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Big buyouts of Israeli companies
Posted By Viva Sarah Press On March 22, 2011 @ 9:00 am In | No Comments
Just days after Facebook acquired the Israeli start-up Snaptu, two other multi-million dollar deals have been closed between Israeli companies and foreign corporations. American chipmaker Broadcom recently picked up Provigent, while Sapiens International signed a non-binding term sheet for a merger with FIS Solutions and IDIT I.D.I. Technologies.
According to reports, Broadcom, the biggest maker of chips for television set-top boxes, will buy Provigent for $313 million, increasing its ability to handle wireless traffic. The deal is expected to be completed next quarter.
Founded in 2000, Provigent develops system-on-a-chip products that enable wireless system vendors to deliver broadband wireless backhaul systems to network operators.
Provigent’s main customers include China’s Huawei Technologies, Israel’s Ceragon Networks and Sweden’s Ericsson.
“With the addition of Provigent’s engineering expertise in microwave radio products, the company expands its robust portfolio to more thoroughly address the $5 billion microwave backhaul equipment business,” Broadcom said in a statement.
Meanwhile, Sapiens International, a global provider of innovative software solutions for the insurance industry, has announced that it will acquire FIS Solutions and IDIT Technologies in a combination deal for an estimated $80 million.
Sapiens develops software solutions for the insurance industry. IDIT develops enterprise software solutions for insurance and financial companies and FIS Solutions develops software solutions for the insurance and pensions industry.
The merger is expected to help the companies to create a significant enterprise that will develop and market software solutions aimed at the insurance industry with all its subsectors.
“Subject to completion of the proposed transaction, the combined entity will strive to become a market leading provider of innovative software solutions for the insurance industry worldwide. We will offer a comprehensive product portfolio, supported by industry experts and a broad customer base, with a solid financial position,” said Roni Al-Dor, President and Chief Executive Officer of Sapiens.
FIS Solutions was founded in 1984, and has 340 employees. IDIT was founded in 1998, and has 150 employees.
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