In the wake of a $300 million-plus exit in Sweden's Qlik Technologies Inc. (Nasdaq: QLIK), making a 40 to 50-fold return on its investment, Jerusalem Venture Partners (JVP) is again betting on a large return through an IPO. Broadband optics solutions developer CyOptics Inc. is revving up for an IPO on Wall Street in October-November, reportedly at a company value of $300-400 million. The company selected the underwriters for the offering a few days ago.
While JVP is the largest shareholder in CyOptics, it is unlikely to reap a return as large as it did for Qlik Technologies.
CyOptics was founded in Israel in 1999, and gradually transformed into a US company. In 2005, the company sold its Israeli operations to Vishay Intertechnology Inc. (NYSE: VSH), which shut the operations down four years later.
In 2008, CyOptics merged with PGT Photonics SpA, the optics unit of Italy's Pirelli & Co. SpA (BIT: PC).
CyOptics has raised $180 million to date. IVC reports that it had $107 million in sales in 2010. The company raised $45 million in its last financing round in January 2011, and used half of the proceeds to buy investors' stakes.
Published by Globes [online], Israel business news - www.globes-online.com - on June 29, 2011
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