FIS Scores Giant Contract With U.K. Firm

FIS Software, a subsidiary of Formula Systems (TASE: FORT, Nasdaq: FORTY) group company Formula Vision Technologies (TASE: FVT) yesterday announced a contract with a leading English pension and insurance company. The deal should be worth about NIS 50 million over three years to FIS.

For the second quarter, Formula Vision Technologies admitted to heavy losses yet again. When announcing the results, Formula group chair Danny Goldstein commented that the group company most prepared for flotation was FIS.

Does the British deal bring FIS closer to flotation? Together with two others in the pipeline, it could, Goldstein says, but much depends on the market circumstances and the resultant pricing.