Formula Systems (1985) Ltd. (Formula) is a global information technology (IT) solutions and services company based in Israel. The Company is principally engaged in providing software consulting services, developing software products and providing computer-based business solutions. It delivers its solutions in over 50 countries worldwide to customers with IT services needs. The Company�s subsidiaries are Magic Software Enterprises Ltd. (Magic Software), Matrix IT Ltd. (Matrix) and Sapiens International Corporation N.V. (Sapiens). The Company operates in two business areas: IT services and proprietary software solutions. In February 2010, a subsidiary of Magic Software completed the acquisition of the consulting and staffing business of a United States-based IT services company. In October 2009, the Company completed the sale of its entire 100% shareholdings in its subsidiary nextSource.