Lynrock Lake becomes Allot's biggest shareholder

Erez Antebi Photo: Eyal Izhar

The other major shareholders in the company are insurance companies Phoenix, Clal, and Migdal.

US investment management company Lynrock Lake has increased its stake in Hod Hasharon-based Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT), thereby becoming the company's largest shareholder.

Lynrock was founded by chief investment office Cynthia Paul, a former investment manager in the fund of tycoon George Soros. She became a party at interest in Allot in late 2018 with a 6.9% holding.

A report yesterday indicates that Lynrock Lake's holding grew to 10.6% as of the end of February, meaning that the investment management company purchased 1.2 million shares in Allot in January-February 2019 for an estimated $8.6 million. Lynrock Lake's current stake is worth $29 million.

The other major shareholders in Allot are insurance groups The Phoenix Holdings Ltd. (TASE: PHOE1; PHOE5), Clal Insurance Enterprise Holdings Ltd. (TASE: CLIS), and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL). Soros's fund was a stockholder in Allot, but sold most of its shares in 2018. Another party at interest who sold all of his shares over the past year was high-tech entrepreneur Zohar Zisapel.

Allot, managed by CEO Erez Antebi, provides solutions for communications operators. The company's share price has risen 34% since the beginning of the year, pushing its market cap up to $273 million.

Published by Globes, Israel business news - en.globes.co.il - on March 12, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Erez Antebi Photo: Eyal Izhar
Erez Antebi Photo: Eyal Izhar
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