Another company, Visionix, is joining the ranks of companies that are issuing shares on Europe's technology stock markets. Visionix announced today that at the end of January 2000 it will issue shares on Germany's Neue Markt in Frankfurt. Company founder and general manager Dr. Marc Abitbol refused to divulge the amount expected to be raised or the value at which the company will be issued, but it is estimated that the latter will be more than $35 million. This is the company value at which Rothschild Bank and German bank KJD purchased 15% of Visionix shares last month.
Proceeds of the issue, led by the two banks, will be used to continue to develop a new product out of the development of optic technology. The new development is intended for the wholesale market, whereas the company's more established products are aimed at the lens manufacturers market. Funds raised will also be used to develop additional models and a marketing operation.
Abitbol says the company chose the Frankfurt market for a number of reasons. Firstly, most of its customers (65%) are in Europe. Secondly, Visionix managers believe that the Neue Markt is "the fastest growing stock market in Europe."
From its headquarters in Jerusalem, Visionix, set up in 1994, has succeeded in building a wide customer-base of leading companies in the fields of optics, construction and aeronautics In introducing PowerMap systems, a new system based on the Hartman Wavefront 3-D technology lens, manufacturers and labs found they were able to obtain a simultaneous, comprehensive and accurate picture of all of the optical parameters of an entire lens within seconds. The company is investing in adapting the technology for use by opticians and ophthalmologists.
The wholesale market, says Abitbol, is significantly broad, and has led to 2.5 fold growth in sales. He says company revenues are expected to reach $3 million in 1999, and move to profitability.
Recently, Visionix was able to apply the above technology in the development of a stand-alone lensmeter for the ophthalmologist, optometrist and optician.
Shareholders on the eve of the issue are: general manager Marc Abitbol, who holds 30% of company shares; venture capital funds Fairchild (17%); JC Technologies (16.4%); the Inventech fund; the Rothschild Bank (7.4%) and the KJD bank (4.4%). The two banks will underwrite the forthcoming issue.
Published by Israel's Business Arena on 29 December, 1999