A subsidiary of multinational software company Asseco and parent company of Matrix IT and other subsidiaries that provide security systems and IT services to illegal Israeli settlements, the Israeli military, and the Israeli Ministry of Defense.
According to Who Profits, Formula Systems—through its various subsidiaries—provides illegal Israeli settlement councils, the Israeli military, and the Israeli Ministry of Defense with cybersecurity services, IT analyst services, and more.
The company owns a 48.9% stake in Matrix IT, an Israeli company that provides services and technology to illegal Israeli settlements, the Israeli military, and the Israel Police and Prison Services, and operates a branch in an illegal settlement in the occupied West Bank.
Formula Systems also holds a 50% stake—together with Israel Aerospace Industries—in TSG IT Advanced Systems, an Israeli cybersecurity company. According to Who Profits, TSG contracted with the Israeli Ministry of Defense for the relocation of Israeli military units to the Negev and the establishment of new military data centers. TSG also developed a command and control system that has been installed in dozens of illegal Israeli settlements in the occupied West Bank.