RoboGroup TEK (Nasdaq: ROBO) today announced that it is reducing the level of activity in its new RoboVenture division in response to the global slowdown of technology investments. RoboVenture's activities in high-tech ventures and investments will be concentrated in MemCall and e-Learning.
RoboGroup managing director Haim Schleifer commented: "We're responding to the challenges in the marketplace by consolidating our RoboVenture resources and investments and focusing on two key outlets: MemCall and e-Learning. This follows a recent announcement of our efforts to reduce expenses."
Alex Tal, director of the RoboVenture division, will step down from these duties and continue to serve as a member of RoboGroup's board of directors. RoboVenture's activities will be directed by Haim Schleifer, managing director of RoboGroup, along with Rafael Aravot, chairman and CEO of RoboGroup, and Noam Kra-Oz, managing director of RoboGroup.
RoboGroup engages in three business sectors. The first focuses on high tech ventures such as Memcall, a fabless VLSI semiconductor developer. The second is comprised of Yaskawa Eshed Technology (YET), a joint venture with Japan's Yaskawa Electric Corp., which provides industrial motion controls and robots. The third sector is devoted to RoboGroup's learning products.
RoboGroup shares closed at $1.43 in New York on Friday.
Published by Israel's Business Arena on 1 July, 2001