Teddy Sagi’s Kape Technologies, a digital security privacy business, has revealed that the company’s majority shareholder Sagi has made a takeover bid. The bid would give Kape a valuation of $1.5 billion. While Sagi does already control the company by holding a majority interest, the bid is for buying out all of its other shareholders and offers a 9.7% premium on the company’s shares at £2.85 per share ($3.44), or about $700 million total.
Kape technologies is currently traded on AIM, a sub-market of the London Stock Exchange, and Teddy Sagi holds a 54% stake in the company.
Kape Technologies is a cybersecurity company that says it is focused on “helping everyone have a better digital experience with greater privacy and protection.” The company says that it focuses on protecting consumers and their personal data. It has about 7 million paying subscribers and employs more than 1,000 people across ten different offices around the world.
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“Having weighed the pros and cons of a public listing under the current macro uncertainties and thin stock market trading as well as new growth avenues, we are firm in our view that Kape’s next chapter in its corporate journey should be within the private arena,” Sagi said in a statement.
Other than Teddy Sagi, the major shareholders in Kape Technologies include CEO Ido Ehrlichman, CFO Oded Baskind, Martin Blair, Dan Pomerantz and Pierre Lallia.
Teddy Sagi is best known for being behind the hit Israeli gaming company Playtech. The company was sold last fall for $3.7 billion to Australian gambling machine manufacturer Aristocrat Leisure. Forbes estimates his wealth to be about $5.4 billion. Sagi has made multiple successful exits, both through buy outs and IPOs.
Teddy Sagi was born in Tel Aviv in 1971 and founded Playtech before the age of thirty. He launched two other AIM-listed online services companies – Kape Technologies PLC, internet security and digital distribution platform and SafeCharge, an online payment service provider. In August 2019, Teddy’s entire interest in SafeCharge was sold to a Canadian payments tech company, and as a result of the acquisition, SafeCharge was delisted from the LSE.