Ethernity Networks raises $19.2m in AIM IPO

London Stock Exchange Photo: Reuters
London Stock Exchange Photo: Reuters

The Israeli data network processing company's floatation was at a company valuation of $58 million.

Israeli data network processing technology developer Ethernity Networks (AIM: ENET.L) has raised £15 million ($19.2 million) on London's AIM. Arden Partners was sole bookrunner for the IPO.

The IPO was based on a total of 32,518,186 new and previously existing shares. The shares traded at £1.40 each ($1.80) giving the Lod based company a valuation of £45 million ($58 million).

Ethernity is a technology solutions provider that develops data network processing technology used in high-end Carrier Ethernet applications across the telecom, mobile, security and data centre markets. The company’s core technology, which is protected by five US patents and populated on programmable logic, improves efficiency and accelerates data processing in the provision of data and network services, reducing power consumption and reducing the costs of maintaining network infrastructure by giving hardware systems the ability to add future-proof data processing functionality.

Ethernity was founded in 2004 by CEO David Levi, who also founded semiconductor company Broadlight, which was acquired by Broadcom in 2012 for $230 million.

The company’s product is installed in over 400,000 systems globally in broadband access, mobile backhaul and Ethernet access applications.

Published by Globes [online], Israel business news - - on June 30, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

London Stock Exchange Photo: Reuters
London Stock Exchange Photo: Reuters
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