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Formula Systems reported strong 2025 results, with full-year revenues up 18.4% year over year to $2.63 billion. Net income attributable to Formula shareholders reached $606.5 million, driven largely by gains from discontinued operations following the completion of Sapiens’ acquisition by Advent.
Fourth-quarter revenues were $708.4 million, and full-year operating income from continuing operations was $196.4 million. Cash and cash equivalents rose to $1.28 billion as of December 31, 2025, and the company was in compliance with all debenture covenants. Subsidiaries delivered record results: Matrix achieved record quarterly and annual revenues, Michpal and TSG posted double‑digit growth with record revenues and adjusted EBITDA, and Zap Group ramped its new e‑commerce marketplace. Matrix and Magic Software completed a merger, with the combined entity reporting pro forma 2025 revenues of approximately $2.4 billion and EBITDA of approximately $0.3 billion.
Formula Systems (1985) Ltd. reported the results of its 2025 special general meeting of shareholders held at its offices in Or Yehuda, Israel. Shareholders voted on two proposals related to the election of external directors under the Israeli Companies Law.
Shareholders approved the election of Ilan Regev as an external director for a three-year term, including approval of his compensation terms. The filing notes that 13,859,342 shares were present at the meeting, with 13,852,342 voting in favor of his appointment, including 9,894,188 votes from holders who are not controlling shareholders and do not have a conflict of interest; 6,999 voted against and 1 abstained.
Shareholders also approved the election of Amir Hillman as an external director for a three-year term, with the same vote breakdown: 13,852,342 in favor (including 9,894,188 non-controlling, non-conflicted votes), 6,999 against and 1 abstention, out of 13,859,342 shares present. Both directors will serve in accordance with the requirements of the Israeli Companies Law.
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.