Welcome to our dedicated page for Formula Systems news (Ticker: FORTY), a resource for investors and traders seeking the latest updates and insights on Formula Systems stock.
Formula Systems (1985) Ltd. reports developments for a global information technology holding company that provides software consulting services, computer-based business solutions, and proprietary software products through subsidiaries and affiliates. News commonly covers quarterly and annual operating results, revenue and income trends, dividend declarations, and compliance with debenture covenants.
Coverage also includes capital-market actions tied to ordinary shares on the Tel Aviv Stock Exchange and ADSs on Nasdaq, Israeli debenture matters, annual Form 20-F reporting, shareholder meeting materials, and portfolio events involving Matrix IT, Magic Software, and Sapiens.
Formula Systems (1985) Ltd. (NASDAQ: FORTY) announced the filing of its annual report on Form 20-F for the year ended December 31, 2019, with the U.S. Securities and Exchange Commission (SEC). The report includes the company's audited consolidated financial statements, accessible on both the SEC website and the company's Investor Relations site. Shareholders can request a hard copy of the report free of charge. Formula Systems engages in providing software consulting services, developing proprietary software products, and offering computer-based business solutions.
Formula Systems announced the acquisition of 70% of Liram Finance Software Ltd., enhancing its offerings in financial accounting, taxation, and compliance. The move, executed by subsidiary Michpal Micro Computers, aims to expand operations and integrate Liram's software solutions, including the new "RamPlus 360" platform. This strategic acquisition is expected to boost customer relations and operational efficiency for Michpal, which serves a broad client base across various sectors. The deal underscores Formula Systems' strategy to enhance its service portfolio and market presence.
Formula Systems (NASDAQ: FORTY) reported a strong first quarter for 2020, with consolidated revenues increasing by 19.1% to a record $466.3 million. Operating income rose 22% year-over-year to $38.8 million, while net income attributable to shareholders grew 10% to $11 million. The company maintained a solid financial position, holding $448.8 million in cash and equivalents. However, some subsidiaries, like Sapiens and Magic, revised their annual revenue guidance downward due to potential delays in closing new deals stemming from macroeconomic challenges.