Emblaze agrees to buy Formula

Emblaze said it is buying the shares from Fimgold Partnership Ltd., Formula's largest shareholder.

By SEAN BERNSTEIN
September 13, 2006 08:51
emblaze logo 88

emblaze logo 88. (photo credit: )

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

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.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS