DsIT deals in IT, real-time and embedded systems for both the military and civilian markets.
Formula Systems (Nasdaq: FORTY; TASE: FORT) subsidiary Matrix IT (TASE: MTRX) announced today that it had reached an agreement for the acquisition of dsIT Technologies for $9 million in cash and shares.
DsIT deals in IT, real-time and embedded systems for both the military and civilian markets.
The deal required regulatory approval. In addition, dsIT must meet certain yet-to-be-determined business targets.
Matrix IT’s results for 2004, published a month ago, surpassed its revenue forecast. The improved economic situation helped Matrix IT increase its profit, too.
Matrix IT’s sailes rose from NIS 776.5 million in 2003 to NIS 905 million in 2004, a 16.5% increase, and far better than the company’s prediction of NIS 850 million. Net profit soared from NIS 2.4 million in 2003 to NIS 28.5 million, 3% of revenue, in 2004.
Published by Globes [online], Israel business news - www.globes.co.il - on March 27, 2005