Formula Systems (1985) acquisitions, on the record

Word for word“Sapiens also signed an agreement for the purchase of the remaining outstanding shares of Sapiens Software Solutions (Decision) Ltd. from its minority shareholders, which was completed on March 27, 2024.” 20-F for 2023

Word for word“most recently in the fourth quarter of 2023, our subsidiary Sapiens acquired NCDC S.A., a Poland-based company with a knowledge of Sapiens’ products in the Nordics, for a purchase price of $11.7 million.” 20-F for 2023

Word for word“Total purchase price amounted to NIS 55.0 million (approximately $ 14.9 million) or approximately NIS 52.7 million approximately $14.2 million) net of acquired cash.” 20-F for 2023

Word for word“Matrix paid NIS 53 million (approximately $15.1 million) for this acquisition.” 20-F for 2023

Word for word“On June 22, 2023, our subsidiary Michpal acquired a 75% share interest in Emalogic Software Ltd., an Israeli provider of software development services, specializes in the development of mission-critical systems, starting from the characterization phase and through the maintenance phase.” 20-F for 2023

Word for word“The total consideration for the acquisition amounted to approximately NIS 9.4 million (approximately $2.7 million), with NIS 7.1 million (approximately $2.0 million) paid in cash upon closing, or approximately NIS 8.6 million (approximately $2.4 million) net of acquired cash.” 20-F for 2023

Word for word“In May 2022 Sapiens acquired the entire share capital of I.T. Cognitive Ltd.” 20-F for 2023

Word for word“On June 19, 2022, Matrix IT, through Matrix Integration and Infrastructure Ltd., Matrix IT’s wholly owned subsidiary, acquired all of the share capital of RDT for cash consideration of NIS 44 million (approximately $12.7 million), or NIS 41 million (approximately $11.9 million) net of acquired cash.” 20-F for 2023

Word for word“On April 24, 2022, Matrix IT concluded the sale of 45.2% of the issued and share capital of Infinity Labs R. & D.” 20-F for 2023

Word for word“On October 5, 2021, Matrix, through Matrix Integration and Infrastructure Ltd., Matrix’s wholly owned subsidiary, acquired 60% of the share capital of AVB Technologies Ltd. for NIS 4.6 million (approximately $1.4 million).” 20-F for 2023

Word for word“In April 2021, Formula acquired all of the issued and outstanding share capital of Zap Group from Apax Partners for consideration of approximately NIS 244.2 million in cash, with up to an additional NIS 60 million of consideration (for a total maximum purchase price of approximately NIS 304.2 million) contingent upon Zap Group meeting certain EBITDA targets during the first two years following the acquisition.” 20-F for 2023

Word for word“On April 29, 2021, Matrix acquired 75% of the share capital of the I.T.D. Group Ltd., or I.T.D.” 20-F for 2023

Word for word“On April 5, 2021, Babcom Centers Ltd., a subsidiary of Matrix, acquired 60% of the share capital of S.Q. Service Quality Ltd. for NIS 4 million (approximately $1.2 million).” 20-F for 2023

Word for word“On April 5, 2021, Dana Engineering Ltd. (a subsidiary of Matrix) acquired 75% of the share capital of A.A Engineering Ltd., or A.A. Engineering, for NIS 10.5 million (approximately $3.2 million).” 20-F for 2023

Word for word“As of the closing date the estimated total consideration for the acquisition of all of the outstanding share capital of Appush amounted to $21.5 million, or approximately $19.9 million, net of acquired cash (of which $11.0 million was paid in cash at closing, or approxima” 20-F for 2023

Word for word“In December 2023, Sapiens acquired the remaining 5% of the outstanding share capital of Tiful Gemel Ltd., an Israeli company which provides software solutions and managed services related to pension and provident funds in the Israeli market, thereby transforming it into a wholly-owned subsidiary of Sapiens.” 20-F for 2023

Word for word“In February 2023, Sapiens acquired the remaining 34% of the outstanding share capital of Neuralmatic Ltd, transforming it into a wholly-owned subsidiary of Sapiens.” 20-F for 2023

Word for word“On October 1, 2024 we acquired 51% of the outstanding share capital of Hashahar, an Israeli privately held company established in 2018, specializing in the planning, deployment, and installation of fiber optics, structured cabling (CAT 6/7), coaxial and telephony systems for both enterprise and residential sectors, including intercity infrastructure and public sector projects.” 20-F for 2024

Word for word“In April 2024, Magic Software completed the acquisition of all issued and outstanding share capital of Theoris Group Inc. a U.S.-based provider of information technology and engineering consulting services, specializing in strategic data management, analytics, application development, cloud solutions, and the recruitment of technical personnel, for $13.1 million (including deferred payments).” 20-F for 2024

Word for word“In October 2024, Magic Software completed the acquisition of Executive Life Ltd., a U.S.-based executive recruitment firm specializing in talent acquisition services, for $1.5 million (including a deferred payment).” 20-F for 2024

Word for word“In July 2024, Magic Software acquired a nursing care platform operation for $1.6 million.” 20-F for 2024

Word for word“In February 2025, our subsidiary Matrix completed the acquisition of 70% of the outstanding share capital of Gav Systems Ltd. and Gav Expert Ltd., providers of outsourcing services, primarily in the form of computing and software personnel, for total consideration of approximately NIS 45.5 million (approximately $12.5 million).” 20-F for 2024

Word for word“In November 2024, Matrix completed the purchase of 51% of the outstanding share capital of Alacer Matrix LLC (former: Alacer Group), which specializes in advisory services and the provision of experts in the field of governance, regulation and compliance within the U.S. financial market, for approximately $1.95 million in cash, and additional contingent consideration.” 20-F for 2024

Word for word“In December 2024, Matrix acquired Moshe Ort Holdings Ltd. (Ortec) for approximately NIS 19.5 million (approximately $5.4 million) in cash, together with additional contingent consideration.” 20-F for 2024

Word for word“In March 2025, our subsidiary Michpal acquired all remaining outstanding shares of Formally Smart Form System Ltd for total consideration of NIS 28.2 million (approximately $7.7 million).” 20-F for 2024

Word for word“In February 2024, Michpal acquired the remaining outstanding shares of Liram Finance Software Ltd from its minority shareholder for approximately NIS 5.25 million (approximately $1.45 million).” 20-F for 2024

Word for word“In January 2024, Michpal acquired 70% of the outstanding share capital of Heshev Information Systems (2012) Ltd., which develops and markets a cloud-native technology platform for managing financial and business operations, for accountants, tax consultants, payroll managers, bookkeepers, and financial controllers, for total consideration of approximately $1.3 million in cash.” 20-F for 2024

Word for word“In July 2024, Michpal acquired 60% of the outstanding share capital of Meida Computers Software Solutions (G.D) Ltd., the developer and marketer of advanced solutions for recruitment and human resources management processes, for total consideration of approximately $12.49 million and additional contingent consideration.” 20-F for 2024

Word for word“In October 2024, Michpal acquired 60% of the outstanding share capital of Y-IT Ltd., an Israeli based company that develops and markets a technology platform for managing and optimizing transportation operations and vehicle fleets in the Israeli transportation industry, for total consideration of approximately $22.2 million and additional contingent consideration.” 20-F for 2024

Word for word“In December 2024, Michpal acquired 70% of the outstanding share capital of Paperless Ltd., the developer of the cloud-based Paperless platform for digital and online paperless accounting management for finance professionals, accountants, and tax advisors, for total consideration of approximately $2.3 million and additional contingent consideration.” 20-F for 2024

Word for word“In April 2025, our subsidiary Sapiens announced that it had entered into definitive agreements to acquire AdvantageGo, a leading provider of commercial insurance software solutions specializing in underwriting workbench capabilities for both the London market and global commercial markets, in a cash transaction, based on an enterprise value of GBP 43.0 million (approximately $55.9 million) that is expected to close during the second quarter of 2025.” 20-F for 2024

Word for word“Sapiens also announced in April 2025 its prospective acquisition (expected to be completed during the second quarter of 2025), for $22.0 million of cash, of Candela Labs, a leading intelligent automation company servicing blue-chip, APAC-based insurance clients.” 20-F for 2024

Word for word“In the first quarter of 2024, Sapiens acquired the remaining outstanding shares of Sapiens Software Solutions (Decision) Ltd. from its minority shareholders.” 20-F for 2024

Word for word“In April 2025, our subsidiary Magic Software completed a transaction to acquire additional ordinary shares of its subsidiary CommIT Technology Solutions Ltd. for approximately $13.8 million, increasing its holdings (on a fully diluted basis) from 68.15% to approximately 79.32%.” 20-F for 2024

Word for word“On March 11, 2025, our subsidiary Magic Software entered into a non-binding Memorandum of Understanding, or the MOU, with our subsidiary Matrix, under which the parties agreed to negotiate a definitive agreement for a merger pursuant to which Matrix will acquire the entire share capital of Magic Software on a fully diluted basis, by way of a reverse triangular merger.” 20-F for 2024

Word for word“On December 17, 2025, Sapiens, a subsidiary of Formula at that time, completed the transactions pursuant to the definitive agreement that it had entered into in August 2025 with Advent, a leading global private equity investor, whereby Sapiens was acquired by Advent for cash.” 20-F for 2025

Word for word“On February 24, 2026, Matrix and Magic Software Enterprises Ltd., an Israeli company (together with its subsidiaries, “ Magic Software ”), both then controlled by Formula Systems, completed a reverse triangular merger involving their companies in an all-stock transaction.” 20-F for 2025

Word for word“In March 2025, Magic Software completed the acquisition of all issued and outstanding shares of Expim Ltd, an Israel-based provider of managed cloud services, network connectivity, cybersecurity solutions and IT infrastructure support for total consideration (including a conditional additional payment to be paid in 2029, subject to the achievement of certain financial operational goals) of approximately NIS 18.2 million (approximately $5.0 million).” 20-F for 2025

Word for word“In December 2025, Comm-IT Software Ltd and 9540 Y.G. Soft I.T Ltd., both subsidiaries of Magic Software, acquired in the aggregate 75% of the outstanding share capital of Savanna Solutions Ltd., or Savanna.” 20-F for 2025

Word for word“In November 2025, our subsidiary Michpal completed the acquisition of 60% of the shares of Linkach Ltd., which develops and markets a secure cloud platform for recruiting candidates through online communities and diverse digital channels, in exchange for approximately NIS 1.125 million (approximately $0.3 million) in cash, with a conditional additional payment to be paid in 2029, subject to the achievement of certain goals.” 20-F for 2025

Word for word“In July 2025, Michpal completed the acquisition of 70% of the shares of Mishmarot Technologies Ltd., or Mishmarot, which develops and markets an advanced technological solution for automated work schedules based on artificial intelligence, for a purchase price of approximately NIS 19.5 million in cash (approximately $5.8 million), subject to working capital adjustments, and also undertook an additional conditional payment (amounting to approximately NIS 2.1 million (or $0.6 million) as of December 31, 2025) to be paid to sellers in 2027, subject to the achievement of the goals set in relation to the results of Mishmarot’s activity in 2026.” 20-F for 2025

Word for word“In October 2025, Formula Infrastructure, completed the acquisition of 60% of the issued and outstanding share capital of Advance Engineering Ltd, an Israel-based provider of multi-disciplinary quality management (QA/QC), field Inspection, and design management services in wide range of construction projects, which include civil, infrastructures, electrical and mechanical process disciplines for a total consideration of approximately NIS 20.1 million (approximately $6.2 million) including an additional conditional payment, amounting to approximately NIS 2.2 million (or $0.7 million) to be paid to the seller in 2026, subject to the achievement of the goals set in relation to the results of Advance’s activity in 2026.” 20-F for 2025