Herzliya, Israel December 7, 2005: Formula Telecom Solutions, Ltd. (LSE: FTS ), a leading global provider of Billing and CRM solutions for service and content providers and the telecom industry, today announced it has completed the acquisition of U.S. based Viziqor Solutions Inc. ("Viziqor"), a privately-held, leading provider of billing and business support systems (BSS). In 2004, Viziqor merged the operations of Daleen Technologies, Inc. and Protek Telecommunications Solutions Limited. For the nine month period ended September 30th, 2005 Viziqor generated US$ 11 million in revenues.

The acquisition positions FTS as a leading provider of billing and BSS solutions in the North American market. Viziqor’s products, some of which are specifically intended for the US market, will complement FTS industry leading portfolio of solutions. Targeted at communication providers as well as next generation service and content providers, Viziqor's products allow improved efficiency of core business operations while driving maximum value from advanced networks and services. Its offerings include advanced billing platforms for service and content providers as well as revenue assurance and mediation applications.

"Over the last 18 months we have taken meaningful steps to build and strengthen our US presence,” said Amos Sivan, Founder and CEO of Formula Telecom Solutions. “Acquiring Viziqor, with their well known and highly regarded products, as well as their experienced team of professionals, will be instrumental as we help this market deliver on the promise of next generation services and content."

"Formula Telecom Solutions has demonstrated a strong leadership position in EMEA and is a thought leader in billing and CRM,” said Paul Hughes, Vice President, Communications Software Strategies with the Yankee Group. "Formula's acquisition of Viziqor strengthens the company's product portfolio expansion with minimal technology overlap, and more importantly, gives the organization a strong North American presence and an enviable customer base that includes Tier 1 and Tier 2 service providers and next generation content and media providers."

Viziqor is headquartered in Boca Raton, Florida and has regional offices across North and South America, Europe and Africa. Their extensive base of customers and partners in more than 40 countries worldwide includes traditional voice service providers as well as the most advanced and innovative content providers in the digital media service and content market.

"Viziqor partnered with an impressive lineup of marquee customers,” added Sivan. “We are committed to continue supporting Viziqor’s worldwide customer base with their current solutions, ensuring their smooth operations as well as providing them with solutions required to serve their future needs.”

"Our team is very enthusiastic about joining a successful and technologically advanced company such as FTS, whose next-generation CRM and Billing solutions are among the world's most sophisticated," added Michael I. Gottdenker, Viziqor's CEO. “This is great news for our customers and our employees.”

Known for its deep telecom knowledge, Formula Telecom Solutions is particularly recognized for its unique ability to address the needs of traditional operators while, at the same time, delivering some of the world’s most advanced next generation service and content solutions. The company’s proven track record of implementing complex projects will enable new and existing customers to quickly and reliably track the ever-changing requirements of the industry. After the acquisition, FTS has over 80 customers and close to 400 employees, resulting in a significant worldwide presence.

About Formula Telecom Solutions (FTS)
Formula Telecom Solutions (FTS) (LSE: FTS ) is a leading global provider of converged end-to-end CRM and billing solutions for telecom operators and service providers. FTS' integrated “triple-triple play” solutions enable wireline, wireless and content operators to offer advanced voice, data and video services, while supporting prepaid, postpaid and pay-on-demand billing. FTS maintains a global presence with worldwide installations supported by sales and service offices on three continents. Combining a proven track record of on-time, on-budget project delivery with solid backing and extensive resources from the Formula Group (NASDAQ: FORTY ), FTS is a CRM and billing one-stop shop. FTS' cutting-edge solutions enable operators to streamline customer acquisition, enhance customer retention and increase profitability - all at a low total cost of ownership. For more information about FTS, please visit us at www.fts-soft.com .