Formula Systems, Herzliya-based information technology provider, announced over the weekend that it will sell all its holdings in technology firm BluePhoenix $64 million to international investors. Formula is expected to realize a capital gain of about $18m. from the sale. BluePhoenix said that some or all of the Formula members of the BluePhoenix board are will resign following the sale. The sale was lead by C.E. Unterberg, Towbin, which is being acquired by Collins Stewart.