Walmart reps look at 20 startups in Israel

Walmart Photo: Reuters
Walmart Photo: Reuters

The US retail chain is sending a second delegation to Israel in June to seek out collaborations and investments.

A delegation of six representatives from US retail chain Walmart visited Israel last week. The delegation included a senior executive of Walmart subsidiary Sam's Club who is responsible for cybersecurity, digital media and logistics. The delegation was reportedly the guest of Israeli businessman Ohad Finkelstein. The delegation looked at some 20 startups and met with senior Israeli businesspeople including website recommendations company Taboola founder and CEO Adam Singolda.

The aim of the visit, which ended on Friday, was to investigate potential collaborations or investments in Israeli cybersecurity startups. Sources inform "Globes" that a second Walmart delegation will visit Israel in June as part of Israel Cyber Week.

Members of the delegation last week stressed that Walmart has no plans to open "brick and mortar" outlets in Israel. What does interest the world's largest retail chain is Israel's innovative technologies and startups. Walmart has had informal activities in Israel for nine years, connecting it to Israeli companies with new technology to offer.

Sam's Club, a chain of membership-only retail warehouse clubs in the US named after Walmart founder Sam Walton, was set up in 1983. In January this year it announced the closure of 63 branches, representing about 10% of its business.

Walmart, founded in 1945, currently operates some 11,600 stores worldwide under 63 brands and sub-chains. It has a market cap of $310 billion, and employs some 2.3 million people.

Published by Globes [online], Israel business news - - on April 29, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Walmart Photo: Reuters
Walmart Photo: Reuters
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