Israeli simulation developer SimiGon Training Solutions Ltd. has raised $10 million in an IPO on the London’s Alternative Investment Market (AIM) at a company value of $60 million, after money. The company designs technologies for Internet\Intranet aviation training solutions.
The Herzliya-based company issued almost six million shares at ₤0.88 per share for a total of ₤5.3 million ($10.2 million). Trading in the share will begin on Thursday, November 2. Panmure Gordon & Co. plc was the broker.
SimiGon investors include SimCity founder James Braun, who owned 21.4% of the company before the IPO; Israel Aircraft Industries Ltd. (IAI) - 8.6%; RHI Holdings, a subsidiary of US avionics maker Fairchild Corporation - 6.5%; Samurai Ventures - 20.1%; G. Poran Holding, a group of angel investors - 12.4%; SimiGon CEO Amos Vizer 20.5% (including options) and Rami Weitz - 20.5%. The company has 50 employees, including 40 in Israel, and ten in Orlando, Florida.
SimiGon posted a net profit of $1 million on $3.7 million revenue in the first half of 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on October 29, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006