Applicure set for TASE IPO

Another Israeli start-up has decided to forego Nasdaq in favor of the Tel Aviv Stock Exchange (TASE). IT security solutions developer Applicure Technologies Ltd. will hold its IPO next week, in which it will try to raise NIS 11.5 million at NIS 42 million value.

Poalim IBI Underwriting and Investments Ltd. (TASE:PIU) will be the lead underwriter. The underwriters have undertaken to buy up to 17% of the offering, if necessary.

Applicure CEO Moshe Basol and CTO David Allouch founded the company in 2004. The company develops products for web application security and database compliance at the HTTP level. The company’s flagship product, dotDefender complements firewalls, by allowing only authorized users access to applications.

Applicure has raised NIS 7.5 million to date. The company had considered for a long time to go public on Nasdaq through a reverse merger with a stock market shell, but forewent this plan in favor of an IPO on the TASE. The company posted NIS 13,000 in sales in 2006 and lost NIS 3 million. Its shareholders equity at the end of last year was NIS 2.2 million.

Published by Globes [online], Israel business news - www.globes.co.il - on April 19, 2007

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