Moon Active team. company pic)
Jewish Business news list of the five top mergers and acquisition stories for December from Phoenix Assurance Ltd to Waze.
Abu Dhabi State Fund Bought Israel’s Phoenix Insurance
The Abu Dhabi Development Holding Co. (ADQ) bought a controlling interest Israel’s largest insurance concern, Israel Phoenix Assurance Ltd. ADQ is acquiring a 25% stake in the company for NIS 2.3 billion, or roughly $680 million.
Phoenix had a market cap of NIS 9.5 billion ($2.8 billion) at the time of the announcement.
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Also, Phoenix CEO Eyal Ben Simon and Chairman Benny Gabbay were reportedly buying a 2% stake in the company for themselves.
Israel has come a long way since the 2020 Abraham Accords brought peace with two Arab Gulf States, The United Arab Emirates (UAE) and Bahrain. Later on two African Arab nations, Morocco and Sudan, also joined the Accords. Abu Dhabi is one of the emirates that comprise the UAE… Read More Here
Moon Active Buying Zen Match
Moon Active, an Israeli gaming startup and a unicorn is expanded its operations in December with the acquisition of the mobile game app Zen Match as well as some other apps from the Turkish firm Good Job Games. The acquisition terms were not revealed, but the deal was estimated to be worth as much as $150 million.
Moon Active certainly has the money to spend. The company first became a unicorn with a $300 million raise in November of 2021. And with signs pointing to an end of a high inflation period, people are looking for economies to pick up… Read More Here
OrboGraph Sold To RMS
Israeli company OrboGraph, which provides advanced check recognition and fraud detection solutions, was acquired by American firm Revenue Management Solutions (RMS), a healthcare payment automation service provider based in Oklahoma City. The acquisition was financed through the first follow-on fund of Thompson Street Capital Partners, a St. Louis-based private equity firm whose portfolio of companies it owns includes RMS.
Founded in 1995 by CEO Avikam Baltsan as a spinoff of OrboTech, OrboGraph is a developer and supplier of recognition solutions, payment negotiability, and check fraud detection for the U.S. check processing market. Nearly 4,000 financial institutions, service bureaus, and clearinghouses rely on OrboGraph technology to process billions of checks and payments… Read More Here
Illusive Networks Sold To America’s Proofpoint
Illusive Networks, an Israeli cyber defense startup, has been acquired by Proofpoint Inc., an American cybersecurity and compliance company. Terms of the acquisition have not been revealed.
Founded in 2014, lllusive says that the company’s system continuously discovers and automatically remediates privileged identity risks that are exploited in all ransomware and other cyberattacks. Despite best-practice investments to protect identities, including deployment of PAM and MFA, 1 in 6 enterprise endpoints holds exploitable identity risks… Read More Here
Google Maps Merging With Waze
Google parent company Alphabet has announced that it will merge Waze and Google Maps, the company’s two map services. Waze or Google Maps? That has been the great debate for years now. Have you ever found yourself wondering which app to use when you get lost on the road? Well, now more.
Once an independent company, Waze was acquired by Google for $1.3 billion in 2013.
Google will now incorporate Waze’s 500 employees into its Google Geo, which is responsible for Google Maps, Google Earth and Google Street Views… Read More Here
And one almost takeover:
Nano Dimension Stops Takeover Bid
Nano Dimension, an Israeli company in 3D printed electronics, will not be taken over by its CEO Yoav Stern. The company’s shareholders in December rejected a bid by Stern to have Nano Dimension, which is traded on the NASDAQ, reprice his stock option.
Stern wanted to lower the share price of his options so that he could afford to excursive more of them. At the same time, Nano Dimension shareholders rejected an attempt to almost double the company’s total number of shares. This would have made it harder for external groups to try and take over the company thereby making it easier for Stern to take control for himself.
The special shareholder meeting was called by… Read More Here
