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IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
IVC-MEITAR HIGH-TECH EXITS 2015 REPORT
2015 exits peak at $9.02B – 3rd strongest year in 10 years
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exit Highlights
• $9.02B exit proceeds in 2015 – up 16% from 2014
• 2015 average exit rises to $87 million – 43% above 10-year average
• VC-backed exits reach an outstanding $4.98B – highest in 10 years
• Software topped all exits with $3.88B, due to $1.2B Fundtech exit
• $609 million raised in 2015 IPOs – down from 2014 with an exceptional
$2.1B
• M&A deals below $1B peak in 2015, reaching $7.16 billion
• M&A deal averages on the rise due to a change in the deal-size mix
• 30% of deals involve Israeli high-tech companies on both the acquiring and
acquired side
2
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exits 2006 - 2015
Israeli high-tech exits totaled
$9.02 billion in 2015, 16% up
from 2014 exit proceeds, placing
it third in the past 10 years.
The amount was a mere 7%
below 2012’s $9.75 billion, which
included the NDS $5B
acquisition, and 16% less than
the $10.75 million in exit
proceeds recorded in 2006,
which included two major deals
totaling $6B (M-Systems &
Mercury acquisitions).
A hundred and four exits were
made in 2015, 10% below the
2014 figures, but in line with the
average 100 deals per year.
10.75
4.42
2.70 2.65 2.63
5.38
9.75
6.71
7.78
9.02
116 118
87
8184
107
91
97
116
104
0
20
40
60
80
100
120
140
0
2
4
6
8
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Exit Amount $B # of Exits
$B #
3
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exits* in 2006–2015 – deals below $1B
Since deals above $1 billion
largely skew data for the top
years, somewhat obscuring the
actual trend, we recalculated the
data for all deals below this
amount.
In general, there have been 6
deals of more than $1B each in
the past 10 years, including the
three mentioned earlier, as well
as the Waze acquisition in 2013,
the Mobileye IPO in 2014 and
the Fundtech acquisition in
2015.
Without these deals, the chart
clearly shows 2015 to be the
strongest exits year yet, both in
terms of the total proceeds and
the average amount per deal -
$75M, as compared with a 10-
year average of $48M.
4.69 4.42 2.70 2.65 2.63 5.38 4.75 5.52 6.75 7.77
114118
8781
84
107
9096
115
103
0
20
40
60
80
100
120
140
0
1
2
3
4
5
6
7
8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Exit Amount $B # of Exits
$B #
*Without deals above $1B
4
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exits Proceeds by Deal Size Range* 2015 vs. 2014
Since there were somewhat less
deals in 2015 as compared with
2014, the reason for the
continued growth is the deal
size.
Looking at the top end of exits -
at deals above $50 million - in
2015 as compared with 2014,
we found that while the number
of deals above $500 million has
not changed, there was a
marked increase in the number
of deals within the $50 million to
$100 million range as well as in
the $100 million to $500 million
range.
The proceeds from the two
groups therefore expanded from
a total of $4.17B in 2014 to
$5.44B in 2015, an increase of
more than 30%.
In total, the three groups made
up nearly 50% of the deals in
2015, and over 76% of the
proceeds.T
otal $mT
otal # of Deals
*Deals between $50m and $1B
1,005 1,281
3,167
4,161
1,592
1,429
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2014 2015
1318
18
21
2
2
0
5
10
15
20
25
30
35
40
45
2014 2015
$50m-$100m $100m-$500m $500m-$1000m5
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Top Ten Exits in 2015
All top exit deals for 2015
exceeded $200 million in
proceeds* - an unprecedented
cluster of top ten deals.
The $1.25 billion acquisition of
Fundtech by D+H, a global
fintech company, accounted for
almost 14% of the total exit
proceeds in 2015.
Placed second is the acquisition
of Valtech by HeartWare. Since
the bulk of the deal was a share
swap and some of it is
conditioned upon meeting certain
milestones, the amount is
expected to reach $929 million by
the time the milestones have
been met. So far, Valtech
shareholders received nearly
$400 million in HeartWare shares.
Software companies make up
50% of the top ten deals, with a
total of over $2.5 billion
Semiconductors Communications Software Internet Life Sciences
*Estimated/Expected amount
$1.2
b
$45
0m
$36
0m
$23
0m
$929*
m
$50
0m
$32
0m
$27
2m
$250
*m
$22
5m
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exits by Sector 2006 - 2015 (%)
Thanks to the five deals
exceeding $200 million each,
software was the most
prominent sector in 2015 in
terms of exit proceeds with 43%
of the total amount. Twenty-nine
software deals in total garnered
$3.9 billion - the second highest
for the sector in the past 10
years. The Fundtech deal
accounted for 32% of the total
exits for the sector, and the top
five deals accounted for 65% of
software exit proceeds.
Life science exits came in
second, with 16% due to the
Valtech deal, closely followed by
Internet deals with 15% and
communications with 12%.
Over the past 10 years, the ICT
sectors maintained their top
positions, changing places
mainly among themselves, with
2009 and 2012 being the only
exceptions, when life science
exit proceeds overtook all other
sectors.
3%
3%
17%
1%
1%
1%
6%
3%
6%
29%
10%
13%
24%
11%
62%
32%
19%
12%
6%
10%
4%
2%
11%
33%
2%
5%
21%
15%
62%
23%
41%
16%
26%
14%
15%
20%
26%
43%
8%
12%
37%
31%
20%
11%
9%
35%
9%
16%
5%
2%
5%
1%
7%
6%
2%
1%
6%
18%
18%
3%
16%
17%
23%
5%
5%
18%
5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Cleantech Communications Internet IT & Enterprise Software
Life Sciences Miscellaneous Technologies Semiconductors
7
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
2015 proved to be an
exceptional year for VC-backed
exit deals. Fifty-two VC-backed
exits totaled $4.98 billion, the
highest amount in the past 10
years, bypassing even 2013’s
$4.04 billion, which included the
Waze acquisition.
VC-backed exits accounted for
55% of the total exit proceeds in
2015. This was a noticeable
increase, compared with 2014’s
40% in VC-backed deals out of
the total exit amount and
somewhat below 2013’s record
of 60%.
Half of the deals completed in
2015 were VC-backed, the
highest share for such deals in
the past decade, well above
2014’s 37% or 2013’s 39% of the
total number of exits.
VC-Backed High-Tech Exits in 2006-2015
7.80
2.11
1.11 1.06 1.16
2.76
6.88
2.68
4.70 4.04
2.95
2.31
1.59 1.59 1.46
2.62
2.87
4.04
3.07 4.98
-
2.00
4.00
6.00
8.00
10.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
$B
Non-VC-Backed Exits $B VC-Backed Exits $B
8
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
IPO HIGHLIGHTS
IPO proceeds in 2015 - $609M - just 3% above the 10-year
average
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech IPOs 2006 - 2015
Eight Israeli high-tech IPOs
accounted for $609 million, or a
mere 7% of the total proceeds,
in 2015, as compared with
2014’s outstanding 27%.
IPOs in 2015 yielded a little
more than the $591 million 10-
year average of proceeds, while
the number of deals was
somewhat below the 10 IPOs
average of the past decade.
The number of deals was lower
than expected, as many
companies shelved their IPO
plans after the worldwide IPO
markets in general, and
NASDAQ in particular, no longer
seemed to offer favorable
conditions for initial public
offerings.
Five out of the companies that
did end up choosing the IPO
route in 2015 were VC-backed.
$M #
687 693
22
127 126
361
2100
609
20
27
1
9
5
8
17
8
0
5
10
15
20
25
30
0
500
1000
1500
2000
2500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
IPO Total $M # of IPOs
10
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
48
561
AIM NASDAQ
Israeli High-Tech IPOs by Stock Exchange ($m) - 2015
Unlike earlier in the decade, when
TASE constituted a valid IPO
alternative for companies –
particularly in the life science sector
- all 2015 IPOs were performed
outside Israel, with the majority in
NASDAQ, similarly to the year
before, 6 of 8 deals in 2015, as
compared with 12 of 17 in 2014.
The largest IPO was by Novocure,
which raised $165 million based on
a $1.84 billion valuation, followed
by SolarEdge with $165 million
raised at a $685 million valuation –
both on NASDAQ.
Life science companies comprised
half of the deals and 55% of the
IPO proceeds in 2015.
The total valuations of the
companies at the time of their IPOs
was $3.54 billion, and stands at
$3.8 billion market cap as of the
beginning of 2016, mostly due to
SolarEdge adding nearly 68%
percent in market cap since it’s IPO
in March.
11
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
HIGH-TECH MERGERS &
ACQUISITIONS
2015 M&A performance of $8.41B – 3rd highest in a decade
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech M&As 2006 - 2015
Since M&As are traditionally the
more prominent form of exit for
Israeli technology startups (at an
average ratio of about 10 to 1 in
favor of M&As), the chart and
trend depicting M&As over the
past decade closely reflects the
data and trends for all exits (see
pg. 3).
Here as well, 2015 is third,
following 2006 and 2012, with
$8.4 billion in 96 deals (top
chart*), but takes the lead with
$7.16 billion, and is a definite
leader in terms of average M&A
deal size, after deals above $1
billion are excluded (bottom
chart**).
10.06
3.732.70 2.63 2.50
5.26
9.75
6.35 5.67
8.41
9691 87
8075
10291 89
99 96
0
20
40
60
80
100
120
0
2
4
6
8
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
4.01 3.73 2.70 2.63 2.50 5.26 4.75 5.16 5.67 7.16
94 9187
8075
102
9088 99
95
0
20
40
60
80
100
120
0
1
2
3
4
5
6
7
8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
M&A Total $B # of M&A Deals
$B#
**Without deals above $1B
*With deals above $1B
13
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Average Israeli M&A Deals* 2006–2015 ($m)
The overall average M&A deal
reached $88 million in 2015.
Excluding deals above $1 billion,
the average ‘drops’ to $75.4
million per deal, revealing a clear
increase in deal size in 2015,
with a 29% increase from the
previous record holder – 2013
with $58.6 million*, and 58%
above the 10-year average of
$47.6 million*.
The average deal size climbed
markedly since the beginning of
2011, and the past four years
averaged $59 million*.
Throughout the past 10 years,
the average VC-backed M&A
was significantly larger than the
average M&A deal, by about
34%, dropping to an average
difference of 29% since 2011.
This demonstrates that the
change in an average deal size
is true for the entire industry,
rather than only for VC-backed
companies.
42.6 41.0
31.0 32.9 33.3
51.5 52.8
58.6 57.3
75.4
55.059.5
39.8
49.0 48.9
65.970.1
77.0 72.8
95.8
0
10
20
30
40
50
60
70
80
90
100
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Average M&A Deal ($M) Average VC-Backed M&A Deals ($M)
*Without deals above $1B
The average VC-backed M&A peaked in 2015 at a whopping $95.8 million*, 51% above the
10-year average of $63.4 million*, and 24% above 2013’s $77 million*.
Despite a minor decline in 2014, as compared with 2013, the average VC-backed M&A has
been growing since 2008 at an average rate of 14%. If the trend is to continue into 2016, we
may see the average VC-backed M&A deal surpass the $100 million mark by the end of the
year.
14
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
M&A Deals: Deal Size Mix (# of deals vs. $m)
The reasons for the up-trend in
the average M&A size is easily
explained by breaking the deals
into size ranges. The analysis
shows a clear upward shift of the
deal size along the range in all
groups.
2015 has seen M&A deals above
$50 million increase both in
numbers and total proceeds, at
the expense of smaller deals. The
number of deals below $10M
dropped from the previous
average - 53% of the deals - to
less than a third of all deals in
2015 (32%).
Deals ranging between $10M and
$50M dropped in number as
compared with 2014, but brought
12% more in proceeds, implying
that the deals in this group were
on the higher end of the range,
compared to 2014.
In the top three groups in 2015,
both the number of deals and the
proceeds topped the 2014 figures.
$m
#
5347 46
51
37
4954
45 45
31
1823 26 18
21
31 19
2531
27
9 9 8
1
10
5
55
5
17
13 12 7
107
16
1011
1618
3
1
3 3
23
0
20
40
60
80
100
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
383 509 574 401 458 751 404 560 644 722 562 638 606 704 387
342 331 425 1,200
2,134 2,481
1,399 2,051
1,254
3,504
2,475 2,571 2,920
3,734
6,851
517
6,434
2,816 1,592
2,679
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
<$10m $10m-$50m $50m-$100m $100m-$500m >=$500m15
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Total number of M&A deals vs. deal amounts by deal size
(2006-2015)M&A deals in 2015 also followed
closely what we call the deal size
“hump” paradox of Israeli high-tech
exits, where the bulk of the dollar
proceeds is generated by deals in
the $100M to $500M range, more
than the capital generated in deals
above $500M and $1B combined.
The chart on the right shows that this
trend holds true for all deals in the
past 10 years, reflecting an
additional observation for 2015 –
deals above $1B tend to generate
more dollar proceeds than deals
between $500M and $1B, although
there are usually more deals in the
latter group.
Lastly, while small deals below $50M
tend to make up the majority of deals
(up to 77%), they generate less than
12% of proceeds, fixing $50M dollar
deals at the equator where the
trends flip. It may be interesting to
observe how this model changes, if
and when the average M&A
continues to climb.
Deals ranging $100m-
$500m accounted for 43% of
total dollar volume
542 542 1,515
4,130
5,774
25,912
8,019
13,504
430
79
114135
81
128
11 5
0
50
100
150
200
250
300
350
400
450
500
-
5,000
10,000
15,000
20,000
25,000
30,000
<5 5-10 10-20 20-50 50-100 100-500 500-1000 >1000
M&As Total $M # of M&As
$m #
*Without deals above $1B
16
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
M&As – THE ACQUIRER SIDEIsraeli high-tech companies continue playing a role on the
spending side of the M&A equation
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
2015 High-Tech M&As: Acquirers by Country of Origin
An analysis of acquiring companies
– the companies on the other side
of the exit deal by geography -
revealed that, as expected, North
American companies are the
largest prospects for Israeli M&As –
with 43 acquirers in 47 deals from
the US, and 3 deals for two
Canadian acquirers – accounting
for 53% of the deals, up from a
44% share in 2014.
Israeli companies were second in
line as acquirers, with 30% of the
deals involving Israeli companies
on both sides of the deal. The
number reflects a slight decline
compared to 2014’s 34%.
Companies from the UK and
Europe placed third with a total of
10% of the deals, while Asian
investors placed fourth at 5%
(including East Asian and Indian
acquirers).
53%
30%
6%
3%
4%2%
United States & Canada Israel United Kingdom East Asia
Mainland Europe & Russia India Brazil Australia & New Zealand
18
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Acquisition Made by Israeli High-Tech Companies 2006-2015
Analyzing all acquisitions made by Israeli high-tech
companies, we revealed that the number of local tech
companies to choose M&As as a form of expansion has
remained steady in the past two years at 48 companies,
though the number of deals initiated by Israeli high-tech
companies in 2015 was up nearly 11%, to 72 deals, the
second highest in a decade.
The volume of deals has sky-rocketed from $3.2 billion in
2014 to $48.2 billion in 2015, a direct result of Teva
Pharmaceuticals aggressive expansion strategy over the
past year, with five acquisitions of foreign companies, that
cumulatively accounted for 95% of Israeli acquisitions this
year.
Teva wasn’t the only company to pursue global expansion
plans. Frutarom, a worldwide leader in the food ingredients
and extracts market, was another dynamic player closing 12
deals – nearly 17% of the number of deals made by Israeli
acquirers in 2015 – though spending a fraction of Teva’s M&A
expenditures, at nearly $330 million. Ten other Israeli high-
tech companies made two acquisitions in 2015, further
demonstrating that Israeli companies are indeed seeking
growth and expansion.
Perhaps, more interestingly, in the past two years these
expansion efforts are very clearly focused on local companies:
more than $1 billion were spent by Israeli high-tech
companies on M&As in Israel in either of the past two years
(bottom chart).
41 79 68 53 53 61 35 47 65 72
37
5652
36 39 41
28
36
48 48
0
10
20
30
40
50
60
70
80
90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of Acquisitions made # of Israeli High-Tech Acquirers
163
840
55
254
445326
199132
1,165 1,180
0
200
400
600
800
1000
1200
1400
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
$M spent in two-side Israeli high-tech M&As
19
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
THE NON-EXIT ALTERNATIVES
FOR LIQUIDATIONTechnology buyouts are an alternative exit rout for investors
while an option for the company to remain independent
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
Exits vs. Technology Buyouts – liquidation without exit
When discussing exits in this report, we use the term in
accordance with the globally accepted terminology that
reflects a company’s exit strategy as indicating either an
initial public offering (IPO) or a merger/acquisition deal.
These types of deals provide liquidation not just for the
company’s shareholders, but for entrepreneurs, employees
and the company itself.
In some of these cases, the company itself ceases to exist
as an independent entity, such as after an acquisition, where
the company becomes a division of the acquiring
corporation, or a merger, where an entirely new company
emerges from the two (or more) merging entities.
IPOs allow shareholders’ liquidation, but turn a private
company into a public one. Some management teams and
boards find this route unsuitable for their needs, opting for
another form of shareholder liquidation that allows the
company to remain an active, independent, private
company.
While they are sometimes referred to as “acquisitions”,
purely speaking, buyouts performed by private equity
investors are not exits. Although some or all of the previous
investors of the company are able to liquidate and possibly
profit from the sale, management and the entrepreneurs are
able to keep the company running independently, with a new
board of directors in place, allowing the company a chance
to grow with possibly less shareholder pressure.
In some cases, buyouts are a way for a public company to
go back to the relative anonymity of a private company
without having to go through an unnecessary reputation-
damaging delisting. For some companies, it is not about
problematic trade volumes or generating market interest –
they get plenty of those – but it is about the freedom of
management to go about “navigating the ship” without
having to deal with the various implications of being a public
company, as they keep growing their business.
Buyouts are a win-win-win situation, when a company is
acquired but remains active and continues to grow: the
current shareholders get some return on their equity while
not having to wait too long for liquidation, while the new
investor gets a chance to take the company to the next
level.
Who Exits ? Technology buyouts aren’t exactly M&As
21
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
2015 High-Tech Buyouts
2015 has seen seven technology
buyouts, where Israeli or Israel-
related companies were
“acquired” by private equity
investors, for a total of $1.1
billion, dominated by two deals,
where public companies were
bought out by private equity
funds.
Lumenis’ was bought out for
$510 million by Chinese fund,
XIO. ClickSoftware has been
bought out by the European
branch of Francisco Partners for
$438 million.
2015 lagged behind 2014’s
$1.74 billion in 11 deals, lead by
a $900 million buyout of
Answers Corp., formerly an
Israeli company, by Apax Global,
and Nordic Capital’s buyout of
Vizrt – yet another ex-public
company that became private as
a result of the deal.
Miscellaneous Cleantech Software Internet Life Sciences
$51
0m
$43
8m
$59
m
$50
m
$21
m
$10
m
$6.3
m
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
About this report:
• This report contains information derived from the IVC-Online Database
• The report summarizes exits of Israeli and Israel-related high-tech
companies in merger & acquisition deals and initial public offerings in 2006-
2015
• VC-Backed Deals referred to in this report, represent exit deals where at
least one venture capital fund was involved as a pre-exit investor.
• The report references M&A deals where Israeli high-tech companies acted
as the acquiring party.
• The last section of the report refers to buyouts performed by private equity
and financial investors in Israeli and Israel-related high-tech companies.
• Complete information on M&As and public offerings will be published in IVC
High-Tech Yearbook 2016 due April 2016.
All Rights Reserved. Copyright of IVC Research Center Ltd. 2016
23
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
About Meitar Liquornik Geva Leshem Tal:
Meitar Liquornik Geva Leshem Tal is Israel’s leading international law firm and an undisputed leader in the technology
sector. The firm's Technology Group numbers over 100 seasoned professionals who specialize in representing
technology companies, cooperating with attorneys from complementary practice areas, such as taxation, intellectual
property and labor law, and dozens of attorneys from other practice areas.
Meitar has played a significant role in the majority of the largest and most prominent transactions recorded in the Israeli
technology sector, including mergers and acquisitions and public offerings on foreign stock exchanges.
Meitar is uniquely qualified in the entire corporate “life cycle”. Meitar advises clients from their initial establishment
through raising seed capital to successful exit.
Alongside emerging companies, Meitar represents high growth companies, and has represented the majority of the
Israeli technology companies that have carried out initial public offerings in the US, as well as a diverse range of
multinational companies from the US, China and Europe.
The firm represents most of the major venture capital funds active in the Israeli technology sector, and played an active
role in formation of some of the most successful and well-known funds in the industry.
Meitar is unique among Israel’s largest law firms in the number of partners who have worked for major international law
firms in the US and elsewhere. The firm maintains close working relationships with leading firms from around the world
to provide our international and Israeli clients with the highest level of service and quality – in line with the finest law
firms from across the globe.
24
IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
About IVC Research Center
IVC Research Center is the leading online provider of data and analyses on Israel’s high-tech, venture capital and
private equity industries.
IVC owns and operates the IVC-Online Database which showcases over 14,000 Israeli technology startups, and
includes information on private companies, investors, venture capital and private equity funds, angel groups,
incubators, accelerators, investment firms, professional service providers, investments, financings, exits, acquisitions,
founders, key executives and R&D centers.
Among IVC products and publications are:
• IVC-KPMG Quarterly Survey, which for over 15 years has been analyzing capital raising trends by Israeli high-tech
companies, and the most comprehensive guide to Israeli high technology and venture capital
• The IVC High-Tech Yearbook the Israel High-Tech, Venture Capital, Startup and Private Equity Directory; surveys;
research papers and reports; and interactive dashboards.
• IVC Industry Analytics – analysis, research and insights into the status, main trends and opportunities related to
exits, investments, investors, sectors and stages
IVC products and services are used regularly by high-tech companies, venture capital funds, private investors, financial
investors and institutions, as well as public entities such as the Central Bureau of Statistics, the Bank of Israel and the
Office of the Chief Scientist at the Economy Ministry. IVC’s information is used by key decision-makers, strategic and
financial investors, government agencies and academic and research institutions in and outside of Israel.
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IVC-Meitar 2015 Exits Report Prepared by IVC Research Center Ltd.
CONTACT US
Marianna Shapira, Research Manager, IVC Research Center
www.ivc-online.com
+972-(0)73-212-2339