Matrix IT
Matrix IT (Formula Systems subsidiary, merged with Magic Software in Feb 2026) is an Israeli-headquartered IT services company that designs, integrates, and operates enterprise technology across AI, Cloud, Data, Cyber, and Digital for 6,000+ clients in Finance, Healthcare, Public Sector, High Tech, Retail, and Defense across 50+ countries.
- Company typePublic
- Founded2001
- HeadquartersHerzliya, Israel
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Matrix IT does
Matrix IT Ltd. is an Israeli-headquartered IT services firm operating as a subsidiary of Formula Systems (1985) Ltd. Following the February 2026 reverse triangular merger with Magic Software Enterprises, the combined entity functions as Israel's largest IT group with 15,000+ employees, 6,000+ active clients, and operations spanning 50+ countries from offices in 16+ locations across the Americas, Europe, Asia, and Africa.
The company delivers innovation-driven value across five technology vectors — AI, Data, Cyber, Digital, and Cloud — organized into core services (AI Services, Cyber & Security, Cloud, Data & Analytics, Digital), consulting and strategy, software solutions (CRM, ERP, integration, DevOps), and infrastructure/build solutions. Operationally, Matrix pursues vertical specialization across Finance, Healthcare, Public Sector, High Tech, Retail, and Military/Aerospace, with named mission-critical deployments including the Bank of Israel national Credit Data Repository (130+ million NIS), the Municipality of Ramat Gan GenAI chatbot, and a major HMO's AI-powered billing validation system. Sub-brands Matrix DnA (data and AI), Matrix DevOps (Atlassian/monday.com Platinum partner ecosystem), Matrix Eastern Europe (offshore delivery), and 2BSecure (DFIR/cybersecurity) provide specialized go-to-market motions and proprietary solutions like CyberShield_AI.
Revenue is generated primarily through professional services (consulting, integration, development, outsourcing, testing, deployment) on quote-based, multi-year enterprise contracts supplemented by Value Added Distribution of 250+ partner software products yielding recurring revenue. Distribution is enterprise field sales across direct regional offices, supplemented by partner co-selling with AWS (Global Partner of the Year 2025), Google Cloud (Rising Star 2024), BMC (EMEA Solution Provider of the Year 2025), Microsoft, IBM, and Databricks (COE). The combined company holds an Aa2.il credit rating from Midroog Moody's and is recognized as Israel's leading software services company for 20 consecutive years.
Matrix IT firmographics
Firmographics- Name
- Matrix IT
- Legal name
- Matrix I.T. Ltd.
- Website
- https://matrix-globalservices.com
- Company type
- Public
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Matrix IT (Formula Systems subsidiary, merged with Magic Software in Feb 2026) is an Israeli-headquartered IT services company that designs, integrates, and operates enterprise technology across AI, Cloud, Data, Cyber, and Digital for 6,000+ clients in Finance, Healthcare, Public Sector, High Tech, Retail, and Defense across 50+ countries.
- Ownership category
- akta.pro rank
Matrix IT industry classification
Industry- Product category
- IT Consulting and Integration Services
- NAICS
- Computer Systems Design and Related Services (54151), Custom Computer Programming Services (541511), Other Scientific and Technical Consulting Services (54169), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Programming Services (7371), Services-Management Consulting Services (8742), Services-Computer Processing & Data Preparation (7374)
- akta.pro primary industry
- Network, Infrastructure & Data Center Integration (BPAEAAAK)
- akta.pro secondary industries
- Industry/Domain Analytics Solutions & Accelerators (BPAEAHAK), Enterprise Architecture & IT Operating Model (BPAHAEAB), Data, Analytics & AI Consulting (BPAHAEAF), Strategy & IT Advisory (BPAEAAAA), Enterprise AI Data & Knowledge Platforms (Vector Databases, Knowledge Graphs) (HDAEANAH)
Keywords
Where Matrix IT is headquartered
LocationHeadquarters
- HQ city
- Herzliya
- HQ country
- Israel
- HQ region
- Middle East
Offices16 records
Markets served
Matrix IT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- IT Services and Consulting: Core IT services including consulting, integration projects, development and implementation of technologies, offshore consulting, outsourcing, testing, training, and deployment. Services span AI, cyber, cloud, data, digital, ERP, CRM, and infrastructure.
- Software Representation and Distribution: Representation and marketing of worldwide-leading software products. Matrix operates as a Value Added Distributor with 250+ software and technology partnerships.
- Special Cash Dividend: Parent company Formula Systems distributed $200 million special cash dividend (approximately $13.045 per share) following the merger completion.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Enterprise IT Services - custom engagement pricing |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
Matrix IT product offering
Product offeringCore offering
Matrix IT designs, manages, and executes information technology integration projects for enterprise customers, providing consulting, development, implementation, testing, training, deployment, offshore consulting, and outsourcing services. The company also operates as a Value Added Distributor representing and marketing worldwide-leading software products through 250+ technology partnerships, including AWS, Google Cloud, BMC, Microsoft, Atlassian, and Databricks.
Product overview
Matrix IT operates as a comprehensive technology services company offering a multi-layered portfolio of services and solutions organized into three main categories: Services & Solutions (AI, Cyber, Cloud, Data, Digital, CRM, ERP, Consulting & Strategy, and Building Solutions), organized into core services, software solutions, consulting, and building solutions. The company operates a DevOps division providing services using Atlassian, monday.com, Snyk, IBM, Quali, Contrast Security, Okteto, PerfectScale, and Perforce Software. A specialized Data and AI division (Matrix DnA) develops enterprise AI applications including GenAI chatbots, medical document validation systems, and data-centric AI solutions. The company serves industries including Finance, Healthcare, Retail, High Tech, Public & Government, and Military & Aerospace. Following the February 2026 merger with Magic Software, the combined entity operates across 50 countries with over 15,000 employees serving more than 6,000 customers.
Differentiator
Problem solved
Functional benefit
Brands
- Matrix DnA: AI and data analytics solutions division specializing in healthcare AI applications including medical document validation systems.
- Matrix DevOps
Products and services
- AI Services Comprehensive AI services including generative AI, natural language processing, machine learning, and deep learning research for enterprise transformation. Used by enterprise customers across Finance, Healthcare, Public Sector, and High Tech to deploy AI-driven solutions.
- Cyber & Security Cybersecurity services including threat detection, security automation (CyberShield_AI), digital forensics and incident response (DFIR), and compliance solutions for enterprise and government customers.
- Cloud Services Cloud migration, security, and optimization services supporting public, private, and hybrid cloud environments. Delivered through partnerships with AWS, Google Cloud, Microsoft, and others.
- Data & Analytics Big data analytics, data platform development, Databricks Center of Excellence, and data-driven intelligence solutions for enterprise customers.
- Digital Services Digital transformation services including mobile development, UX/UI, and AI-driven digital experiences for enterprises.
- Matrix DevOps End-to-end DevOps services including CI/CD pipeline automation, platform engineering, FinOps, ITSM, static code analysis, and DevSecOps, delivered as a Platinum Solution Partner for Atlassian and monday.com.
- Matrix DnA Matrix DnA is Matrix's data and AI division developing enterprise AI solutions including GenAI chatbots, automated medical document validation systems (Matrix DnA healthcare AI), and data-centric AI systems. Sold as a dedicated practice to enterprise customers, particularly in healthcare.
- ERP Solutions (Tafnit and Priority) Enterprise Resource Planning implementation and consulting services based on the Tafnit and Priority platforms for integrated business management and process optimization.
- CRM Solutions Customer relationship management implementation and consulting services for enterprise customers.
- Integration Platforms Integration platform development and implementation services for enterprise system connectivity.
- Testing & Automation Software testing, test automation, and quality assurance services across the development lifecycle.
- Global Talent Hub Offshore and nearshore staffing solutions providing access to global technology talent through Matrix Eastern Europe delivery centers in India and Eastern Europe.
- Consulting Services Expert consulting across business excellence, defense, urban planning, infrastructure, healthcare, supply chain, and technology strategy.
- Modernization Legacy system modernization and transformation services for enterprise customers.
- CyberShield_AI CyberShield_AI is Matrix's proprietary cybersecurity automation solution that strengthens an organization's first line of defense against cyber threats. Developed by Matrix's cybersecurity team, it is sold as a standalone product offering to enterprise and government customers.
Quantifiable outcome
- ~95% answer accuracy achieved by GenAI chatbot for Municipality of Ramat Gan, deployed from design to production in 2 months
- +3 more outcomes
Companies that use Matrix IT
Customer profileNamed customers8 records
Segments6 records
Ideal customer profiles5 records
Matrix IT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
AI capability8 records
Feature6 records
Matrix IT partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered flagship, core and supporting.
- Amazon Web Services (AWS)flagshipAWS Partner of the Year Global Winner 2025 (Global SaaS Consulting). Matrix helps customers drive innovation and build SaaS solutions on AWS, delivering significant business value and accelerated growth. Matrix holds advanced AWS competencies enabling cloud migration, modernization, and AI workloads on AWS.
- Google CloudcoreGoogle Cloud Rising Star Partner 2024 — recognized as one of Google Cloud's fastest-growing partners, celebrated for rapid growth, strong expertise, and high-impact cloud solutions. Top global finalist.
- BMC SoftwarecoreBMC Software Solution Provider of the Year EMEA Winner 2025 — recognized for exceptional expertise in delivering automated management solutions, driving operational efficiency and agility across the EMEA region.
- AtlassiancoreMatrix DevOps is a Platinum Solution Partner of Atlassian, providing solutions using Jira, Atlas, Jira Product Discovery, Compass, and Jira Service Management for Agile, SDLC, ITSM, and DevOps implementations.
- monday.comcoreMatrix DevOps is a Platinum Solution Partner of monday.com, providing work and project management solutions for remote team collaboration and workflow optimization.
- MicrosoftcoreMatrix is backed by 250+ software and technology partnerships including Microsoft, offering solutions across the Microsoft technology stack including Azure, Microsoft 365, and Dynamics.
- IBMsupportingMatrix provides turnkey solutions for IBM technologies as part of its broad partner ecosystem of 250+ software and technology partners.
- DatabrickscoreMatrix operates a Databricks Center of Excellence (COE), providing big data and analytics solutions leveraging the Databricks Lakehouse platform.
- SnyksupportingMatrix DevOps provides turnkey solutions for Snyk, integrating security scanning into DevOps workflows as part of its DevSecOps services.
- SynopsyssupportingMatrix integrates Synopsys tools (including Synopsys Black Duck and Synopsys Code Sight) for static code analysis and DevSecOps implementations.
- Formula Systems (1985) Ltd.flagshipMatrix IT is a subsidiary of Formula Systems (1985) Ltd. Formula orchestrated the merger between Matrix IT and Magic Software Enterprises to create a $4 billion IT group. Matrix operates as the primary operating subsidiary within the Formula Systems portfolio.
- Magic Software Enterprises Ltd.flagshipMagic Software Enterprises merged with Matrix IT in February 2026 in a reverse triangular merger. Magic shareholders received 31.1% of the combined entity. Magic Software (with strong US market presence) became fully owned by Matrix and delisted from NASDAQ and TASE, creating Israel's largest IT group with ~$4 billion valuation.
- TSG IT Advanced Systems Ltd.supportingFormula Systems affiliate in which Formula holds a 33.08% stake. TSG completed a $58.9 million private placement in January 2026 and acquired Mabat 3D in March 2026.
- Rafael and HPE (Bank of Israel project partners)supportingMatrix partnered with Rafael and Hewlett Packard Enterprise (HPE) on the Bank of Israel Credit Data Repository project, with an investment exceeding 130 million NIS. This was one of the most complex public-sector IT initiatives in Israel.
Scale indicators8 records
Recent moves7 records
Expansion highlights6 records
Matrix IT competitors and assessment
Company assessmentDirect peers
- Wipro: Global IT services and consulting company with strong cloud, data, and engineering services. Comparable portfolio breadth across AI, cloud, cyber, and digital transformation.
- Infosys: Indian-headquartered global IT services firm delivering consulting, systems integration, and AI/data services. Comparable headcount scale, offshore delivery model, and enterprise digital transformation focus.
- Tata Consultancy Services (TCS): Largest Indian IT services company offering consulting, systems integration, and digital transformation across verticals. Directly comparable in offshore delivery, vertical depth, and large enterprise customer base.
- Capgemini: Global IT and consulting services firm with deep European presence and strong cloud/data practices. Directly comparable in systems integration, AI services, and regulated industry verticals.
- HCL Technologies: Global IT services company with strong engineering, cloud, and digital practices. Comparable mix of infrastructure, applications, and emerging technology services.
- Tech Mahindra: Indian IT services company with strong telecom, manufacturing, and digital transformation focus. Comparable in services breadth and offshore delivery model.
- Cognizant: US-headquartered IT services firm focused on digital modernization, cloud, and AI for regulated industries (healthcare, financial services). Strong overlap in vertical strategy.
- Accenture: Global IT services and consulting leader offering strategy, digital, cloud, and security services. Closest scale and business-model analog to Matrix's post-merger global IT services positioning, though with much greater brand and geographic reach.
Regional players
- Amdocs: Israel-headquartered software and services company focused on communications, media, and financial services. Closest Israeli peer in scale, public-market status, and vertical enterprise software/services orientation.
Broad incumbents
- IBM Consulting: Global consulting arm of IBM offering hybrid cloud, AI (watsonx), and enterprise transformation. Overlaps with Matrix's systems integration and AI services, but operates as part of a much larger software/hardware portfolio.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
Matrix IT social profiles
Digital presenceMatrix IT compliance and trust
Trust signalCompliance2 records
Matrix IT financial estimates
Financial estimateRevenue estimate
Valuation estimate
Matrix IT leadership team
Management profileNumber of profiles
Profiles8 records
Matrix IT subsidiaries and ownership
Company hierarchySubsidiaries5 records
Matrix IT funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Matrix IT M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Matrix IT
What does Matrix IT do?
Matrix IT designs, manages, and executes information technology integration projects for enterprise customers, providing consulting, development, implementation, testing, training, deployment, offshore consulting, and outsourcing services. The company also operates as a Value Added Distributor representing and marketing worldwide-leading software products through 250+ technology partnerships, including AWS, Google Cloud, BMC, Microsoft, Atlassian, and Databricks.
Is Matrix IT a public or private company?
Matrix IT is a public company. It is classified as public and is currently operating.
When was Matrix IT founded?
Matrix IT was founded in 2001. It employs 5,001 to 10,000 people.
Where is Matrix IT based?
Matrix IT is headquartered in Herzliya, Israel, in the Middle East region.
How does Matrix IT make money?
Three revenue lines are on record. IT Services and Consulting is the primary driver. The others are software Representation and Distribution and special Cash Dividend.
Who are Matrix IT's main competitors?
Direct peers on record are Wipro, Infosys, Tata Consultancy Services (TCS), Capgemini, HCL Technologies, Tech Mahindra, Cognizant and Accenture. Amdocs is listed as a regional player. IBM Consulting is listed as a broad incumbent.
Does Matrix IT have an API?
No public API is recorded for Matrix IT.
What industry is Matrix IT in?
Matrix IT's product category is IT Consulting and Integration Services. Its primary akta.pro industry code is BPAEAAAK, Network, Infrastructure & Data Center Integration, with a secondary code of BPAEAHAK, Industry/Domain Analytics Solutions & Accelerators. Its NAICS code is 54151 and its SIC code is 7370.