Advent to Buy Sapiens for $43.50 a Share; Formula Systems Files 6-K

Rhea-AI Filing Summary

Formula Systems reported that its subsidiary Sapiens International Corporation N.V. has entered into a definitive agreement to be acquired by Advent for $43.50 per common share in cash. Sapiens is identified as a global leader in intelligent SaaS-based software solutions for the insurance industry and is listed on NASDAQ and TASE under the ticker SPNS. The filing furnishes the company's press release announcing the transaction as Exhibit 99.1.

The report provides the per-share cash consideration and buyer identity but does not disclose aggregate deal value, timing, regulatory approvals, or the transaction's financial impact on Formula Systems.

Positive

• Sapiens agreed to a cash acquisition at $43.50 per common share
• Sapiens is described as a global leader in intelligent SaaS-based insurance solutions and is publicly listed (SPNS)

Negative

• The filing does not disclose aggregate transaction value or total consideration
• No information is provided on timing, regulatory approvals, or the transaction’s financial impact on Formula Systems

Insights

Financial Analyst

TL;DR Acquisition of Sapiens at $43.50 per share is a material corporate event for Formula Systems; full financial impact is not disclosed.

The Form 6-K states that Sapiens, a listed subsidiary (NASDAQ/TASE: SPNS) and a provider of SaaS insurance solutions, agreed to be acquired by Advent for $43.50 per share in cash. This is a clearly material disclosure because it concerns a definitive sale of a subsidiary and specifies per-share cash consideration. The filing furnishes a press release as Exhibit 99.1 but omits aggregate deal value, expected timing, regulatory clearances, and the effect on Formula Systems’ ownership position or financial statements.

M&A Specialist

TL;DR Definitive agreement to acquire Sapiens for $43.50 cash per share is a material transaction; transaction-level detail beyond price is absent.

The disclosure identifies Advent as the buyer and sets the cash price at $43.50 per common share, confirming a binding transaction for the subsidiary. For transaction analysis, missing items include the aggregate consideration, any conditions or approvals required, closing timeline, and how proceeds or ownership changes will be allocated within Formula Systems. Those omissions prevent assessing deal certainty and financial accretion or dilution effects from this filing alone.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number 0-29442

FORMULA SYSTEMS (1985) LTD.

(Translation of registrant’s name into English)

Terminal Center, 1 Yahadut Canada Street, Or-Yehuda, Israel 6037501

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ☒ Form 40-F ☐

CONTENTS

On August 13, 2025, Formula Systems (1985) Ltd. (“we” or “us”, or “Formula Systems”) announced that its subsidiary, Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS, “Sapiens”), a global leader in intelligent SaaS-based software solutions for the insurance industry, entered into a definitive agreement to be acquired by Advent, a leading global private equity investor, for $43.50 per common share in cash.  A copy of our press release announcing the transaction is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.

Exhibits

Exhibit No.		Title of Exhibit
99.1		Formula Systems Announces Agreement for Acquisition of Sapiens International Corporation N.V. by Advent

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FORMULA SYSTEMS (1985) LTD.
By:	/s/ Asaf Berenstin
	Name:	Asaf Berenstin
	Title:	Chief Financial Officer
	Date:	August 13, 2025

2

EXHIBIT INDEX

EXHIBIT  NUMBER		DESCRIPTION
99.1		Formula Systems Announces Agreement for Acquisition of Sapiens International Corporation N.V. by Advent

3

FAQ

What did Formula Systems (FORTY) disclose in this Form 6-K?

The company disclosed that its subsidiary, Sapiens, entered into a definitive agreement to be acquired by Advent for $43.50 per common share in cash and furnished a press release as Exhibit 99.1.

Who is the buyer of Sapiens and what is the consideration?

The buyer is Advent, a global private equity investor, and the stated consideration is $43.50 per common share in cash.

Is the aggregate deal value disclosed?

No. The filing states the per-share cash price but does not disclose the aggregate transaction value.

Is Sapiens publicly traded and under what ticker?

Yes. The filing identifies Sapiens as listed on NASDAQ and TASE under the ticker SPNS.

Where can I find the company’s announcement about the transaction?

The announcement is furnished with the Form 6-K as Exhibit 99.1.