AGT Group’s Logic Industries, which makes information technology security software for companies in the natural resources industry, is completing its final project.
The company, controlled by Mati Kochavi, will shut down at the end of 2015.
Logic Industries is located in the Yakum industrial park. Over the past eight years, most of its activity has been in homeland security. Its main customer has been a Persian Gulf country.
Three months ago, Logic announced that it was reducing its workforce and laid off 250 employees. When delivery of the project is completed in the next two months, the company will lay off most of its remaining staff. Logic will remain in Israel, but limit its local operations to 20 R&D employees, the report says.
The contract with the key customer will be moved from Logic, to AGT, which based in Zurich, and will hire staff to replace the Israelis being laid off. The problem for Logic, according to a report, is maintaining contracts with companies based in countries with which Israel has no diplomatic relations.
Kochavi’s group specializes in homeland security, in particular “smart city” functions that collect data and pictures through networks of cameras and sensors. Last May, AGT won a contract with Cisco to develop a system for the city of Hamburg, report says.