Mashov will take over the Formula group's investments in startups and exporters
(Nasdaq:FORTY) will be shifting all the group's hi-tech investments and holdings in exporters to subsidiary Mashov Computers.
Mashov is to change its name to Formula Vision and will be taking over 20 startups in different development stages.
Formula has been restructuring to generate value for shareholders.
Formula President, Chairman and CEO Dan Goldstein told TheMarker.com that the idea is to centralize the group's currently unfocused activities with startups, and with more mature companies, such as
(Nasda q:MGIC) or
.
Goldstein added that the group plans to continue investing in its portfolio companies, and will also be making new investments.
Formula owns 75% of Mashov after a partially successful repurchase offer. Mashov's assets include a 7% stake in
(Nasdaq:PGEO), 26% of
, 5% of Walla Communication, the creator of the portal
, and 15% of
.