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IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
IVC-MEITAR HIGH-TECH EXITS 2014 REPORT
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exit Highlights
• 2014 exits reach $6.94B
• 2014 IPO deals amount to $2.1B – highest in 10 years
• 2014 M&As at $4.84B with interesting trends in deal sizes and
averages
• Software exits lead, with semiconductors and communications tying for
second
• Average Time to Exit in 2014 at 12 years
• 2014 M&A return on equity ratio exceptionally high at 6.2
• Israeli high-tech companies play an increasing role on the spending
side of M&A equation
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
High-Tech Exits 2005-2014
Israeli high-tech exits in
2014 reached $6.94
billion, up 5% from 2013’s
$6.59 billion and 29%
above the $5.4 billion 10-
year average.
Excluding exits above $1
billion, 2014 was the best
year for Israeli exits in a
decade, with 98 deals
accounting for $5.91
billion. On this basis. 2013
is considered the second
best year as 89 deals
attracted $5.39 billion.
3.63
10.75
4.33
2.70 2.61 2.50
5.33
9.74
6.59 6.94
96
116
117
87
81 83
104
88
90
99
0
20
40
60
80
100
120
140
-
2.00
4.00
6.00
8.00
10.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Exit Amount $B # of Exits
$ #
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
In 2014 VC-backed exits
reached $3.1 billion, a
23% decline from 2013
(the strongest year for VC-
backed deals in a decade),
yet 31% above the 10-year
average of $2.3B.
VC-backed exits
accounted for 45% of total
dollar proceeds in 2014,
down from 61% in 2013.
However, the number of
VC-backed - 42 deal at
42% of total - surpassed
the 35 VC-backed exits
(39%) of 2013.
VC-Backed High-Tech Exits 2005-2014
3,626
10,749
4,332
2,701 2,612 2,503
5,332
9,736
6,588 6,938
2.43
7.80
2.02 1.15 1.03 1.11
2.71
6.88
2.55
3.82
1.20
2.95
2.32
1.55 1.59 1.40
2.62
2.86
4.03
3.12
-
2.00
4.00
6.00
8.00
10.00
12.00
-
2,000
4,000
6,000
8,000
10,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$m
Non-VC-Backed Exits $b VC-Backed Exits $b
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exits by Sector 2005-2014 (%)
Software exits led all sectors
in 2014 with 29 deals and
28.3% of capital. It was the
best year for the sector since
2006.
Communications, having
been dominant for the two
prior years, ranked second
with 20.5% of total capital
proceeds. The amount was
down 32% from 2013 levels
and 62% from 2012.
Semiconductors nearly tied,
with 20.4% of the total with
only three deals, mainly due
to the MobilEye IPO.
The Internet sector garnered
13%, twice its 2013 share,
while life science deals
skidded to 10.1% from an
exceptionally high 34.4% in
the previous year.
17.1%
6.2%
11.2%
6.3%
29.7%
9.6%
13.3%
24.9%
10.8%
62.0%
31.7%
20.5%
17.8%
5.7%
10.3%
4.5%
1.7%
11.3%
33.8%
2.1%
4.8%
13.0%
24.6%
62.4%
21.7%
40.8%
15.8%
23.4%
13.3%
15.5%
20.6%
28.3%
12.1%
7.8%
12.3%
37.0%
30.9%
21.4%
10.8%
8.6%
34.4%
10.1%
8.8%
4.9%
5.0%
7.5%
6.5%
24.5%
17.5%
18.3%
3%
16.2%
17.9%
23.3%
4.7%
5.6%
20.4%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Cleantech Communications Internet IT & Enterprise Software Life Sciences Miscellaneous Technologies Semiconductors
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Top Ten Exits in 2014
Mobileye’s IPO was not
only the first IPO to make
the Top Ten exit list since
2006, but was also the
largest ever Israeli IPO on
the New York Stock
Exchange.
The top five deals
contributed 44% of total
capital proceeds among
high-tech exits.
The MobilEye and Wilocity
exits were responsible for
the exceptional results in
the semiconductor sector,
while the Viber and Check
acquisitions accounted for
89% of communications
proceeds, supporting an
otherwise relatively weak
year for the compared to
2013 activity levels.
Semiconductors Communications Software Cleantech Life Sciences
$390m
$900m
$1.02b
$156m
$360m
$350m
$230m
$200m
$250m
$175m
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Exits Proceeds by Deal Range* 2014 vs. 2013
Looking at the top end of
exits, with deals above
$50 million, it seems IPOs
gave a strong boost to
2014 exits (up 156%) in
the $50 million to $100
million range. Ten of the
13 IPOs fell within this
range and accounted for
58% of its proceeds.
In Eighteen exits totaling
$3.16 billion in proceeds
were made within the $100
million to $500 million
range – a 50% incline
compared to just 12 exits
in this segment, valued at
$2.7 billion in 2013.
392 1,005
2,698
3,157
1,620
900
-
1,000
2,000
3,000
4,000
5,000
6,000
2013 2014
6
13
12
18
2
1
0
5
10
15
20
25
30
35
2013 2014
$50m-$100m $100m-$500m $500m-$1000m
Total $m
T
otal # of Deals
*Deals above $50m
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
AVERAGE TIME TO EXIT The “10-Year Rule”
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Average Time to Exit (TTE) by Sector 2005-2014*
Among exits above $50
million, companies in four
sectors – communications,
software, Internet and
semiconductors – reached
their exit in an average of
10 years.
Cleantech and other
technologies take
considerably longer to
reach exit (>15 years) and
need relatively large
investments. As a result,
very few large exits are
reached in these sectors.
Life science exits typically
fluctuate between 10 and
16 years.
Sectors most appealing to investors
consistently maintain average TTE
levels near or below the 10-Year
mark.
0
10
20
30
40
50
60
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cleantech Communications Internet
IT & Enterprise Software Life Sciences Miscellaneous Technologies
Semiconductors Annual Average
*Deals above $50m TTE – Time to Exit in years
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Time to Exit vs. the Venture Capital Model – Why TTE Matters
Time to Exit: The impact on
VC investments
Time to Exit (TTE) is the time it take for a startup to
reach exit – or the time span from establishment to
exit – calculated in years.
Due to the VC model – see on the right – it is clear
why sectors most appealing to VC investors are the
ones to consistently maintain average TTE levels
near or below the 10-year mark.
Interestingly, VC involvement in life sciences, with
its average TTE of 14 years, grew between 2011
and 2014, mostly due to life science dedicated
funds, which operate on an adjusted investment
model.
With cleantech and other technologies some exits
took well over 15 years to reach, which could
explain while these sectors attract relatively little VC
capital. It is yet to be determined if VC funds can
find an appropriate model for investment in these
sectors, in light of the considerable returns (see
discussion in the ROE section of this report).
The Venture Capital Model
The venture capital model of investment is based
on a 10- year lifespan for a typical VC fund, from
first capital call (vintage year) to dissolvent. In some
cases, the lifespan is expanded to 12 years. Within
its lifespan, a VC fund expects to materialize
enough of its portfolio in exits, to allow for the full
capital to be returned to investors, along with
considerable earnings.
Since funds operate with a 10 to 12 years window
of opportunity, they typically prefer to focus on
companies they believe can realize the investment
within that time frame.
Looking again at the picture suggested above, it is
therefore not surprising most VC funds investing in
Israel are focused on the sectors the suggest the
highest odds within the VC model – namely,
software, communications, semiconductors and
Internet.
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech Average Time to Exit by Sector 2005-2014*
In 2011-2014, the largest
exits were by companies
operating from 10 to 15
years, a clear shift from
2004-2007 when major exits
were by companies with a
lifespan of 5 to 10 years.
In 2014, average time to exit
the four ICT sectors
increased by 30%. In
contrast, TTE averages
decreased for life sciences
and other technology
companies, bringing their
averages to within the 10-
year mark.
*Deals above $50m TTE – Time to Exit in years
Cleantech
Communications
IT & Enterprise Software
Internet
Life Sciences
Miscellaneous Software
Semiconductors
Color: Sector Size: Average Exit $m
$500m
$200m
$5m
Avg. TTE
30
25
20
15
10
5
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
IPO HIGHLIGHTS
2014 IPO deals amount to $2.1B – highest in 10 years
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech IPOs 2005-2014
Substantial growth in both
the number and value of
IPO exits took place in
2014. Seventeen IPOs
accounted for $2.1 billion,
compared to eight IPOs
that totaled only $0.36
billion in 2013.
Capital proceeds
exceeded the 2005-2007
average of $745 million,
mostly due to the
MobilEye offering.
There are currently 25
Israeli companies planning
to go public in the 2015-
2016 period. Over half of
these, are considering
NASDAQ their target
public market.
873
688 674
22
128 126
361
2,100
20 20
26
1
10
5
8
17
0
5
10
15
20
25
30
0
500
1000
1500
2000
2500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
IPO Total $M # of IPOs
$M #
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
321
70
688
1,022
Israeli High-Tech IPOs by Stock Exchange ($m*) - 2014
MobilEye, the largest IPO
of 2014 raised slightly over
$1 billion and is now
trading on NYSE.
Each of the remaining 16
IPOs was under $150
million each, including the
second largest -
SafeCharge’s $126 million
IPO on London’s AIM in
2014.
NASDAQ was the
preferred stock market for
Israeli high-tech
companies in 2014, as 11
NASDAQ-bound first
offerings accounted for
33% of IPO proceeds.
*Please note: while only 10 of 17 IPOs are noted in this slide with a logo,
numbers represent all 17 deals
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
HIGH-TECH MERGERS &
ACQUISITIONS
2014 M&As at $4.84B with interesting trends in deal
sizes and averages
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Israeli High-Tech M&As 2005-2014
While the number of high-
tech M&As has remained
relatively steady, with an
average of 85 deals a year,
total dollar proceeds have
fluctuated widely.
The changes mainly reflect
variances in deal size,
namely the few outliers
above $1 billion, including
the Mercury and M-Systems
acquisitions in 2006, the
NDS acquisition in 2012, and
the Waze acquisition in 2013.
Following is our analysis as
to the impact of deal size on
total capital proceeds, and
the changes in the mix over
the past few years.
2.75 10.06 3.66 2.70 2.59 2.37 5.21 9.74 6.23 4.84
76
96
91 87
80
73
99 88
82 82
0
20
40
60
80
100
120
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
M&A Total $B # of M&A Deals
$M #
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Total number of M&A deals vs. deal amounts by deal size
(2005-2014)
M&A deals in the $100 million to
$500 million range accounted
for $22 billion or 44 percent of
M&A proceeds over the past
decade. Four deals in the over
$1 billion category were alone
responsible for $12.3 billion or
almost 25 percent of the total.
4 M&A deals exceeded the $1
billion mark and gained a total
of $12.3 billion dollars – nearly
25% of all M&A proceeds in the
past 10 years.
While deals below $5 million
accounted for less than 1
percent of the proceeds, they
constituted the largest number
of M&As – 395 (46 percent of
854 deals).
Deals ranging $100m-
$500m accounted for 44%
of total dollar volume
492 470 1,344 3,266
4,253
22,168
5,898
12,254
395
68
102 107
60
110
8 4
0
50
100
150
200
250
300
350
400
450
-
5,000
10,000
15,000
20,000
25,000
<5 5-10 10-20 20-50 50-100 100-500 500-1000 >1000
M&As Total $M # of M&As
$m #
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Table: M&A deals by deal size (2005-2014)
Deal Size Range Number of Deals Deal Amount
($m)
Below $10m 54% 463 2% 962
$10m - $50m 25% 209 9% 4,610
$50m - $100m 7% 60 8% 4,253
$100m - $500m 13% 110 44% 22,168
$500m and above 1% 12 36% 18,152
Total 854 50,155
Israeli high-tech M&A
transactions totaled $50.1
billion in the 2005-2014
period.
80% of the capital was from
deals of more than $100
million, which accounted for
only 14%of the total number
of exits.
43% of all M&A deals were
VC-backed exits and 65
percent of those in the $100
million-$500 million range
were VC-backed as well.
In other ranges, 37 percent
of the deals were backed by
VC funds.
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
M&A Deals: The Deal Size Mix (# of deals vs. $m)
Since 2011, the deal size mix
– or how the various M&A
deals break down into groups
– has been changing.
We’ve seen beginning in
2011 the reemergence of
M&A deals above $500
million. Such deals are still
relatively infrequent, while
deals between $100 million
and $500 million have
become far more common
and now represent a large
percentage of total M&A
proceeds.
In 2014, the number of
$100m-$500m deals
increased by 45% and total
dollar proceeds from this
segment increased 13%,
from the previous year.
Since 2012, the number of
small deals, under $10m has
been decreasing, with 33
deals in 2014 comprising
only 40% of the number of
deals, compared to 48% in
2013 and 58% in 2012.
52 53 49 46 53
37 49 51
40 33
9 18 22 26 16
20
28 19
24 27
6
9 8 8 1
9
5 5
4 5
8
13 12 7
10 7
16
10 11 16 1
3 1
3 3 1
0
20
40
60
80
100
120
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
208 383 498 574 362 429 701 404 531 521 418 562 576 606
82 609 387
342 246 425
1,390
2,134 2,481
1,399 2,051 1,254
3,504
2,475 2,571 2,910 634
6,851
517
6,434
2,816 900
0
2000
4000
6000
8000
10000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
<$10m $10m-$50m $50m-$100m $100m-$500m >=$500m
$m
#
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
M&A deals above $100 million: More deals less dollars
Now account for more than 20% of deals
76
96
91
87
80
73
99
88
82 82
88% 83%
87% 92%
88% 90%
83% 85% 83% 79%
12%
17% 13%
8%
13%
10%
17%
15% 17%
21%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
20
40
60
80
100
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
<$100m >=$100m
#
Bringing under 80% of capital
2,753
10,061
3,658
2,701 2,590 2,375
5,206
9,736
6,227
4,838
26%
11% 32% 48%
21% 47%
23%
8% 13%
21%
74%
89%
68%
52% 79% 53%
77%
92%
87%
79%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
2,000
4,000
6,000
8,000
10,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
<$100m >=$100m
$
The changing deal size mix, can also explain why deals above $100m are more prominent, while the total dollar
proceeds they bring in seems to be smaller than the previous two years. It is a result of the facts that while there are
indeed more deals above $100m, there are less deals on the far extremes. In years where the total share reached
~90%, it was a direct result of the very few deals above $1 billion.
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Average Israeli M&A Deals* 2005 –2014 ($m)
In 2014, the average M&A*
deal was $59 million, up 33%
from the $44 million 10-year
average.
The average deal size
climbed markedly since the
beginning of 2011, and the
past four years averaged $57
million excluding deals above
one billion dollars.
Throughout the past 10
years, the average VC-
backed M&A was
significantly more than the
average deal, by about 34%,
2005 being an exception to
that rule.
The average VC-backed
M&A shows a relatively
steady incline since 2008.
While 2014 figures reflect a
slight decline, VC-backed
M&As remained 23% above
the 10-year average, as well
as above the average M&A
deal last year.
36.2
42.6 40.2
31.0 32.4 32.5
52.6 54.4
62.1
59.0
33.9
56.0
59.5
40.7
48.8 49.8
67.6
73.3
84.4
76.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Average M&A Deal ($M) Average VC-Backed M&A Deals ($M) *Excluding deals above $1 billion
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
AVERAGE RETURN ON EQUITY
2014 M&A return on equity ratio exceptionally high at 6.2
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Average M&A Return on Equity (ROE) Ratio* 2005-2014
Return on Equity (ROE) is
calculated as a ratio between
capital proceeds from exits
and the total capital raised by
companies prior to their exit.
The measure reflects the
relative value received by
company investors following
a company’s exit.
M&A return on equity ratio
reached an exceptional
average of 6.22 in 2014, a
45% increased from 4.29 in
2013. The number reflect not
only the exit proceeds, but
also the fact that many of the
companies to exit in 2014
raised relatively little capital
prior to their exit (less than
$10 million, on average),
VC-backed M&A ROE
decreased to 3.53, compared
to an exceptionally high 4 in
2013 (excluding the Waze
acquisition at $1.2B).
2.9 2.9
3.3
2.3
2.7
2.1
4.4
3.6
3.6
6.2
1.5
2.4
2.0 1.9 1.9 1.8
3.2
2.6
4.0
3.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Average Ratio VC-Backed Average Ratio
*Excluding deals above $1 billion
Ave
rage
RO
E R
atio
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
High-Tech Exits 2010-2014: Average Return On Equity by Sector
2010 2011 2012 2013 2014
Average ROE 1.79 4.04 7.44 4.25 4.95
Communications 1.70 1.98 17.60 2.72 9.76
Internet 2.57 8.25 1.48 1.76 5.73
Software 1.69 1.85 5.90 8.19 4.24
Semiconductors 3.12 7.28 3.72 4.09 5.04
Life Sciences 1.29 2.40 2.40 9.27 2.18
Looking at ROE for all exits,
including M&As and IPOs, we
see great variance and
fluctuations in average ROE
ratios in cleantech and
miscellaneous technologies –
the sectors attract little VC
investments because of their
problematic time-to-exit life
cycle, but can afford
exceptionally high returns as
well.
Zooming in on the sectors that
attract most investments we still
find differences over time, and
between sectors.
In 2014, three of these sectors
managed to reach ROE ratios
that exceeded the average
ROE, with communications
showing the highest returns,
despite the relatively low
volume of deals. While all five
sectors in the table on the right,
showed positive returns, life
sciences did not perform as
well compared to other sectors
or to its phenomenal 2013
success.
0
5
10
15
20
25
30
35
40
45
50
2010 2011 2012 2013 2014
Average ROE Communications Internet
Software Semiconductors Life Sciences
Cleantech Miscellanous Technologies
Ave
rage
RO
E R
atio
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
M&As – THE ACQUIRER SIDE Israeli high-tech companies play an increasing role on
the spending side of M&A equation
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
2014 High-Tech M&As: Acquirers by Country of Origin
An analysis of the identity of
the acquiring companies –
the companies on the other
side of the exit deal,
revealed that nearly 30% of
deals involved a local
company as the acquiring
company, as well as the
acquired.
While the majority of
acquirers are North
American, mainly from the
USA, of 82 Israeli high-tech
M&As in 2014, 24
companies were acquired
by other Israeli companies,
compared to 19 such deals
in 2013.
The year’s largest deal by
an Israeli acquirer was the
acquisition of Pilat Media by
Sintec.
Imperva, Wix and Somoto
each made two acquisitions,
as well.
39
24
9
5
4 1
United States & Canada
Israel
Mainland Europe & Russia
United Kingdom
East Asia
New Zealand
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
Acquisition Made by Israeli High-Tech Companies 2005-2014
The surprising prominence of acquisition activity
involving Israeli companies, led us to look at Israeli
high-tech companies as acquirers rather than the
acquired. We examined not just acquisition of local
high-tech companies, but all M&As where an Israeli
high-tech company played the role of the acquirer,
regardless of the identity of the acquired.
The year 2014 proved to be more dynamic than the
previous two years, as 42 Israeli high-tech
companies made at least one acquisition, with 57
acquisitions taking place overall.
This is yet more evidence that Israeli high-tech
companies are seeking growth, in this case by
choosing non-organic growth strategies, or lateral
expansion by acquisition. This approach is
diversifying the more conventional strategies
applied by companies such as capital raising,
developing new products, expanding markets, jobs
and sales.
31 32
55
49
33 35
40
26
30
42 35 36
79
65
49 47
58
33
39
57
0
10
20
30
40
50
60
70
80
90
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of Israeli High-Tech Acquirers # of Acquisitions made
IVC-Meitar 2014 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 high-tech companies in merger
& acquisition deals and initial public offerings in 2005-2014
• 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 last section of the report also references M&A deals where Israeli
high-tech companies acted as the acquiring party.
• Complete information on M&As and public offerings will be published
in IVC High-Tech Yearbook 2015 due April 2015.
All Rights Reserved. Copyright of IVC Research Center Ltd. 2015
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.
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Meitar Liquornik Geva Leshem Tal is Israel’s largest law firm and an undisputed leader in the technology sector.
The firm's Technology Group numbers over 90 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.
IVC-Meitar 2014 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 12,000 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.
IVC-Meitar 2014 Exits Report Prepared by IVC Research Center Ltd.