Unique Software Industries
Payroll Solutions
Company Overview
Snapshot
Founded in May 1989, Unique Software Industries operates with 11–50 employees. The company was acquired by Formula Systems in November 2019, marking a significant milestone in its trajectory.
Business overview
Unique Software Industries specializes in providing payroll software solutions across various modules for a diverse range of industries. Its core technology focuses on web-based platforms and interfaces, serving markets that include government offices, banks, insurance companies, high-tech firms, construction companies, and hotels. The company operates within the Fintech & Insurtech sector, specifically in financial operations software, and handles over 100,000 payrolls monthly, including those for the Israeli Ministry of Education teachers.
Strategic signal
In November 2019, Unique Software Industries was acquired by Formula Systems for approximately NIS 61 million. This acquisition allowed Formula Systems to expand its operations in payroll and human resources management, signaling a strategic move to penetrate the outsourced payroll services market and increase its market share in the industry.
Log in to access full profile ›Company Intelligence Q&A
- When was Unique Software Industries acquired?
- Unique Software Industries was acquired in November 2019.
- Which company acquired Unique Software Industries?
- Unique Software Industries was acquired by Formula Systems.
- What was the reported acquisition amount for Unique Software Industries?
- Formula Systems acquired Unique Software Industries for approximately NIS 61 million, comprising NIS 49 million in cash and up to NIS 12 million of additional cash.
- What was the strategic rationale behind Formula Systems' acquisition of Unique Software Industries?
- The acquisition allowed Formula Systems to expand its operations in payroll and human resources management, enter the outsourced payroll services field, and increase its market share in the payroll services industry.
- What types of customers does Unique Software Industries serve?
- Unique Software Industries serves a diverse customer base including government offices, banks, insurance companies, high-tech companies, construction companies, and hotels.