City & Corporate: Israeli software firm prepares AIM float

Formula Telecom Solutions (FTS), the Israeli billing and sales software company, has drafted in Fishburn Hedges ahead of a planned £50m flotation on AIM.

FH is thought to have fought off Abchurch Communications for the listing work.

CEO and founder Amos Sivan said the company wanted to promote itself to investors as a business that could provide 'innovative solutions in a competitive marketplace'.

Sivan highlighted what he described as FTS's pioneering work in software development, which in particular allows telecoms firms to handle pre-paid and contract bills on a single platform.

Although FTS provides software to Freenet in Germany and Telenet in Belgium, it has yet to break into the UK market.

FTS hopes to raise £11m through the AIM listing and has scheduled its flotation for next month. It made a pre-tax profit of £3.3m on sales of nearly £13m in the year to 31 December 2004.

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