Elad Software Systems files for TASE IPO

Elad Systems CEO Dagan Halevy credit: PR
Elad Systems CEO Dagan Halevy credit: PR

The IT services company is seeking to raise NIS 120 million.

After two barren years, this week Elad Software Systems Ltd. filed a prospectus for the first IPO on the Tel Aviv Stock Exchange (TASE) of 2025. The IT services company was twice in the headlines over the past year due to breakdowns in its Chameleon medical file management system. Elad, which is owned by Elad Tiran and the Trokman brothers - Yoash and Gideon, is seeking to raise NIS 120 million from institutional investors in a non-uniform offer, by issuing 25% of its shares at a company valuation of NIS 350 million, before money.

Elad Systems was founded in 1982 and has about 1,250 employees. The company operates primarily in the field of providing software services such as customer relationship management (CRM) systems, data, digital, and "design and user experience and development services in the digital field, as well as providing training and professional courses in the fields of design and UI/UX."

The company is managed by CEO Dagan Halevi and its chairman is Adiv Baruch. In the first six months of 2024, the company reported a net profit of NIS 7.6 million on NIS 235 million revenue, up 19% and 4.5% respectively from the corresponding period of 2023.

The underwriting market estimates that Elad's offering may be the opening shot towards a return to a double-digit number of IPO offerings in the coming year. Similar to the global trend, in the last two years, IPO offerings have almost completely disappeared from the Tel Aviv stock market. Last year, only five new companies joined the stock exchange (the securities trading company Meitav Trade, the real estate companies Effi Capital, Amram Avraham and Luzon Ronson, and the security technology company TSG). Together, these raised NIS 830 million, after only one new company was issued in 2023 (Zaphyrus in the renewable energy sector).

Published by Globes, Israel business news - en.globes.co.il - on January 9, 2025.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.

Elad Systems CEO Dagan Halevy credit: PR
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