About Formula Group
Formula Group is a company based in Or Yehuda (Israel) founded in 1985 was acquired by Asseco in September 2010. It operates as a Professional Services. Formula Group has completed 1 acquisition, including Unique. Formula Group offers products and services including Software Consulting Services and IT Solutions. Formula Group operates in a competitive market with competitors including UST, Genpact, 1&1 IONOS, Happiest Minds and Accenture, among others.
- Headquarter Or Yehuda, Israel
- Stage Public
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Sectors
Technology
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Formula Systems (1985) Ltd.
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Annual Revenue
$2.8 B (USD)5.6as on Dec 31, 2024
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Net Profit
$80.87 M (USD)24.92as on Dec 31, 2024
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EBITDA
$386.66 M (USD)5.77as on Dec 31, 2024
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Latest Funding Round
$36 M (USD), Post-IPO
Dec 28, 2004
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Investors
Asseco
& 1 more
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Employee Count
Employee Count
- Investments & Acquisitions
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Acquired by
Asseco
(Sep 03, 2010)
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IPO & Listings of Formula Group
Formula Group is a publicly listed company on the TASE with ticker symbol FORTY in Israel, operating in the Technology services sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
Products & Services of Formula Group
Formula Group offers a comprehensive portfolio of products and services, including Software Consulting Services and IT Solutions. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Software consulting services are provided for business solutions.
IT solutions are designed to enhance business productivity.
Unlock access to complete
Funding Insights of Formula Group
- Total Funding Total Funding
- Total Rounds 1
- Last Round Post-IPO — $36.0M
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First Round
First Round
(28 Dec 2004)
- Investors Count 1
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec, 2004 | Amount | Post-IPO - Formula Group | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Formula Group
Formula Group has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include Asseco and FIMI Opportunity Funds. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Growth equity is provided to industrial sector companies by FIMI.
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Founded Year | Domain | Location | |
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Omnichannel banking solutions are provided for internet and mobile platforms.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Formula Group
Formula Group has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Unique. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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HRMS platform is offered online for enterprises in education sector.
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1989 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Formula Group
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Formula Group Comparisons
Competitors of Formula Group
Formula Group operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as UST, Genpact, 1&1 IONOS, Happiest Minds and Accenture, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
High-quality office furniture is provided by UST for various needs.
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| domain | founded_year | HQ Location |
Provider of end-to-end business process outsourcing services
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| domain | founded_year | HQ Location |
Cloud infrastructure and hosting services are provided by 1&1 IONOS.
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| domain | founded_year | HQ Location |
IT outsourcing services are delivered across multiple business lines.
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| domain | founded_year | HQ Location |
IT and management consultancy services are provided globally.
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| domain | founded_year | HQ Location |
Application development, cloud, cybersecurity, and business intelligence services are provided.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Formula Group
Frequently Asked Questions about Formula Group
When was Formula Group founded?
Formula Group was founded in 1985 and raised its 1st funding round 19 years after it was founded.
Where is Formula Group located?
Formula Group is headquartered in Or Yehuda, Israel.
Who is the current CEO of Formula Group?
Guy Bernstein is the current CEO of Formula Group.
What is the annual revenue of Formula Group?
Annual revenue of Formula Group is $2.8B as on Dec 31, 2024.
What does Formula Group do?
Formula Group, through Formula Systems (1985) Ltd., is involved in delivering global information technology solutions and software consulting services. IT solutions and systems are designed and implemented to enhance productivity of clients existing IT assets. Operations are managed effectively, and business risks are reduced in dynamic environments. Services and software solutions are utilized by sectors including banking, insurance, healthcare, energy, telecommunications, defense, and high-tech industries. Presence is maintained in Israel and worldwide, focusing on creating impactful software for present and future needs. Continuous improvement in competencies and investment in research and development are prioritized for customer success.
Who are the top competitors of Formula Group?
Formula Group's top competitors include Happiest Minds, Mavenir and 1&1 IONOS.
What products or services does Formula Group offer?
Formula Group offers Software Consulting Services and IT Solutions.
Is Formula Group publicly traded?
Yes, Formula Group is publicly traded on TASE under the ticker symbol FORTY.
How many acquisitions has Formula Group made?
Formula Group has made 1 acquisition, including Unique.
Who are Formula Group's investors?
Formula Group has 2 investors. Key investors include Asseco, and FIMI Opportunity Funds.
What is Formula Group's ticker symbol?
The ticker symbol of Formula Group is FORTY on TASE.