Wednesday March 22, 12:45 pm Eastern Time
ForSoft Announces New Acquisitions and Implementation Of New E-Business Strategy
HERZLIYA, Israel - ForSoft Ltd. (Nasdaq: FORS - news) a
leading provider of large scale Information Technology solutions and services
for vertical markets, is pleased to announce four new acquisitions and the
restructuring of its mode of operation in order to implement a newly adopted
E-Business strategy, based on world-wide marketing of vertical solutions in
different niche markets, under the umbrella of an E-Business architecture
conceived by ForSoft.
ForSoft acquired a controlling interest, and/or an option to gain full
control in a short period of time, in four different solution providers to
vertical markets.
All are in possession of proven solutions, including the
intellectual property and already installed in various countries worldwide.
Total contribution planned by ForSoft for the completion of these investments
will range between $20 - $25 million.
Mr. Emanuel Cohen, CEO of ForSoft, said ``We believe that the recent
investments and acquisitions should enable ForSoft to position itself in a
totally new arena and to accelerate our penetration of international markets.
Our E-Business model for vertical markets being implemented by the newly
adopted solutions, may change dramatically ForSoft's positioning as a
worldwide solutions company."
According to ForSoft's new strategy, the company will operate through six
divisions:
- FORSOFT SOLUTIONS & SERVICES (ISRAEL)
- FORSOFT TELECOM SOLUTIONS
- FORSOFT INSURANCE SOLUTIONS
- FORSOFT RETAIL SOLUTIONS
- FORSOFT TRAVEL SOLUTIONS
- FORSOFT INC. (USA)
FORSOFT SOLUTIONS & SERVICES (ISRAEL)
A leading supplier of IT solutions, consulting and system integration in
the Israeli developed IT market.
Has specialized in mission critical legacy
systems in most of Israel's blue chip enterprises.
A vast reservoir of skills and know-how for the other divisions, with
more than 400 professionals.
FORSOFT TELECOM SOLUTIONS
Solutions for telecom companies, including,
- NDE - Telecom Networks Design Software marketed worldwide by 3M.
- APOLLO, NEPTUNE - OSS (Operating Support Systems) for IP, Wireless and
Wireline Telecom operators, including order management and prepaid solutions.
- Products installed in 5 different countries.
FORSOFT INSURANCE SOLUTIONS
Solutions for the insurance industry.
ALIS - Supports all phases of policy life cycle. Targeted to pensions, life, health and other segments of the insurance market, Web enabled and
targeted to E-Business process.
Products installed in 3 different countries
FORSOFT RETAIL SOLUTIONS
Solutions in the point-of-sale area, especially for the large chain store
segment.
APOS - A modern, highly integrated, modular and Web enabled solution for
the retail industry.
Products installed in 3 different countries.
FORSOFT TRAVEL SOLUTIONS
Solutions for the travel industry: Airlines, Charter Carriers and Tour
Operators.
AMSYS - Sales support and management system solution (all passenger
related activities).
Products installed at 8 airlines and 35 operators worldwide.
FORSOFT INC. (USA)
The front-end of all ForSoft's operations in the United States.
Comprehensive Extranet-based Human Resources (HR) and staffing services
procurement solution through its CONSULTINGDIRECT.COM launched earlier in
1999 and entered into an online vendor agreement with DoubleClick Inc.
(Nasdaq: DCLK - news), among other related activities.
Other then NDE and ConsultingDirect.com applications, all the other
solutions above-mentioned have been marketed until now by the newly acquired
companies or companies in which ForSoft has the option to complete its
investment to the level of controlling interest in its own discretion.
Emanuel Cohen, CEO of ForSoft said, ``We believe that year 2000 will be a
turning point for us.
We believe we have the critical mass needed, which,
together with our new strategy and corporate structure, and our recent
investments and acquisitions, will enable us to enter the E-Business solutions
world and implement our model towards success in international markets."
ForSoft, a member of the Formula Group (Nasdaq: FORTY - news), designs, develops
and implements high quality, innovative, business-critical information systems
and software solutions for large organizations.
The Formula Group is an international information technology company
principally engaged, through its subsidiaries and affiliates, in providing
software consulting services, developing proprietary software products and
providing computer-based business solutions.
For further information on ForSoft Ltd., ForSoft, Inc.,
Consultingdirect.com and the Formula Group, please visit the following web
sites -
Such statements involve various risks that may cause actual results to differ materially.
These risks and uncertainties include, but are not limited to, the company's
ability to recruit and retain IT personnel, dependence on large projects,
successful implementation of the company's services and the ability to
identify, complete and integrate potential acquisitions and strategic
investments.
