Samy Katsav's SK Group has acquired radar-based imaging solutions developer Camero Ltd. The size of the deal was not disclosed, but is estimated in the tens of million of dollars. Associates and former investors expressed satisfaction at the sale.
"SK Group acquired the company, which will continue to operate independently," Camero founder and CEO Amir Beeri told "Globes" today. "All its employees will keep their jobs. Together with SK Group, I believe that we can do much better."
In an e-mail that Beeri sent on Friday to Camero's associates, he discussed the change in ownership.
SK Group incorporates several defense companies, including light arms manufacturer Israel Weapons Industries Ltd. (IWI), Israel Shipyards Ltd., electro-optical and optical sights manufacturer Meprolight Ltd., and electro-optical equipment manufacturer Pulse Inteco Systems Ltd.
Beeri and former chairman Aharon Aharon founded Camero in 2004. The company's radio imaging systems can see though walls and barriers. Beeri says that the company is profitable and has had strong sales growth in the past three years. The company's customers include militaries and law enforcement agencies worldwide.
Aharon has had little involvement in the company since he left it, and was not involved in the sale to SK Group. He is slated to head the new R&D center that Apple Inc. (Nasdaq: AAPL) is due to set up in Israel, and is currently undergoing training at Apple's headquarters in the US.
Camero raised $25 million from Greylock Partners, Jerusalem Global Ventures (JGV), Walden Israel, Motorola Ventures, and European fund Alta Berkeley. The investors are not expected to report large gains from the sale.
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2011
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