Formula Systems (FORTY)

[midastouch017]

Formula Telecom Solutions Ranked 54th Fastest Growing Technology Company on the 2005 Deloitte Technology Fast 500 EMEA
Attributes its 1373 Percent Revenue Growth to Innovation and Determined Workforce

1/3/2006 3:43:15 AM

HERZLIYA, Israel, January 3, 2006 /PRNewswire-FirstCall via COMTEX/ -- Formula Telecom Solutions, Ltd. (UK:FTS), a leading global provider of Billing and CRM solutions for service and content providers and the telecom industry, today announced that it ranked 54th on the 2005 Deloitte Technology Fast 500 EMEA, a ranking of the 500 fastest growing technology companies in Europe, Middle East and Africa. Ranking are based on percentage revenue growth over five years, from 2000-2004. FTS grew 1373 percent during this period.

"This recognition by Deloitte clearly demonstrates the growing market acceptance of FTS' solutions. Furthermore, in the last quarter of 2005, FTS signed new deals amounting to about $15m," said Yair Sakov, FTS' Vice President of Marketing and Business Development. "FTS is capitalizing on service and content providers' moves to next generation products, while providing traditional operators with state-of-the-art solutions that address their current needs with a clear roadmap for the future."

"Because Deloitte Technology Fast 500 EMEA measures sustained revenue growth over five years, being one of the 500 fastest growing technology companies in EMEA is an impressive achievement," said Eric Morgain, partner in charge of Deloitte's Technology Fast 500 EMEA program. "Formula Telecom Solutions deserves a lot of credit for its remarkable growth."

In addition to ranking on Deloitte's Fast 500, FTS ranked 7th on the Israel Technology Fast 50 (http://www.fast50.co.il/), which is a ranking of the 50 fastest growing technology firms in Israel. The prestigious Israel Technology Fast 50 focuses on success stories among emerging Israeli companies, with FTS continuing to be one of Israel's strongest and more successful.

Fast 500 Selection and Qualifications

The Technology Fast 500 list is compiled from Deloitte's EMEA Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 2000 operating revenues of at least EUR50,000 and 2004 operating revenues of at least EUR800,000. Entrants must also be public or private companies headquartered in EMEA and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.

About Formula Telecom Solutions (FTS)

Formula Telecom Solutions (UK:FTS) is a leading global provider of billing and CRM solutions for service and content providers and the telecom industry. With 70 plus customers on six continents, FTS delivers end-to-end and modular solutions to traditional operators and to providers of the world's most advanced next-generation services. FTS' track record of implementing complex projects enables customers to keep up with the ever-changing requirements of the industry. Combining on-time, on-budget project delivery with the extensive resources of the Formula Group (FORTY), FTS is a CRM and billing one-stop shop. For more information, please visit us at www.fts-soft.com.

Dubi