Formula Systems (1985) Ltd..
FORTY.US | Activities of holding companies
Formula Systems (1985) Ltd. is an Israel-based investment company that focuses on IT infrastructure solutions and services. Through its subsidiaries, the company provides a range of services including software development, system integration, consulting, and outsourcing. These services cater to vari...Show More
Better Health for All
0
The company's subsidiaries provide IT solutions and services to the healthcare sector, including AI-driven clinical decision support, imaging systems, and electronic health records (EHR) management.
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An early cancer-detection AI tool, G4Lungs, achieved 97% accuracy in lung-cancer screening.
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These offerings aim to transform care delivery, optimize performance, and support clinicians. The company invests in research and development, with one product having over 400 person-years of product development.
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It builds secure and compliant solutions, adhering to HIPAA, GDPR, ISO 27001, and NIST security frameworks, and supports compliance for medical devices (IEC 62304/ISO 13485 V&V, ISO 14971, IEC 62366) for FDA and CE submissions.
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Patient experience solutions include AI-powered chatbots and virtual assistants, which also aim to reduce clinician burnout and improve treatment workflows.
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The company's operations do not have direct health impacts, either positive or negative, for the harmful revenue share KPI.
Fair Money & Economic Opportunity
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Formula Systems (FORTY.US) is an investment company focused on IT infrastructure solutions and services, including software development, system integration, consulting, and outsourcing. The company invests in and manages a portfolio of IT companies. There is no evidence in the provided articles that FORTY.US offers lending or deposit services to consumers, operates financial service access points, or provides debt products. Therefore, the KPIs related to Fair Money & Economic Opportunity are not applicable to the company's core business activities.
Fair Pay & Worker Respect
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No evidence available to assess Formula Systems (1985) Ltd. on Fair Pay & Worker Respect.
Fair Trade & Ethical Sourcing
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No evidence was found in the provided articles to assess FORTY.US against any of the Fair Trade & Ethical Sourcing KPIs. The articles did not contain specific data points regarding fair-trade certification, audit frequency, forced or child labor incidents, supply chain traceability, remediation speed, ethical clause coverage in supplier contracts, materials risk, or supplier diversity spend for the company.
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Honest & Fair Business
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No specific, quantifiable evidence was found across the provided articles for any of the 'Honest & Fair Business' KPIs. The articles primarily focused on financial performance, board re-elections, and SEC filings, explicitly stating the absence of data relevant to ethical or compliance performance, including regulatory fines, transparency index scores, whistleblower policies, financial restatements, audit coverage, ESG controversy scores, complaint resolution times, board conflict-free percentages, anti-corruption policies, or third-party verification.
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Kind to Animals
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No evidence available to assess Formula Systems (1985) Ltd. on Kind to Animals.
No War, No Weapons
-50
Formula Systems (1985) Ltd. holds a 50% stake in TSG IT Advanced Systems, which is described as the "military arm of Ness Technologies" and a "leading provider of core command and control systems to Israel's defense organization."
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TSG derives most of its revenues from defense and homeland security programs.
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One significant defense customer of TSG accounted for 1.7% of Formula Systems' consolidated revenues in both 2019 and 2020.
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The company's subsidiary, Matrix IT, has provided IT consultants for COGAT and biometric identification for Palestinians in the occupied West Bank.
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TSG demonstrated computerized vision and geolocation capabilities for military intelligence use in the West Bank.
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TSG's international sales and procurement of human resources, technology, and components for its command and control, cyber, and intelligence software solutions depend on export license approvals from governments, indicating dual-use technology.
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The company releases limited details on surveillance contracts, with key projects redacted.
Planet-Friendly Business
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No specific, concrete data points related to environmental performance or planet-friendly business practices were found across the provided articles. The articles primarily focus on financial results and ownership details, with explicit statements indicating a lack of information on ESG metrics, sustainability performance, or environmental data for Formula Systems (1985) Ltd.
1
Respect for Cultures & Communities
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No specific, concrete data points related to Respect for Cultures & Communities were found in the provided articles. The articles focused on financial results, an ESG risk rating summary without specific metric details, and the filing of an annual report, explicitly stating that no data relevant to community engagement or cultural impact was present.
Safe & Smart Tech
-10
Sapiens International Corp., a subsidiary, experienced a ransomware attack in Q1 2020, resulting in a $250,000 Bitcoin ransom payment and its network being taken offline.
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However, an investigation indicated no personal information was compromised.
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Formula Systems itself has been subjected to attempted cyber attacks, including phishing and sophisticated campaigns.
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The company states it devotes significant resources to configure, operate, maintain, monitor, upgrade, and continuously improve the security of its systems and databases, and has invested in advanced detection, prevention, and proactive systems.
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Sapiens partnered with Cybecs for penetration testing to identify and remediate vulnerabilities, and for real-time threat monitoring.
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Formula Systems is subject to GDPR and CCPA regulations, and governmental customers require specific cyber protection and information assurance standards.
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The company continually tests its solutions for errors or defects, but acknowledges the complexity of simulating diverse operating environments.
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Sapiens did not report the Q1 2020 ransomware incident to regulatory authorities in the US or Israel.
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Zero Waste & Sustainable Products
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No specific, quantitative evidence for FORTY.US regarding Zero Waste & Sustainable Products could be found in the provided articles. The articles discuss other companies or general market trends, not the performance of Formula Systems (1985) Ltd. on these metrics.