Formula Systems

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A publicly traded Israeli  provider of IT solutions. Traded in TASE and NASDAQ.

The company holds a 48.9% stake in Matrix IT, a publicly traded Israeli IT company that provides services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intellegnce and cyber systems development.

In 2008, Matrix developed a training set for the Israeli army's armored troop vehicle. In 2011, Matrix won a 3-year contract to operate a Power Builder system for the IMOD. In addition, the company developed a unified system for all of the Israeli army’s websites. In 2017, John Bryce, a subsidiary of the company, won a 3-year contract to provide training for the Israeli army on cybersecurity and information security.

In 2016-2017, Matrix provided IT consultants for the IMOD’s Coordinator of Government Activities in the Territories (COGAT). In 2017, it was contracted by COGAT to provide biometric identification for Palestinians in the occupied West Bank as part of the matrix of technologies that govern all movement of Palestinians within the oPt and into the Green Line. In 2018, the company was contracted by COGAT to provide an IT analyst for the Israeli military’s Philosopher Stone system, which contains all data on Palestinian workers entering Israel, and to provide screens for the Meitar system, part of the same system.

In 2020, Matrix won a tender to supply, install and provide maintenance and support services for a High-Performance Computing Cluster system for Ariel University in the settlement of Ariel in the occupied West Bank.

Formula Systems holds a 50% stake in TSG IT Advanced Systems, which develops advanced command and control, telecommunication, and Homeland Security (HLS) applications for the Israeli military, among other clients. Together with a consortium led by Israel Aerospace Industries (IAI), the company won an IMOD tender for relocating the Israeli military ICT units to the Naqab (Negev) region and establishing new data centers for the military, valued at hundreds of millions of shekels.

Additionally, TSG’s Sky Solver (Hebrew: Poter Shamaim) technology has been used by the Israeli military in drills.

TSG developed a command and control system for the Israeli Home Front Command. The system is installed in dozens of Israeli local authorities, including the settlement of Ma’ale Adumim in the occupied West Bank. The system is also installed in the Mateh Yehuda Regional Council, whose municipal jurisdiction area includes the Latrun enclave no-man’s-land, occupied in 1967.

In addition, in 2019, TSG gave a technological demonstration to the Israeli military showcasing the company’s computerized vision and geolocation capabilities for military intelligence use in the West Bank. According to the company, the military aims to first deploy these technologies in the Nablus area of the West Bank.