High-tech company Skyline has raised $7 million in a private placement. Ofakim-based Shaniv Paper Industries bought 5% of Skyline for $1 million, at a company value of $20 million, before money. The company’s value after money amounts to $27 million.
Skyline CEO Yzhak Shtoolts today told "Globes" that the company was negotiating to raise an additional $1 million. He added that, under Skyline’s business plan, the company may look into the possibility of issuing on NASDAQ at the end of the year.
Other investors in Skyline include Technoplast, Technorov Technologies, Alfred Akirov (through Elrov), and Taiwanese company Kwang Ha.
According to Avraham and Ilana Brant, who are among the owners of Shaniv, paper industry returns are not enough to advance the company’s interests, which is why they have decided to invest in the high-tech sector, where returns are higher. Shaniv is a public company that manufactures paper towels and tissue paper for domestic use. It is owned by Sano (28%), the Brant family (26.5%), paper importer Shalom Lax (11%), managers of the company and the plant (16%), and the public (19%).
Givat Shmuel-based Skyline develops technology for real time 3D terrain mapping that places GIS data, space satellite and aerial images on to suitably scaled digitized terrain maps. The Terra system can then display the results as 3D images that the viewer can fly-through as a moving image.
Published by Israel's Business Arena January 3, 2000