FTS Hires Former Amdocs Exec

PHILADELPHIA -- Formula Telecom Solutions, Ltd. (FTS), a developer and global provider of Billing and CRM solutions for the telecom industry and a member of the Formula Group (NASDAQ: FORTY), announced today it has augmented its management team with the appointment of Mr. Shaul Ganel as President, North America Division. Ganel's appointment is effective immediately.

According to FTS' CEO, Amos Sivan, "FTS' sales and deployments have steadily grown since 2001. In 2003 and 2004 alone, our global strategy generated growth exceeding 30%. To continue driving sales and growth to new and higher levels, we are expanding our senior team and I look forward to Ganel's experience and reputation in this market to propel us further."

Assuming the new position of President FTS North American Division, Ganel, formerly Division President for Amdocs in North America is responsible for all aspects of regional operations. He is overseeing FTS' expansion in North America including delivery, customer fulfillment, sales and management.

"FTS is in an exciting position as we move forward on North America. FTS is perfectly positioned to handle the rapid changes we are witnessing in the telecom industry," commented Ganel. "With my appointment, I look forward to bringing a strong customer focus and exceptional value to our North American customers. At the same time, I look forward to expanding FTS' successes to the Americas where operators are recognizing the need for consolidated Billing and CRM solutions as they move to next generation networks and services."

Shaul Ganel arrives at FTS with two decades of technical and managerial expertise in the US and Canada. One of those decades he spent with Amdocs (NYSE: DOX) where he most recently served as Division President in North America. Prior to that, Ganel held several technical and managerial positions with Wall Street firms as well as the CIO position at a NY medical supplies firm. He holds a BA and MA in Computer Science from Queens College of the City University of New York, as well as MBA coursework from Kellogg-Recanati International Executive MBA program.

Formula Telecom Solutions Ltd. (FTS)