© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - Formula Systems and IAI Agree to Acquire TSG for US$50 Million
Posted 14th January 2016

Formula Systems and IAI Agree to Acquire TSG for US$50 Million

Formula Systems, a leading software consulting services today announced that Israel Aerospace Industries (IAI) and Formula have entered into a definitive agreement for the purchase of TSG.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Formula Systems and IAI Agree to Acquire TSG for US$50 Million
Image

Formula Systems, a leading software consulting services today announced that Israel Aerospace Industries (IAI) and Formula have entered into a definitive agreement for the purchase of TSG – a subsidiary and the military arm of Ness Technologies, engaged in the fields of command and control systems, intelligence, homeland security and cyber security.

The total purchase price in the transaction will be $50 million in cash (subject to certain adjustments), with each of IAI and Formula acquiring 50% of TSG for US$25 million (subject to certain adjustments). The consummation of the transaction is subject to, among other things, obtaining certain regulatory approvals.

TSG is a leading provider of core command and control systems to Israel’s defense organization, including the Israeli Defense Forces and the Israeli Police, and its activity is well suited for both parties. The acquisition represents the parties’ strategic decisions to expand their scope of activities, and to preserve leading positions in the markets where they operate, through M&A activity.

The parties will focus on turning TSG into a leader in its field in Israel, by maximizing the synergies between TSG, IAI and Formula and pursuing its expansion, among other ways, through mergers and acquisitions of companies that operate in complementary areas.

Joseph Weiss, IAI’s CEO and President, said:

“Acquiring TSG reflects our strategy of expanding and deepening IAI’s involvement in relevant markets. The acquisition deepens our hold in the areas of command and control, intelligence and homeland defense, both in Israel and among foreign customers, and creates synergies between the products of the three companies to offer comprehensive end-to-end solutions to our customers.”

Guy Bernstein, Formula’s CEO, commented:

“The acquisition of TSG, a leader in its field, adds a significant fourth leg to Formula’s portfolio, extending our reach to the defense and growing cyber security industries. This gives us a solid base on which we can build. We can think of no better partner in this acquisition than Israel Aerospace Industries and look forward to our close collaboration.”

Categories: Innovation, M&A


You Might Also Like
Read Full PostRead - Eye Icon
Greek Consumers Fiscal Future Looks Brighter
Finance
04/08/2015Greek Consumers Fiscal Future Looks Brighter

MoneyGram, an international money transfer service, has resumed international money transfers into Greece, offering hope to Greek consumers and businesses.

Read Full PostRead - Eye Icon
Unemployment Rate Still Masking a Recovery on the Rocks
Finance
26/05/2015Unemployment Rate Still Masking a Recovery on the Rocks

Modest growth in April jobs isn’t enough of a silver lining to hide a bad GDP report

Read Full PostRead - Eye Icon
The Dos And Don’ts Of Sending Money To Canada
Finance
12/08/2022The Dos And Don’ts Of Sending Money To Canada

Digitization has led to the development of smart ways of executing operations. Different industries benefit from digitization, and one of them is banking. Previously, you had to visit your bank physically to access your money. Today, you have a more convenient

Read Full PostRead - Eye Icon
It’s All About Educating the Mind
Leadership
10/10/2016It’s All About Educating the Mind

Neurocoaching was founded and built by Patricia López, a mentor-coach, and telecommunications engineer for more than 20 years. The company is focused on developing engineers, whether it be getting the know themselves, skills, beliefs, or achieving their goals

Read Full PostRead - Eye Icon
The Path to Success
Leadership
29/09/2016The Path to Success

Soteris Pittas & Co LLC is a boutique law firm, focusing on the areas of law related to business activity and dedicated to providing its clients with outstanding, highly personalised, legal representation.

Read Full PostRead - Eye Icon
Dispute Resolution Specialist
Leadership
04/09/2019Dispute Resolution Specialist

JAMS is renowned for the first class service that it offers in its field across the US and internationally too. Recently, Lorraine Brennan of JAMS was recognised for her outstanding work in AI Leading Adviser Awards 2018

Read Full PostRead - Eye Icon
International Accounting Day 2023: Universal Accounting Center
Finance
06/11/2023International Accounting Day 2023: Universal Accounting Center

Since 1979, Universal Accounting Center (UAC) has been a post-secondary school for budding accounting, bookkeeping, and tax professionals, delivering premier training, certifications, coaching, and support to help them take their careers to the next level.

Read Full PostRead - Eye Icon
Push Notifications and Time-Sensitive Offers: Driving Immediate Action
News
27/11/2023Push Notifications and Time-Sensitive Offers: Driving Immediate Action

Push Notifications and Time-Sensitive Offers: Driving Immediate Action In today’s evolving landscape, effectively conveying your message to consumers in a timely manner is paramount. With the proliferation of devices and the growing popularity of apps, p

Read Full PostRead - Eye Icon
Debt Consolidation: The Benefits, Options, and How to Get Started
News
10/06/2022Debt Consolidation: The Benefits, Options, and How to Get Started

If you’re struggling to keep up with multiple monthly payments from a list of cash advance apps, debt consolidation may be a good option for you. This process involves combining all of your outstanding debts into a single balance that has a lower interes



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow