Formula Systems (1985) Ltd. - ADS represents 1 ordinary shares (FORTY) Company Bio
Formula Systems (1985) Ltd. provides a range of information technology (IT) solutions and services, and develops and markets proprietary software solutions. The company was founded in 1985 and is based in Or Yehuda, Israel.
Formula Systems (1985) Ltd. (NASDAQ and TASE: FORTY) announced today that it had completed its acquisition of 100% of the outstanding shares of Unique Software Industries (“Unique”) for consideration consisting of NIS 49 million in cash, plus up to NIS 12 million of additional cash that may be paid during the four years following the closing of the acquisition, subject to Unique’s achievement of certain performance goals as defined by Formula. Unique is a software development and services company, which during its 30 years of operations, has provided integrated solutions in the field of payroll, including pay-stubs, pension services management, education funds management, and software solutions for managing employee attendance.