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Precise sold for $537 million
Precise Software Solutions proved that Israel’s high tech sector was worthy of investment when it announced last week that it was sold to California’s Veritas Software for $537 million in cash. The price was 37% above market , causing Precise shares to jump by that amount after the announcement. The biggest deal of the week in Israel’s venture capital market went to InterWise , which said it raised $12 million from existing investors. The company develops real-time interactive information transmission systems, mainly for the e-learning market. “Globes” also reported that VC fund Vertex was restructuring, and that its Israel unit was likely to increase investments in portfolio companies. Vertex Israel manages three funds, including the $160 million Vertex Israel II, which closed early this year. Minister of Finance Silvan Shalom got Knesset approval for his fiscally tight state budget for 2003. Ratings agencies reacted positively to the news, saying Israel’s credit rating would stay at A-. Israel’s CPI fell by 0.8% in November. Consensus estimates were for 0.2% fall, and that the Bank of Israel would respond by cutting its key interest rate by 0.2% - 0.3%. The interest rate announcement is due tomorrow.
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Economy
General business
Venture capital investments
Information technology
Media
Healthcare
Defense and aerospace
Features
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Knesset passes 2003 budget by large majority
At third reading, the budget passed by a majority of 54 to 25, with 11 abstentions.
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NIS 750m hole in budget
The shortfall is due to the capitulation to the haredi (ultra-orthodox) parties and failure to pass key structural changes planned by the Ministry of Finance
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Fitch, S&P will not lower Israel's credit rating
The announcements came after the 2003 budget was passed. The international credit ratings agencies will retain their "Negative" outlook for Israel.
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Iraq war preparations cause 1.4% shekel depreciation
The representative shekel-dollar exchange rate jumped to NIS 4.729/$, gold leaped to $349 an ounce, oil to $30 a barrel.
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CPI surprises with 0.8% November fall
Consensus estimates were for a 0.2% fall, and that the Bank of Israel would respond by cutting its key interest rate by 0.2-0.3%.
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Exports to US up 12.5%
Exports to the European Union have climbed 3.2% in the past three months, following a decline.
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Economic officials: Iraq war likely to ignite Israeli economy
Economists said the war would improve chances of receiving special aid, but also warned of inflationary pressure.
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Bank Hapoalim to fire 900
The layoffs are equivalent to 9% of the bank’s workforce. The move will cost the bank NIS 580 million.
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Hapoalim asks mortgage unit to fire 50% of workforce
Mishkan Hapoalim Mortgage Bank’s 400 employees launched sanctions that may turn into a full-scale strike.
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Investec: Layoffs prove Bank Hapoalim’s management is superior
Analyst Eli Polatinsky: The bank’s savings from the layoffs will raise its return on equity by 1% in 2003.
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Little risk of major lay-offs at Leumi, Discount
The main reason for the assessment: Determined opposition on the part of workers committees.
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Fitch lowers FIBI to 'BBB/F3'
"First International Bank of Israel remains well managed [but] its fortunes in the medium term look unpredictable as they depend on the economy".
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Israel Phoenix expected to invest NIS 185m in Hadar shares
Israel Phoenix Assurance plans to merge with Hadar Insurance after Hadar’s general shareholders meeting torpedoed the deal.
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Dankner Wars: David Dankner threatens to torpedo deal
Dankner associate: The rest of the family is determined to complete the deal; David and Leah Dankner will inevitably join in.
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Maiman planning to increase Israel 10 stake to 51%
Israel 10 chairman and controlling shareholder Joseph (Yossi) Maiman plans to dilute the other partners’ holdings.
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Enron to reconsider Gaza power station
Chairman Ron W. Haddock: Enron plans to sell $10 billion in assets under its recovery program.
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Nessuah Zannex says MA Industries will rebound in 2003
Analyst Haim Israel has raised his price target to NIS 10.2 from NIS 8.3, and increased profit forecasts.
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Cadbury launches Israel activity
Cadbury will invest $4.5 million to penetrate the Israeli market, and will collaborate with Israeli confectionary company Carmit.
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Eden Springs in European partnership talks
The company confirmed the report to the Tel Aviv Stock Exchange. Eden Springs CEO Nir Dor: The negotiations are at an early stage.
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Eden Springs entering carbonated sector under Virgin label
Industry sources report that Eden Springs is negotiating to merge is distribution set-up with that of Tempo Beer Industries.
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Migdal to invest in European, US real estate
This is the first time an Israeli insurance company will buy overseas real estate through international funds.
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Venture capital investments
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Vertex grows to $650m
Vertex Management Israel will also manage Vertex Management Europe and increase its investments in its portfolio companies.
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AIG Orion considering reducing fund by $35m
The fund, which manages $110 million, is also considering a reduction in its management fees.
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Lewis Trust Group bids for Israeli VC Sadot R&D
The UK-based investor is seeking a 75% stake in Sadot. Its offer price lies 17.6% above market.
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InterWise raises $12m
The finance was raised from existing investors. The company develops e-learning solutions.
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Florence Medical raising $6-10 million
The medical devices company plans to buy a product to complement its stents technology.
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DeepBreeze raises $4m
DeepBreeze is developing an imaging device for the lung, capable of identifying problems in real time.
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Wireless multimedia co Bamboo expands financing round to $7.5m
Bamboo MediaCasting raised another $1.5 million from Apropos IT Ventures and Singapore fund TIF.
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Intel invests in Israeli start-up Passave
Intel Capital is investing about $800,000 on top of the company's first financing round.
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Tshuva one step closer to making Green VC private
After the latest rights issue, only 9% of Green shares are held by small investors in the company.
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Veritas to buy Precise Software in $537m deal
Precise CEO Shimon Alon: The combination of Precise and Veritas represents an exciting opportunity for our shareholders, customers, partners and employees.
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LanOptics subsidiary EZchip raises $13.5m
Participants in the round have the option to invest an additional $8 million. EZChip also secured a $3 million credit line.
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Terayon shares soar after CableLabs certifies modems
Terayon CEO Zaki Rakib: We can now offer a complete and end-to-end DOCSIS 2.0 cable data system.
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XMPie sells $2m worth of products to Fuji Xerox
XMPie develops and markets software solutions for direct personalized marketing.
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ITRAN to supply modems to LG in $1.5m deal
ITRAN Communications president and CEO Avner Matmor: LG aims to install communications over power lines components.
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NICE Systems to provide voice recording for LAPD
The system will record 800 simultaneous phone and radio conversations, and store call details for up to three years.
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Navy Federal Credit Union selects Cyota-based solution
Navy Federal’s “Card Guard” solution is powered by Cyota’s SecureSuite platform. The value of the deal was not disclosed.
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Alvarion receives follow-on order from Romania’s AccessNET
Alvarion said the order was for broadband wireless access equipment in the 3.5 GHz band.
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Connect Austria buys Comverse MMS solutions
MMS services allow wireless subscribers to send and receive messages with pictures, text and audio. No value was disclosed.
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TV Globo of Brazil selects Orad for virtual ads
Revenue-sharing deal is expected to generate sales of at least $5-10 million.
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Shmueli made purchase offer for Top Image at $1.05 per share
Assi Shmueli and an investment group own almost 10% of Top Image Systems. “We want to gain control".
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Camtek wins order from Swiss company Dyconex
Dyconex, a maker of printed circuit boards, has ordered Camtek’s Orion 800 optical inspection systems.
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IAI entering cellular communications, portable computers
Through Medis Technologies, Israel Aircraft Industries will develop a power loader for cell phones, based on fuel cells.
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Civcom negotiating to acquire company
Optical network components developer Civcom is considering a merger with or acquisition of an R&D department. Other Israeli start-ups in the field have encountered difficulties or closed down.
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Desheh: No lay-offs planned at Check Point
Check Point CFO Eyal Desheh: Online reports published about lay-offs at the company are utter nonsense.
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Brazil’s Tess buys Amdocs billing solutions
Earlier this year, Amdocs announced that Tess had selected its Fraud Management solution.
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Amdocs executives' ties to offshore trust draw scrutiny
Channel Islands registered Toes Corporation, owned by an Amdocs employee trust, has sold more than $150 million worth of Amdocs shares since December 1999
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ClickSoftware cuts 37 jobs, mostly R&D in Tel Aviv
CEO Moshe BenBassat: We believe the company can now reduce its R&D budget.
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“Yediot Ahronot”: YES halts negotiations to buy Warner Bros. movies
Warner Brothers filed a $17 million suit against cable company Tevel and a $21 million suit against Golden Channels.
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Cable cos seek time to resolve single borrower problem
Senior cable exec: Sell part of merged cable company with other groups aside from Apax and Shamrock.
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Yacha Sutton steps down as Lumenis CEO
The medical device company is searching for a permanent CEO; vice chairman Arie Genger will take over for now.
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US court rules Teva did not infringe Remeron patent
Teva says the decision will allow the FDA to grant final approval for its generic version of the depression drug.
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Syneron gets CE mark approval for wrinkle removal system
Approval for Polaris WR means the system can be marketed in Europe.
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Oridion receives FDA approval for breath test device
The BreathID device tests for bacteria that can cause peptic ulcers and gastric cancer, Oridion says.
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Taro gets FDA approval for two generic drugs
Taro will now market antifungal cream Ketoconazole, which has annual US sales of $54 million.
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Omnicell of US acquires Medisafe
The Israeli company developed software that monitors medical procedures to prevent errors in drug dosages.
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Tadiran Communications to supply system for JSF
Tadiran Communications may be a supplier for the $300 billion 300-plane program.
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Washington source: JSF agreement with Israel within 2 months
Israel will pay tens of millions of dollars to integrate systems into the Joint Strike Fighter.
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NetJet negotiating to buy Elta civil airliner defense system
Warren Buffet owns NetJet. Elta's Flight Guard system protects planes from missiles. The deal could be worth hundreds of millions of dollars.
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"It was love at first sight"
Shimon Alon, CEO of Precise Software, after being acquired by Veritas Software for $537 million in cash: There was a meeting of minds between their executives and our development managers.
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Running with the billing giants
John Little talks to "Globes" about Portal Software's competitive edge, market trends, and M&A. "I'm unaware of negotiations between us and Amdocs".
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Receiving loud and clear
Dekolink Wireless has an easy life as a spin-off, with four products on the market and plans to buy complementary technologies.
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Sowing seeds
Israeli VC's hardship gives rise to old trend: seed investment in start-ups.
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