Dan Goldstein

In 1980, while writing his doctoral thesis on distributed networks, he founded Formula Software Services, providing professional software services to Israeli customers. By 1985 he expanded to other areas such as software products and consulting, and in 1985 he founded Formula Systems (1985) Ltd., as a holding corporation for his software products, services and consulting activities. In 1988 he acquired control of a publicly traded company named "Eichut Computers", which he turned into the communications arm of the developing Formula Group. He later acquired "Idan Inc.", a public company traded on Nasdaq, and nominated Ami Harel as its CEO. This company was a pioneer in the developing Israeli communications market in the late 1980s and early 1990s, before the accelerated regulation of overseas voice and data communication. As the group grew, Goldstein formulated an investment strategy of specialization in software products and services for vertical markets. He acquired controlling interests in a number of young companies, such as Applicom, a software house for minicomputers, Wiztech, which specialized in Billing, and Crystal, which specialized in large conversion projects. By 1990 Goldstein established the position of Formula Systems as a leading software group in Israel. He founded Foraz, the first Israeli Venture Capital Fund, together with Liraz, a publicly traded company headed by Arik Kilman. Goldstein later acquired Liraz's share in the fund, and later acquired control of Liraz itself.

In the 1990s, Goldstein acquired other technology companies. He bought a Telecom billing company headed by Amos Sivan and changed its name to Formula Telecom Solutions (FTS), acquired an insurance software company headed by Zeev Alon and renamed it Formula Insurance Solutions (FIS), a retail software company called "Az-Ben", which he renamed Formula Retail Solutions (FRS), and a Travel solutions company headed by Menahem Shaked, which he named Formula Travel Solutions. He also acquired Nikuv Computers, one of the first publicly traded software services companies in Israel specializing in Salary calculation, which owned a prevalent ERP system for small and medium clients. Throughout this decade, some of Goldstein's earlier investments have reached a size which justified public offerings, and raised funds on The Tel Aviv Stock Exchange, the AIM market in London, and on Nasdaq: Crystal Software Solutions and Wiztech (later wholly acquired by Convergys) were the first two greatly successful offerings, followed by ForSoft, the traditional Software Services arm of the group throughout the 90s. Goldstein's holding company, Formula Systems also started trading on Nasdaq. He also founded a new Venture Capital Fund, Formula Ventures headed by Shay Beilis, and acquired a controlling interest in Sapiens.