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Gaza War – slim impact on Tel Aviv Stock Exchange

Just like the 2001 crash of NASDAQ, the current global economic meltdown underlines the survival of the fittest, highlighting the competitive edge of Israel’s high tech industries:

 

1.  The Gaza War has a mild impact on the Tel Aviv Stock Exchange: a 1.4% decline compared with a 4.4% decline upon the March 31, 2002 war on Palestinian terrorism in Judea & Samaria, a 6.4% decline following the September 25-29, 1996 Palestinian terrorism (Western Wall Tunnel), a 7% decline caused by the 2006 Lebanon War, an 11.4% decline caused by 9/11 and 13.6% decline triggered by Saddam’s invasion of Kuwait (Globes, Dec. 29, 2008).

 

2.  8 Israeli companies acquired in 6 week. Johnson & Johnson has acquired Israel’s Omrix for $438MN in cash (Globes, Nov. 25).  The $11BN US medical device giant, St. Jude Medical, has acquired Israel’s MediGuide for $300MN in cash (Globes, Dec. 23). The US Harmonic acquired Israel’s Scopus for $86MN in cash (Globes, Dec. 24).  The $5BN assets management Francisco Partners and Sequoia Capital VC Fund acquired Israel’s Dmatek for $77.6MN in cash (Globes, Dec. 30, 2008).  CA acquired Israel’s Eurekify for $35MN, its 8th Israeli acquisition: Memco – $512MN, XoSoft – $100MN, Business Layers – $42.5MN, Abirnet – $30MN, Eurekify – $35MN, Security7 – $20MN, Iris Software and IDFocus (Globes, Nov. 14).  France‘s Thales acquired Israel‘s CMT for $31MN – 50.1% initially and then the entire company (Globes, Dec. 19).  Marvell acquired Israel’s Iamba for $10MN.  This is Marvell’s 4th acquisition of Israeli companies (Galileo in 2001 – $2.1BN, RedLan and DSPC (Globes, Nov. 27). Canada‘s Vesta has acquired Israel’s 3G Solar for $10MN in stock (Globes, Nov. 13).  

 

3.  Sequoia Capital established its 4th Israel-dedicated fund, totaling $200MN, in order to benefit from opportunities, arising from the current global meltdown (lower valuations) and to leverage Israel’s cutting edge technologies and advanced manpower.

 

4.  Israel’s TEVA, the largest generic pharmaceuticals company in the world has acquired Barr Pharmaceuticals, the fourth largest in the world, for $9BN (Globes, Dec. 24).

 

5.  Harbourvest Partners – joined by Benchmark Capital and Cisco – led a $22MN 5th round of private placement in Israel’s Finjan (Globes, Nov. 20).  Vision Opportunity Master Fund led a $19MN 3rd round by Israel’s iSkoot (Globes, Nov. 10). The US-based Yorksville Advisors has extended a $15MN standby equity distribution agreement to Israel’s BrainsWay (Globes, Dec. 22). The US-based Lightspeed Venture Partners has led a $10MN 5th round of private placement by Israel’s Provigent (Globes, Dec. 23).  The US-based Argonaut Private Equity and Stata Ventures co-led an $8MN 1st round by Israel’s ZikBit (Globes, Dec. 15).  Blumberg Capital co-led a $5MN 1st round of private placement by Israel’s Nolio (Globes, Dec. 17).  Morgan Stanley and Harbourvest Partners co-led a $4.5MN round by Israel’s Axerra (Globes, Dec. 26).  Silicon Valley Bank and Kreos Capital extended a $4MN venture lending to Israel’s Oree (Globes, Nov. 21).  The US-based BioVentures Investors and Healthcare Partners 20/20 invested $3.3MN in a 2nd round by Israel’s Rcadia Medical (Globes, Dec. 16).   




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Straight from the Jerusalem Boardroom #248
https://bit.ly/3u29k9g

Foreign investment in Israel’s high-tech companies surged to new heights in the 1st quarter of 2021 – $5.7bn in 172 deals – which is up 89% over the impressive 4th quarter of 2020 and double the volume of the 1st quarter of 2020.

2020 was the first year of surpassing $10bn in capital raised by the Israeli high-tech sector from investors in the US, Asia and Europe, who trust the maturity of Israel’s brain power. Investments in Israeli companies more than tripled in six years, reflecting the effective response by Israeli startups to the technological, medical, pharmaceutical, educational, social and digital challenges posed by Covid-19.

Israel’s economic performance in defiance of Covid-19 is presented by Dr. Adam Reuter, the Chairman and Founder of “Financial Immunities,” Israel’s largest financial-risk management firm, and the co-author of Israel – Island of Success:

  1. Israel has led the globe in the rapid administration of Covid-19 vaccinations due to effective negotiations with Pfizer and an efficient, country-wide medical infrastructure.
  2. Israel is the second lowest among OECD countries in the number of Covid-19 deaths per number of Covid-19 cases: 0.7% compared to the 2.3% OECD average. Israel features a young population (median age of 30 compared to the OECD’s 42) and an effective country-wide medical infrastructure, including top level HMOs and hospitals.
  3. Israel is ranked 12th from the bottom among the 37 OECD countries in the number of deaths per million inhabitants: 645 compared to 1,145 OECD average.
  4. The International Monetary Fund’s 2025 GDP growth forecast for OECD countries: Israel – 4%, OECD average – 2.2%, US – 1.8%, Australia – 2.5%, Ireland – 2.6%, France and Canada – 1.7%, the UK – 1.6%, Germany – 1.2%, etc.
  5. Israel’s 2020 GDP was reduced by 2.5%, compared to the OECD average reduction of 4.1%, South Korea – 1%, Norway – 0.8%, Australia – 2.6%, US – 3.5%, Japan – 4.8%, Germany – 5%, France – 8%, the UK – 10% reduction, etc. GDP growth was recorded in New Zealand – 2.4% and Ireland – 3.5%.
  6. In 2020, Israel was ranked 20th among the 37 members of the OECD in terms of GDP per capita, featuring $43,000 (GDP – $408bn), ahead of Japan, Italy and Spain, and very close behind the UK ($44,000) and France ($45,000).
  7. Israel’s debt-to-GDP ratio increased from 60% in 2019 to 72% in 2020, compared to the OECD’s average increase from 66% to 82%. The 2020’s debt-to-GDP ratio was 266% in Japan, Italy – 161%, the US – 131%, Germany – 73%, etc.
  8. Israel’s foreign exchange reserves-to-GDP ratio of 41% (3rd among the OECD countries) attests to its financial stability, and Israel’s capability to raise foreign credit promptly in a cost-effective manner. Israel’s foreign exchange reserves in March 2021 – $186bn.
  9. During the past decade, Standard and Poor (S&P) accorded Israel a positive credit rating trend, unlike the negative trend for the G-7 countries. In 2020, notwithstanding Covid-19, Israel’s credit rating (S&P) remained at AA.
  10. Some 380 global high-tech giants operate in Israel, including Microsoft, Amazon, IBM, Intel, Cisco, Apple, Verizon, Applied Materials, Dell, HP, Kodak, Oracle, Philips, SAP, Medtronics, GM, eBay, GE, etc. Israel leads the world in the ratio of research and development investment to GDP: 4.9%. 85% of this investment comes from the business sector.

 




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