Formula Systems (FORTY)

[midastouch017]

Israeli telecoms billing firm plans 50 mln stg IPO
Wed Jul 6, 2005 07:20 AM ET
LONDON, July 6 (Reuters) - An Israeli company that provides billing and services for telecoms operators said it planned to list in London early next month at a market value of about 50 million pounds ($87.6 million).
Formula Telecom Solutions (FTS) plans to raise 11 million pounds to fund growth from its listing on London's junior AIM share market, while existing shareholders will sell another 11 million pounds of shares, the company said on Wednesday.

The company sells to mobile, fixed line and other operators and targets companies with more than 5 million subscribers in developed markets and smaller operators in emerging markets.

FTS is owned by a company controlled by Formula Systems (FORTY.O: Quote, Profile, Research) , one of Israel's largest software companies with revenue of about $450 million last year.

FTS, founded in 1997, is based in Herzliya, Israel. It made a pretax profit of $5.8 million on turnover of $22.7 million in 2004.

Stockbroker Seymour Pierce is adviser for the offer.


http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh19754_2005-07-06_11-20-54_l06...

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