Cyber security co Safe-T files to raise $15m on TASE

cyber security

The Israeli company's Tel Aviv Stock Exchange IPO will be at an estimated company value of $70 million.

Cyber security company Safe-T has submitted a prospectus to the Israel Securities Authority and to the Tel Aviv Stock Exchange (TASE) for a $15 million IPO. The company value for the offering is estimated at $70 million, before money. The company selected Clal Finance Underwriting as the underwriter for its IPO.

The main shareholders in Safe-T are cyber technology entrepreneur, cofounder, and chief software officer Amir Mizhar, who owns 58% of the company's share capital, and Kibbutz Sasa, which invested $5 million in the company for a 38% stake. Shachar Daniel is the company's CEO.

Mizhar founded the company in early 2013. Its solutions are based on technology developed over several years. Safe-T operates both in Israel and overseas, both by itself and through its US subsidiary. The company specializes in information security, particularly the development and marketing of solutions for organizational information security aimed at facilitating safe and controlled sharing of information.

In the course of its business, the company develops and markets comprehensive information security solutions for safe intra-organizational and inter-organizational data transmission. Safe-T also markets a solution for prevention of cyber attacks, such as penetrations of organizational networks and the theft of sensitive information, that can improve the level of information security on an organizational network.

The company has customers in Israel and overseas. The solutions it offers are based on two universal platforms it has developed: RSAccess and Safe-T Box.

Safe-T's customers include leading banks, insurance companies, financial concerns, health and educational institutions, industrial and services firms, and public and governmental institutions (including CareCore National, Excellence Investments Ltd. (TASE: EXCE), etc.). At the same time, the company is taking action to expand its business in the US market through direct sales, sales through distributors and marketers and cooperation with global technology companies.

Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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