Adam Góral, President and CEO at Asseco Poland. Photo: Asseco Poland

On 3 September 2010 Asseco Poland SA concluded two agreements to purchase shares in Formula Systems seated in Or Yehuda, Israel.

Ultimately, Asseco Poland will hold 6,823,602 shares in Formula Systems representing 50.19% of the share capital and 51.18% of votes at the General Meeting of Shareholders of Formula Systems.

The total transaction cost will not exceed USD 145.3 million.

The first agreement was signed with Emblaze Ltd. – an IT focused investment company listed on London Stock Exchange, registered in Ra’anana, Israel.
Asseco Poland concluded the agreement for acquisition of 6,687,642 shares representing 49.19% of the share capital and 50.66% of votes at the General Meeting of Shareholders of Formula Systems.
The transaction will be finalized once the General Meeting of Shareholders of Emblaze approves the sale of the shares, which is expected to take place not later than November the 30th.

The second agreement was concluded with a private individual, a member Formula Systems management board.
This is an option agreement under which the said person is entitled to sell 135,960 shares in Formula Systems.
The shares being subject to the option represent 1% of the share capital and 1,03% of votes at the General Meeting of Shareholders of Formula Systems.

Formula Systems is a holding company established in 1985.

The holding owns shares in three IT companies:
Matrix IT, Magic Software Enterprises, and Sapiens International Corporation.

Shares of Formula Systems are listed on TASE (Tel Aviv Stock Exchange) as well as on NASDAQ Global Markets.

Companies of the Formula Systems group operate in Israel, USA, Canada, Japan, United Kingdom, Germany, Netherlands, France, Hungary, and India.

Guy Bernstein, CEO at Formula Systems. Photo: Formula Systems

"The project of Asseco won my recognition right from the beginning. I can see huge development potential in our partnership. Asseco provides access to new markets, especially in Central and Eastern Europe, where we have had hardly any operations so far. I am glad that Formula will have real impact on the shape and direction of development in the group. I hope that together we will manage to acquire further valuable IT companies to strengthen our position in the markets where we already operate as well as to open new opportunities for the business." – says Guy Bernstein, CEO at Formula Systems.

Adam Góral, President and CEO at Asseco Poland. Photo: Asseco Poland

"I am extremely satisfied that one of the largest IT companies in Israel has joined the Asseco Group. I have great hopes for this partnership. Asseco has gained partners in one of the most innovative countries in the world. We will use this opportunity to enter new markets and benefit from access to sophisticated know-how and highly innovative products and technologies. We believe that together with Formula we will gain momentum to create a truly global company. I am convinced our cooperation will bring measurable benefits to Asseco as well as to all the companies operating within the Formula Systems holding.” – says Adam Góral, President and CEO at Asseco Poland.

The most significant Formula Systems’ assets include shares in three IT companies:

Matrix IT Ltd – 50.1% – one of the leading integration and information technology services companies in Israel.
Matrix employs approximately 4,200 software, hardware, integration and training personnel, which provide IT services to more than 500 customers in the Israeli market.
Matrix is active in four principal areas: software solutions and services, software distribution, infrastructure solutions and hardware products, and training and assimilation.
The company's solutions are provided to various sectors of economy, including banking and finance, telecommunication, public administration, healthcare, and enterprises.
Net profit achieved by Matrix IT for the year 2009 reached USD 20.3 million, operating profit was USD 28.4 million, whereas revenues from sales generated by the company were USD 368.5 million.
The company is listed on TASE.

Magic Software Enterprises Ltd – 58.1% – develops, markets, sells and supports application platforms and business and process integration solutions.
In addition to technology, Magic Software provides its customers with maintenance and technical support, as well as professional services and training.
Magic Software is known for its code-free approach, allowing users to focus on business logic rather than technological requirements.
This approach forms the driving principle of both the uniPaaS application platform (the next generation of eDeveloper) and the iBOLT business and process integration suite.
In 2009 Magic generated USD 20.3 million of revenues, while its operating profit and net profit amounted to USD 6.2 million and USD 6.2 million, respectively.
Magic is listed on TASE and NASDAQ Global Markets.

Sapiens International Corporation NV – 71.6% – global provider of software solutions for the insurance industry.
Sapiens' eMerge™ is a rules-based model-driven architecture, that is used to develop most of Sapiens' software products.
It enables the creation of mission critical core enterprise applications with little or no coding using agile methodologies.
Sapiens' technology allows customers to achieve legacy modernization and enterprise application integration.
Sapiens has also formulated Sapiens INSIGHT™, a suite of modular business software solutions that helps insurance carriers adapt to the dynamic insurance marketplace.
In 2009 Sapiens generated USD 45.7 million in revenues, while its operating profit and net profit amounted to USD 5.3 million and USD 4.2 million, respectively.
This company is listed on TASE and NASDAQ Global Markets.

http://www.asseco.pl/news  


About Formula Systems


Formula Systems is a IT global solutions provider with over 6000 software professionals and aggregate sales of approximately $493M for 2006.
Formula Systems offers a wide range of IT solutions and services in over fifty countries.

Formula Systems' companies provide quality IT solutions worldwide, developing and implementing innovative, proprietary software, services and solutions, turnkey projects and outsourcing services as well as software distribution and support.

Formula Systems companies are traded on Nasdaq: Formula Systems (FORTY), Magic (MGIC), Sapiens (SPNS) and on the Tel Aviv Stock Exchange (TASE): Formula Systems, Magic, Sapiens and Matrix.

Guy Bernstein is the CEO of Formula Systems. Photo: Formula Systems

Formula Systems was purchased by the Emblaze Group on November 20th, 2006.
The Emblaze group offers a wide range of products and solutions for operators dealing with next generation services.
www.emblaze.com  

Guy Bernstein is the CEO of Formula Systems.

Formula companies, affiliates and business partners, have developed proprietary solutions that are installed and used by prominent clients around the world.

Formula companies provide their proprietary cross industry solutions for e-business development, data center management, software development, software conversion & porting and other advanced solutions.
When providing a turnkey solution to a client, Formula Group companies can act as system integrators, integrating their proprietary products as well as third party products into the complete solution provided to the client's satisfaction.

http://www.formulasystems.com/index.htm  


About Asseco Poland


Asseco Poland SA is the largest IT company listed on Warsaw Stock Exchange.
It is also a major player in the European software producers market.

The Asseco Group, with an income of EUR 430 million earned through proprietary software and services was ranked fifth of the „TOP100 European Software Vendors” (published by Truffle Capital) for the year 2008.

Asseco Poland SA specializes in the production and development of software and as the largest software house with Polish capital is proud to successfully compete with the worldwide market leaders.
It is one of the few Polish companies to develop and implement centralized and comprehensive IT systems for the banking sector utilized by over half the banks in Poland.

Image courtesy of Asseco Poland

Our portfolio includes advanced solutions for insurance institutions that have been implemented in major companies in this sector and dedicated public administration systems created for the Social Insurance Institution (ZUS) and the Ministry of the Interior and Administration (MSWiA).

Following the merger with ABG SA, in early January 2010 Asseco Poland SA has entered a number of new markets.
From now on our proposal is also designated for the power and telecommunication sectors, health services, local administration, agriculture, uniformed services and international organizations and institutions such as NATO or the EU.


Capital Group

Asseco Poland SA is leading the way by building the international Asseco Group, which brings together profitable European IT companies.

Having achieved the position of leader in Poland, Asseco Poland SA is consistently building holdings that operate in various regions of Europe.

• Asseco Central Europe (Czech Republic, Slovakia, Hungary)

• Asseco South Eastern Europe (the Balkans)

• Asseco DACH (Germany, Austria, Switzerland)

• Asseco South Western Europe (France, Italy, Spain and Portugal)

• Asseco Northern Europe (Scandinavia, the Baltic states)


The most recent plans provide for the establishment of Asseco Western Europe to cover the United Kingdom, the Netherlands and Belgium and Asseco Eastern Europe to operate in Russia, Ukraine and Belarus.

Image courtesy of Asseco Poland

As of January 2010 the Asseco Group employed over 8500 people, including approximately 5000 specialists in Poland.


Division of competencies


The Asseco Group companies that operate in Poland have clearly defined competencies in specific sectors.

• Asseco Poland SA concentrates on the production of software, and the creation and implementation of dedicated IT solutions for the financial sector, public institutions, industry and the trade and services sectors.

• Asseco Business Solutions SA deals with small and medium sized companies by producing and implementing proprietary ERP systems.

• Asseco Systems SA is involved in projects that are associated with the IT infrastructure in all of the above mentioned sectors.

• Combidata Sp. z o.o. is responsible for the provision of a full range of training services.



Letter from the President


Asseco Poland SA and the companies within the Asseco Group have noted rapid growth in the past few years.
We continue to actively consolidate the Polish information technology sector.
Mergers with leading software producers have made us the largest IT company listed on Warsaw Stock Exchange and in Central and Eastern Europe.
Moreover, we are ranked within the top ten IT companies listed on European stock exchanges in respect of capitalization.

Adam Góral, President and CEO at Asseco Poland. Photo: Asseco Poland

We have implemented and continue to carry out major IT projects in Poland.
Asseco Poland SA solutions are present in most sectors of the economy. Our key customers include leading financial organizations, major public institutions and hundreds of enterprises.
Further expansion through stable and continuous organic growth and acquisitions is written into the strategy of Asseco Poland SA.
We are present in 16 European countries.
We continue to work on further acquisitions, through which our competencies in respect of IT solutions will expand and allow us to enter new markets.

What sets Asseco Poland SA apart?
Experienced IT teams, innovative solutions, comprehensive offer and most of all our passion to create IT systems worthy of the 21st century.


Adam Góral
President of the Board, Asseco Poland SA


Contact

Asseco Poland SA

Public Relations
tel.: +48 22 574 86 99
fax: +48 22 574 82 82
e-mail: pr@asseco.pl

Marketing
tel.: +48 22 574 82 00
fax: +48 22 574 82 82
e-mail: marketing@asseco.pl

Investor Relations
tel.: +48 22 574 86 66
fax: +48 22 574 82 82
e-mail: inwestor@asseco.pl



Adam Góral
President of the Management Board

Adam Góral, President and CEO at Asseco Poland. Photo: Asseco Poland

Graduate of the Cracow University of Economics (Economic Cybernetics and Information Technology).
Obtained a Ph.D. in economics.
In 1979-1990, he worked in the Maria Curie-Skłodowska University satellite campus in Rzeszow (up to the position of assistant professor).

In 1988, he established Jazcoop Sp. z o.o., where he was a member of the Management Board in 1991-1993.
Also in 1991-1993, he cooperated with the Polish-American Project for Creating Entrepreneurship Institutes in Poland.
In 1993-1995, he was Branch Director for COMP Ltd. Sp. z o.o.
Since September 1995, he has been the Vice-President of the Management Board and CEO at Comp Rzeszow SA (currently Asseco Poland SA).

He is the co-founder of the Rzeszow School of Business and the Podkarpacki Business Club (where he currently is the President of the Management Board), and an Honorary Consul of the Republic of Slovakia.

Between 1999 and 2005, he was the Chairman of the Supervisory Board at ABAS SA (merged into Asseco Poland SA on January 2, 2006).
In 2000-2004, he was the Chairman of the Supervisory Board at Studio Komputerowe GALKOM Sp. z o.o.
Between November 2002 and the year 2006 he was the Chairman of the Supervisory Board at COMP Soft Sp. z o.o.
Since March 2005, he has also been the Chairman of the Supervisory Board at Epsilio SA (merged into Asseco Poland SA on July 1, 2005).
Since 2004, he has been the Chairman of the Supervisory Board at Asseco Slovakia a.s. Moreover, he is the Chairman of the Supervisory Board at Asseco Business Solutions SA, Asseco Systems SA, Asseco South Eastern Europe, ADH-Soft and Asseco DACH, as well as Vice-Chairman of the Supervisory Board at International School of Banking and Finances in Sandomierz.

He is one of the co-founders of Asseco Poland SA (established in 1991), and one of the three biggest shareholders of the company.

At present, he is the President of the Management Board at Asseco Poland SA.
He is responsible for developing the growth vision and strategy for the Asseco Capital Group.

http://www.asseco.pl/governing_bodies  


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