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nextSource Announces Release of The People Ticker UK.

NEW YORK, NY, April 12, 2004 -- nextSource Inc. -- a wholly owned subsidiary of Formula Systems (1985) LTD (NASDAQ: FORTY), and a leading provider of human capital management solutions -- today announced the release of The People Ticker UK, an real-time rate and salary compensation tool.

FOR IMMEDIATE RELEASE
April 12, 2004

Contact Information:
Ed Remus   eremus@nextsource.com     212.736.5870
Kate Rudgers   krudgers@nextsource.com 212.736.5870

nextSource Announces Release of The People Ticker UK.

NEW YORK, NY, April 12, 2004 -- nextSource Inc. -- a wholly owned subsidiary of Formula Systems (1985) LTD (NASDAQ: FORTY), and a leading provider of human capital management solutions -- today announced the release of The People Ticker UK, an real-time rate and salary compensation tool.

The People Ticker is a dynamic interactive database in which users may search current market rate and salary data specific to an individual's industry, experience, geographic region, and skill-set. As part of The People Ticker, a "streaming" application sits on users' desktops, refreshing every day with the most recent rates and salaries from all over the country, as selected by the user.

We are very excited to be able to now offer this technology to the UK," says Joseph Musacchio, CEO of nextSource. This is the first tool of its type providing real-time access to both full-time salary and temporary/consultant rate data."

The release of the People Ticker in the UK is the next step toward globalization of the People Ticker product. Other countries throughout Europe and Asia will be coming online this year.

To supplement The People Ticker, users are also presented with the nextSource Talent Acquisition Management Solution (TAMS) software, an impressive resource for companies looking to automate and streamline their staffing and vendor management processes, the nextSource Supplier Network, an online network of agencies designed to supplement a clients staffing supplier base, and a host of related Human Resource and Procurement Services designed to reduce associated staffing costs.

For more information The People Ticker UK, please check out www.nextsource.com , http://thepeopleticker.co.uk or email your inquiry to info@nextsource.com.

About nextSource
nextSource, headquartered in New York City is a subsidiary of Formula Systems LTD. The company designs, develops and implements web-based, high quality, innovative Human Capital Management Solutions. These offerings allow customers to manage the business processes of job posting and fulfillment, vendor selection, evaluation, and management; accrual of spend; MWDVBE compliance; skill set and market-rate benchmarking. An Oracle and Microsoft Certified Partner, nextSource has patents pending on both its Talent Acquisition Management Solution (TAMS) and The People Ticker.

Founded in 1985, Formula Systems (1985) LTD (NASDAQ: FORTY) is an international Information Technology company, principally engaged through its subsidiaries and affiliates, in providing proprietary software products, computer based solutions and software consulting services.

This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.