-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JQaQ9MsU5KAc0wrcu6gk68uqP573+FelS7liatSnH0ouX4Q4fEMf15mAuvFIeO0Y
 fgHMyPfi8jF6AkpPuvUIUQ==

<SEC-DOCUMENT>0001012975-02-000190.txt : 20020619
<SEC-HEADER>0001012975-02-000190.hdr.sgml : 20020619
<ACCEPTANCE-DATETIME>20020619121801
ACCESSION NUMBER:		0001012975-02-000190
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020531
FILED AS OF DATE:		20020619
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			FORMULA SYSTEMS \1985\ LTD
	CENTRAL INDEX KEY:			0001045986
	STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
<RELATIONSHIP>OWNER
	IRS NUMBER:				000000000
	FISCAL YEAR END:			1231

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		39 HAGALIM ST
	STREET 2:		HERZLIA 46725
	CITY:			ISRAEL
	STATE:			L3
	ZIP:			00000

MAIL ADDRESS:	
	STREET 1:		39 HAGALIM ST
	STREET 2:		HERZLIA 46725
	CITY:			ISRAEL
	STATE:			L3
	ZIP:			00000
</REPORTING-OWNER>

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEVEL 8 SYSTEMS INC
		CENTRAL INDEX KEY:			0000945384
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				112920559
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26392
		FILM NUMBER:		02682043

	BUSINESS ADDRESS:	
		STREET 1:		8000 REGENCY PARKWAY
		CITY:			CARY
		STATE:			NC
		ZIP:			27511
		BUSINESS PHONE:		2122441234

	MAIL ADDRESS:	
		STREET 1:		8000 REGENCY PARKWAY
		CITY:			CARY
		STATE:			NC
		ZIP:			27511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACROSS DATA SYSTEMS INC
		DATE OF NAME CHANGE:	19950517
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>efrm4.txt
<TEXT>

                                                  ------------------------------
                                                           OMB APPROVAL
                                                  ------------------------------
                                                  OMB Number: 3235-0287
                                                  Expires: December 31, 2001
                                                  Estimated Average Burden
                                                  Hours per response ....... 0.5
                                                  ------------------------------

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[X]  Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b). (Print or Type Responses)

- --------------------------------------------------------------------------------
1.   Name and Address of Reporting Person*

Formula Systems (1985) Ltd.
- --------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

3 Hagalim Boulevard
- --------------------------------------------------------------------------------
                                    (Street)

Herzlia                             Israel               46725
- --------------------------------------------------------------------------------
   (City)                           (State)              (Zip)

- --------------------------------------------------------------------------------
2.   Issuer Name and Ticker or Trading Symbol

Level 8 Systems, Inc. - LVEL
- --------------------------------------------------------------------------------
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)

None
- --------------------------------------------------------------------------------
4.   Statement for Month/Year

May 2002
- --------------------------------------------------------------------------------
5.   If Amendment, Date of Original (Month/Year)

- --------------------------------------------------------------------------------
6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [_]  Director                             [X]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)

          -------------------------
- --------------------------------------------------------------------------------
7.   Individual or Joint/Group Filing (Check Applicable Line)

     [X]  Form filed by One Reporting Person
     [_]  Form filed by More than One Reporting Person
================================================================================

================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                          4.                          5.             6.
                                                          Securities Acquired (A)     Amount of      Owner-
                                             3.           or Disposed of (D)          Securities     ship
                                             Trans-       (Instr. 3, 4 and 5)         Benefi-        Form:       7.
                               2.            action       -----------------------     cially         Direct      Nature of
1.                             Transaction   Code                                     Owned at End   (D) or      Indirect
Title of Security              Date          (Instr. 8)              (A)              or Month       Indirect    Beneficial
(Instr. 3)                     (Month/       ----------              or               (Instr. 3      (I)         Ownership
                               Day/Year)     Code  V      Amount     (D)   Price      and 4)         (Instr.4)   (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>           <C>   <C>    <C>        <C>   <C>        <C>            <C>         <C>


- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/13/2002     S            500,000    D     $ 0.70                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/15/2002     S             25,000    D     $ 1.61                    (I)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/16/2002     S             27,300    D     $ 1.39                    (I)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/16/2002     S             48,700    D     $ 1.35                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/17/2002     S              4,800    D     $ 1.35                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/20/2002     S            125,000    D     $ 1.10                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/22/2002     S            150,000    D     $ 1.00                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/22/2002     S             17,200    D     $ 1.17                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/23/2002     S              7,900    D     $ 1.15                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/24/2002     S             21,000    D     $ 1.06                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/28/2002     S            151,600    D     $ 1.00                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/29/2002     S             34,700    D     $ 0.97                    (I)          (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/30/2002     S            150,000    D     $ 0.66                    (I)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                   05/31/2002     S             56,500    D     $ 0.92     2,585,720      (I)
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.
                                                                      (Over)
                                                             SEC 1474 (3-99)

                                     1 of 2

<PAGE>


FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
                                                                                                          of        Form
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>      <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>      <C>       <C>      <C>


- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================
</TABLE>
Explanation of Responses:

(1)  These shares are owned  directly by Liraz  Systems Ltd.  ("Liraz")  and its
     wholly-owned subsidiary,  Advanced Systems Europe B.V. The Reporting Person
     owns 54.4% of the outstanding shares of Liraz.


      /s/ Dan Goldstein, Chairman of the Board and Chief Executive Officer
     ----------------------------------------------------------------------
                         **Signature of Reporting Person


                                     6/14/02
                             ----------------------
                                      Date


*If the  form is  filed  by more  than one  reporting  person,  see  instruction
4(b)(v).

**Intentional  misstatements or omissions of facts  constitute  Federal Criminal
Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information  contained
in this form are not  required to respond  unless the form  displays a currently
valid OMB Number


                                     2 of 2

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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