emblaze logo 88.
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Emblaze Ltd. said Tuesday it has agreed to buy a controlling 33.4 percent stake of Herzliya-based IT solutions provider Formula Systems Ltd for approximately $40 million in cash.
Emblaze said it is buying the shares from Fimgold Partnership Ltd., Formula's largest shareholder.
"This is a significant step for Emblaze," said Eli Reifman, chief executive officer of Emblaze. "Formula will sit well alongside our other major subsidiary, Emblaze Mobile, expanding on our business and assets base for future growth." Emblaze also said it expects to yield stronger than expected financial results for the first six months of the year when the interim results are released September 25. These will not include the Formula deal, it added. "The strong deal flow and business expansion will continue in the next two quarters with significant increase in revenues from operations," the company said.