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Growing global interest in Israel’s hightech

Straight from the Jerusalem Boardroom #236, March 7, 2019
Previous Boardrooms: http://theettingerreport.com/category/economy/

  1. The growing interest, by global hightech companies, in Israeli technologies, is represented by the Pennsylvania-based Qlik, acquiring Israel’s data-integration Attunity for $560MN (Globes Business Daily, February 25, 2019). In January, 2019, Thoma Bravo private equity, which owns Qlik, acquired Israel’s cybersecurity Imperva for $2.1BN.
  2. The Silicon Valley-based global cybersecurity leader, Palo Alto networks, acquired Israel’s automated security solutions, Demisto, for $560MN (Tech Crunch, February 19). In April, 2018, Palo Alto acquired Israel’s endpoint detection and response, Secdo, for $100MN.
  3. Google acquired Israel’s cloud migration, Alooma, for $100MN. In January, 2019, Amazon acquired Israel’s Cloud Endure for $250MN (Globes, February 21).
  4. Intel (which employs 13,000 Israelis, exporting $4BN from Israel) intends to invest $11BN in constructing a new fab in Israel – in addition to last year’s investment of $5BN – asking Israel for a 10% grant (Globes, January 29).
  5. According to Bloomberg, February 12, 2019, “big carmakers are flocking Israel… dealing not with sales, but with research and development…. Volkswagen, Renault, Hundai, Skoda and Seat are a few of the companies that have opened such innovation centers… investing and collaborating with local startups…. Only two international carmakers have full-fledged R&D centers in Israel: General Motors (since 2008; 300 employees) and Daimlers, the parent company of Mercedes (since 2018)…. The user interface installed in the Bolt, Chevrolet’s electric car, and in many late-model Cadillacs was developed in Israel… which is a center for smart transportation…. Israeli startup entrepreneurs come with experience from the Israel Defense Forces hightech units….”
  6. The Jerusalem-based JVP (Jerusalem Venture Partners) raised its 9th venture capital fund – $220MN – bringing the total of JVP’s funds to over $1.3BN. The Chinese electronic conglomerate, Ali Baba, and the French investment bank, Bpi France, are among the investors, 38% of whom are Europeans, 35% from the USA and 25% from Asia (Globes, February 21).
  7. The South Korean giant Samsung invests a few tens of millions of dollars in Israel’s data-management (cloud infrastructure) Iguazio (Globes, March 7).
  8. Israel’s in-memory data structure store, Yedis Labs, raised $60MN from Francisco Partners, Goldman Sachs Private Capital Investing, Bain Capital Ventures, Viola Ventures and Dell Technologies. Israel’s payment protection nsKnox, raised $15MN from Microsoft, Viola, etc. (Globes, Feb. 20).
  9. The Omaha-based irrigation giant, Valmont, concluded a strategic agreement with Israel’s Prospera, which has developed a ground-breaking autonomous irrigation, spraying and fertilizing system. Recent investors in Prospera: Cisco, Qualcomm Ventures and Bessemer Venture Partners (Globes, February 22).
  10. Israel’s foreign exchange reserves surged from $10BN in 1995 to $69BN in 2010 and $118BN in February, 2019, reflecting the robust state of Israel’s economy, and its capabilities to withstand national security emergencies. Standard & Poor’s credit rating for Israel stands at AA- with stable outlook, compared to A in October 2008. Moody’s credit rating for Israel is A1 with positive outlook, compared to A2 in March 2008. Fitch credit rating for Israel is A+ with stable outlook, compared to A- in December 2006.
  11. The integration of Israel’s ultra-orthodox community in the hightech sector is expanding (still in the initial stage). The two-year-old Bizmax project, initiated by the Haredi Professional Development Foundation, the Jerusalem Development Foundation and the Achim Global Loan Fund assists the growth of some 100 ultra-orthodox entrepreneurs – who have developed a promising product/technology – introducing them to potential investors and partners. Amazon, Google, Jerusalem Venture Partners, General Motors, Jerusalem’s Hebrew University, KPMG, Fiverr and Israel Advanced Technology Industries participate in the Bizmax project.  “Someone who studies Talmud in-depth has an advantage in artificial intelligence. A Talmud student learns how to interpret something simultaneously from several angles, which possess advantages and disadvantages. The Talmud-generated ability to think creatively is a very positive trait for an entrepreneur.” (Globes, March 4).



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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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