scope="row" class="infobox-label">Predecessor</th><td class="infobox-data">Formula Software Services</td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1985<span style="display:none"> (<span class="bday dtstart published updated">1985</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Founder</th><td class="infobox-data agent">Dan and Gad Goldstein</td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="Or_Yehuda" title="Or Yehuda">Or Yehuda</a></div>, <div class="ib-company-country country-name">Israel</div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent">Guy Bernstein (<a href="Chief_executive_officer" title="Chief executive officer">CEO</a>)</td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"></span></span> US<a href="United_States_dollar" title="United States dollar">$</a>640.62 million <small><i>(2012)</i></small></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Operating income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"></span></span> US$49.24 million <small><i>(2012)</i></small></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Net_income" title="Net income">Net income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"></span></span> US$42.96 million <small><i>(2012)</i></small></td></tr><tr><th scope="row" class="infobox-label"><a href="Parent_company" class="mw-redirect" title="Parent company">Parent</a></th><td class="infobox-data"><a href="Asseco" title="Asseco">Asseco Poland S.A.</a></td></tr><tr><th scope="row" class="infobox-label"><a href="Subsidiary" title="Subsidiary">Subsidiaries</a></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">

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</style><div class="plainlist"><ul><li>Matrix IT</li><li><a href="Magic_Software_Enterprises" title="Magic Software Enterprises">Magic Software Enterprises</a></li><li><a href="Sapiens_International_Corporation" title="Sapiens International Corporation">Sapiens International Corporation</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="http://formulasystems.com">formulasystems<wbr>.com</a></span></td></tr><tr><td colspan="2" class="infobox-below"><b>Footnotes / references</b><br><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr></tbody></table>

<p><b>Formula Systems (1985) Ltd.</b> (<a href="Hebrew_language" title="Hebrew language">Hebrew</a>: <span lang="he" dir="rtl">פורמולה מערכות</span>) is a publicly traded <a href="Holding_company" title="Holding company">holding company</a> headquartered in <a href="Or_Yehuda" title="Or Yehuda">Or Yehuda</a>, Israel. Through its subsidiaries it operates mainly in the area of <a href="Information_technology" title="Information technology">information technology</a>. Shares of Formula Systems are traded on the <a href="NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ Global Select Market</a> and on the <a href="Tel_Aviv_Stock_Exchange" title="Tel Aviv Stock Exchange">Tel Aviv Stock Exchange</a>. In 2010 <a href="Poland" title="Poland">Polish</a> software maker <a href="Asseco" title="Asseco">Asseco</a> acquired a 50.2% stake in the company.

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<div class="mw-heading mw-heading2"><h2 id="History">History</h2></div>

<p>Formula Systems was founded in 1985 by <a href="Dan_Goldstein" title="Dan Goldstein">Dan Goldstein</a> and his brother Gad.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> 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 <a href="Tel_Aviv_University" title="Tel Aviv University">Tel Aviv University</a> 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 <a href="Egged_(company)" title="Egged (company)">Egged</a> and <a href="Mekorot" title="Mekorot">Mekorot</a>, 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 <a href="Nasdaq" title="Nasdaq">Nasdaq</a> such as <a href="BluePhoenix" class="mw-redirect" title="BluePhoenix">BluePhoenix</a>, Wiztech, <a href="https://he.wikipedia.org/wiki/%D7%9E%D7%98%D7%A8%D7%99%D7%A7%D7%A1_(%D7%97%D7%91%D7%A8%D7%94)" class="extiw external" title="he:מטריקס (חברה)">Matrix</a>, <a href="Sapiens_International_Corporation" title="Sapiens International Corporation">Sapiens International Corporation</a> and many others. In 1998 Formula Systems acquired control of the Mashov Group, including assets such as <a href="Magic_Software_Enterprises" title="Magic Software Enterprises">Magic Software Enterprises</a>, <a href="Walla!" class="mw-redirect" title="Walla!">Walla!</a>, Paradigm Geophysical, <a href="Babylon_(software)" title="Babylon (software)">Babylon (software)</a> and others. In 2005, <a href="Dan_Goldstein" title="Dan Goldstein">Dan Goldstein</a> separated Formula Systems into two separate entities, by spinning off all the young start-up companies under Mashov Computers, which he renamed Formula Vision. <a href="Dan_Goldstein" title="Dan Goldstein">Goldstein</a> sold his share in Formula Systems to the Emblaze Group, and dedicated himself to the cultivation of several struggling yet promising start-ups.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup>

</p><p>In 2006, 33.6% of Formula was owned by <a href="https://he.wikipedia.org/wiki/%D7%90%D7%9E%D7%91%D7%9C%D7%99%D7%99%D7%96" class="extiw external" title="he:אמבלייז">Emblaze Group</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In late 2010, Polish software maker Asseco, a subsidiary of Asseco Group, acquired a 50.2% stake in Formula Systems.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup>

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<div class="mw-heading mw-heading2"><h2 id="Subsidiaries">Subsidiaries</h2></div>

<p>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 <a href="BluePhoenix_Solutions" title="BluePhoenix Solutions">BluePhoenix Solutions</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> As of fiscal year 2010, Formula retains a <a href="Majority_interest" class="mw-redirect" title="Majority interest">majority interest</a> in three public companies: <a href="Sapiens_International_Corporation_N.V." class="mw-redirect" title="Sapiens International Corporation N.V.">Sapiens International Corporation N.V.</a> (71.6%), <a href="Magic_Software_Enterprises" title="Magic Software Enterprises">Magic Software Enterprises</a> (51.7%), and <a href="https://he.wikipedia.org/wiki/%D7%97%D7%91%D7%A8%D7%94_(%D7%9E%D7%98%D7%A8%D7%99%D7%A7%D7%A1)" class="extiw external" title="he:חברה (מטריקס)">Matrix</a> (50.1%).<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup>

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<ul><li><a href="TA_BlueTech_Index" title="TA BlueTech Index">TA BlueTech Index</a></li>

<li><a href="List_of_Israeli_companies_quoted_on_the_Nasdaq" class="mw-redirect" title="List of Israeli companies quoted on the Nasdaq">List of Israeli companies quoted on the Nasdaq</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</ol></div>

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</style><div id="23x15px&#124;border_&#124;alt=Israel&#124;link=Israel_Israeli_companies_traded_on_Nasdaq_23x15px&#124;border_&#124;alt=United_States&#124;link=United_States358" style="font-size:114%;margin:0 4em"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="Israel" title="Israel"></a></span></span> Israeli companies traded on <a href="Nasdaq" title="Nasdaq">Nasdaq</a> <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="United_States" title="United States"></a></span></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Healthcare</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Alcobra" class="mw-redirect" title="Alcobra">Alcobra</a></li>

<li><a href="BioLineRx" title="BioLineRx">BioLineRx</a></li>

<li><a href="BiondVax" title="BiondVax">BiondVax</a> Pharmaceutical</li>

<li><a href="Compugen_(Israeli_company)" class="mw-redirect" title="Compugen (Israeli company)">Compugen</a></li>

<li><a href="Given_Imaging" title="Given Imaging">Given Imaging</a></li>

<li><a href="Mazor_Robotics" title="Mazor Robotics">Mazor Robotics</a></li>

<li><a href="Pluri_Inc." title="Pluri Inc.">Pluri</a></li>

<li><a href="Rewalk" class="mw-redirect" title="Rewalk">Rewalk Robotics</a></li>

<li><a href="Rosetta_Genomics" title="Rosetta Genomics">Rosetta Genomics</a></li>

<li><a href="Syneron_Medical" title="Syneron Medical">Syneron Medical</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Communication &<br>Networks</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Allot_Communications" class="mw-redirect" title="Allot Communications">Allot Communications</a></li>

<li><a href="Alvarion" title="Alvarion">Alvarion</a></li>

<li><a href="AudioCodes" title="AudioCodes">AudioCodes</a></li>

<li><a href="B_Communications" class="mw-redirect" title="B Communications">B Communications</a></li>

<li><a href="Ceragon" title="Ceragon">Ceragon Networks</a></li>

<li><a href="DSP_Group" title="DSP Group">DSP Group</a></li>

<li><a href="Gilat_Satellite_Networks" title="Gilat Satellite Networks">Gilat Satellite Networks</a></li>

<li><a href="Internet_Gold_Golden_Lines" title="Internet Gold Golden Lines">Internet Gold Golden Lines</a></li>

<li><a href="Orckit-Corrigent" title="Orckit-Corrigent">Orckit Communications</a></li>

<li><a href="Partner_Communications_Company" title="Partner Communications Company">Partner Communications Company</a></li>

<li><a href="Radcom_Ltd" class="mw-redirect" title="Radcom Ltd">Radcom</a></li>

<li><a href="Radvision" title="Radvision">Radvision</a></li>

<li><a href="RiT_Technologies" title="RiT Technologies">RiT Technologies</a></li>

<li><a href="RR_Media" title="RR Media">RR Media</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Software</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="BluePhoenix_Solutions" title="BluePhoenix Solutions">BluePhoenix Solutions</a></li>

<li><a href="B.O.S._Better_Online_Solutions" class="mw-redirect" title="B.O.S. Better Online Solutions">B.O.S. Better Online Solutions</a></li>

<li><a href="Check_Point_Software_Technologies" class="mw-redirect" title="Check Point Software Technologies">Check Point Software Technologies</a></li>

<li><a href="ClickSoftware_Technologies" class="mw-redirect" title="ClickSoftware Technologies">ClickSoftware Technologies</a></li>

<li><a href="Cimatron" title="Cimatron">Cimatron</a></li>

<li><a href="CyberArk" title="CyberArk">CyberArk</a></li>

<li><a href="Jacada" title="Jacada">Jacada</a></li>

<li><a href="Magic_Software_Enterprises" title="Magic Software Enterprises">Magic Software Enterprises</a></li>

<li><a href="NICE_Systems" class="mw-redirect" title="NICE Systems">NICE Systems</a></li>

<li><a href="Perion_Network" title="Perion Network">Perion Network</a></li>

<li><a href="Radware" title="Radware">Radware</a></li>

<li><a href="Sapiens_International_Corporation" title="Sapiens International Corporation">Sapiens International Corporation</a></li>

<li><a href="Verint_Systems" title="Verint Systems">Verint Systems</a></li>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Electronics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<li><a href="Kornit_Digital" title="Kornit Digital">Kornit Digital</a></li>

<li><a href="Nova_Measuring_Instruments" title="Nova Measuring Instruments">Nova Measuring Instruments</a></li>

<li><a href="Orbotech" title="Orbotech">Orbotech</a></li>

<li><a href="SolarEdge" title="SolarEdge">SolarEdge</a></li>

<li><a href="Tower_Semiconductor" title="Tower Semiconductor">Tower Semiconductor</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Security & defense</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Arotech_Corporation" title="Arotech Corporation">Arotech</a></li>

<li><a href="Elbit_Systems" title="Elbit Systems">Elbit Systems</a></li>

<li><a href="Ituran" title="Ituran">Ituran Location and Control</a></li>

<li><a href="Pointer_Telocation" title="Pointer Telocation">Pointer Telocation</a></li>

<li><a href="RADA_Electronic_Industries" title="RADA Electronic Industries">RADA Electronic Industries</a></li>

<li><a href="TAT_Technologies" title="TAT Technologies">TAT Technologies</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Consumer goods</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Caesarstone_Sdot-Yam" class="mw-redirect" title="Caesarstone Sdot-Yam">Caesarstone Sdot-Yam</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Conglomerates</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Ampal-American_Israel_Corporation" title="Ampal-American Israel Corporation">Ampal-American Israel Corporation</a></li>

<li><a href="Elbit_Imaging" title="Elbit Imaging">Elbit Imaging</a></li>

<li><a href="Isramco" title="Isramco">Isramco</a></li></ul>

</div></td></tr></tbody></table></div>

<div class="navbox-styles"></div><div role="navigation" class="navbox" aria-labelledby="23x15px&#124;border_&#124;alt=Israel&#124;link=Israel_TA_125_companies_of_the_Tel_Aviv_Stock_Exchange165" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="23x15px&#124;border_&#124;alt=Israel&#124;link=Israel_TA_125_companies_of_the_Tel_Aviv_Stock_Exchange165" style="font-size:114%;margin:0 4em"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="Israel" title="Israel"></a></span></span> <a href="TA-125_Index" title="TA-125 Index">TA 125</a> companies of the <a href="Tel_Aviv_Stock_Exchange" title="Tel Aviv Stock Exchange">Tel Aviv Stock Exchange</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul>

<li><a href="Africa_Israel_Investments" title="Africa Israel Investments">Africa Israel Investments</a></li>

<li><a href="Alvarion" title="Alvarion">Alvarion</a></li>

<li><a href="Alrov_Group" title="Alrov Group">Alrov Group</a></li>

<li><a href="Babylon_(software)" title="Babylon (software)">Babylon</a></li>

<li><a href="Bank_Hapoalim" title="Bank Hapoalim">Bank Hapoalim</a></li>

<li><a href="Bank_Leumi" title="Bank Leumi">Bank Leumi</a></li>

<li><a href="Bank_Mizrahi-Tefahot" title="Bank Mizrahi-Tefahot">Bank Mizrahi-Tefahot</a></li>

<li>Brack Capital Properties</li>

<li><a href="BAZAN_Group" title="BAZAN Group">BAZAN Group</a></li>

<li><a href="Bezeq" title="Bezeq"> Bezeq - The Israel Telecommunication Corp</a></li>

<li><a href="Israel_Canada" title="Israel Canada">Israel Canada LTD.</a></li>

<li><a href="Cellcom_(Israel)" title="Cellcom (Israel)"> Cellcom</a></li>

<li><a href="Ceragon" title="Ceragon"> Ceragon Networks</a></li>

<li><a href="Delek" class="mw-redirect" title="Delek">Delek Group</a></li>

<li><a href="Delta_Galil_Industries" title="Delta Galil Industries">Delta Galil Industries</a></li>

<li><a href="Gilat_Satellite_Networks" title="Gilat Satellite Networks">Gilat Satellite Networks</a></li>

<li><a href="Discount_Investment_Corporation" title="Discount Investment Corporation">Discount Investment Corporation</a></li>

<li><a href="Electra_Consumer_Products" title="Electra Consumer Products">Electra Consumer Products</a></li>

<li><a href="Evogene" title="Evogene">Evogene</a></li>

<li><a href="Elbit_Systems" title="Elbit Systems">Elbit Systems</a></li>

<li><a href="EZchip_Semiconductor" title="EZchip Semiconductor">EZchip Semiconductor</a></li>

<li><a href="Elron_Electronic_Industries" class="mw-redirect" title="Elron Electronic Industries">Elron Electronic Industries</a></li>

<li><a href="First_International_Bank_of_Israel" title="First International Bank of Israel">First International Bank of Israel</a></li>

<li><a href="Frutarom" title="Frutarom">Frutarom</a></li>

<li><a href="Fox_(clothing)" title="Fox (clothing)">Fox Group</a></li>

<li><a href="Gazit-Globe" title="Gazit-Globe">Gazit-Globe</a></li>

<li><a href="Given_Imaging" title="Given Imaging">Given Imaging</a></li>

<li><a href="Harel_Group" title="Harel Group">Harel Insurance and Financial Services</a></li>

<li><a href="Shikun_%26_Binui" title="Shikun & Binui">Shikun & Binui</a></li>

<li><a href="ICL_Group_Ltd." title="ICL Group Ltd.">Israel Chemicals</a></li>

<li><a href="Israel_Corporation" title="Israel Corporation">Israel Corporation</a></li>

<li><a href="Israel_Discount_Bank" title="Israel Discount Bank">Israel Discount Bank</a></li>

<li><a href="Isramco" title="Isramco">Isramco</a></li>

<li><a href="Ituran" title="Ituran">Ituran</a></li>

<li><a href="Kenon_Holdings" title="Kenon Holdings">Kenon Holdings</a></li>

<li><a href="Kamada_(company)" class="mw-redirect" title="Kamada (company)">Kamada</a></li>

<li><a href="LivePerson" title="LivePerson">LivePerson</a></li>

<li><a href="Magic_Software_Enterprises" title="Magic Software Enterprises">Magic Software Enterprises</a></li>

<li><a href="Mazor_Robotics" title="Mazor Robotics">Mazor Robotics</a></li>

<li><a href="Mellanox_Technologies" title="Mellanox Technologies">Mellanox Technologies</a></li>

<li><a href="Migdal_(company)" title="Migdal (company)"> Migdal Insurance and Financial Holdings</a></li>

<li><a href="Mivtach_Shamir" class="mw-redirect" title="Mivtach Shamir">Mivtach Shamir</a></li>

<li><a href="Oramed" title="Oramed">Oramed</a></li>

<li><a href="Ormat_Technologies" title="Ormat Technologies">Ormat Technologies</a></li>

<li><a href="Rami_Levy_Hashikma_Marketing" title="Rami Levy Hashikma Marketing">Rami Levy Hashikma Marketing</a></li>

<li><a href="Partner_Communications_Company" title="Partner Communications Company">Partner Communications Company</a></li>

<li><a href="Paz_Oil_Company" title="Paz Oil Company">Paz Oil Company</a></li>

<li><a href="Perion_Network" title="Perion Network">Perion Network</a></li>

<li><a href="Perrigo" title="Perrigo"> Perrigo Company</a></li>

<li><a href="Plasson" title="Plasson">Plasson</a></li>

<li><a href="Strauss_Group" title="Strauss Group">Strauss Group</a></li>

<li><a href="Shufersal" title="Shufersal">Shufersal</a></li>

<li><a href="SodaStream" title="SodaStream">SodaStream</a></li>

<li><a href="Union_Bank_of_Israel" title="Union Bank of Israel">Union Bank of Israel</a></li>

<li><a href="Teva_Pharmaceuticals" title="Teva Pharmaceuticals">Teva Pharmaceuticals</a></li>

<li><a href="Tower_Semiconductor" title="Tower Semiconductor">Tower Semiconductor</a></li></ul>

</div></td></tr></tbody></table></div></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2025-01-24" href="https://en.wikipedia.org/wiki/?title=Formula_Systems&oldid=1271428072">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

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