Ten years after selling his share in telecommunications company Comverse, entrepreneur Boaz Misholi, one of the founders of that company, is returning to Wall Street.
Fundtech, of which Misholi is chairman, and in which Aura, which he controls, is the largest investor, has filed an application with the US Securities Exchange Commission to issue its shares at a company value of $80-96 million before money, and $103-123 million after money.
Fundtech, which developed software facilitating electronic money transfers between financial institutions, seeks to issue 22% of its shares. The issue underwriters will be Robertson Stephens, for which this is the first Israeli issue in which it will be lead underwriter), Oppenheimer (a shareholder in Fundtech), and Lehman Brothers.
In the issue, Fundtech plans to offer to the public 2.25 million shares at a price of $10-12 per share. The owners intend to combine the issue with an offer for sale of 750,000 shares, of which Aura seeks to sell 162,000. The company expects a capital gain of $5-6 million.
Among the other shareholders in Fundtech are the Israel Growth Fund, Oscar Gruss, Elrov Technologies, Ampal, and Davidi Gilo.
Published by Israel's Business Arena February 11, 1998