42
IVC-Meitar 2017 High-Tech Exit Report Total exits of $23 billion, including two exceptional deals of over $1 billion each 1
IVC-Meitar 2017
High-Tech Exit Report
Total exits of $23 billion, including two exceptional deals of over $1 billion each
1
In 2017, total transaction value for exits of Israeli companies reached $23 billion. Two mega-
exits exceeding $1 billion accounted for almost 72% of the total value. When excluding the
two outliers, the total transaction value was $6.6 billion, an increase of 19% from 2016, yet
still lower than 2014 and 2015.
The number of exit transactions of all types – IPOs, strategic M&A and private-equity buyout
deals – amounted to 112, which represents a decline for the fourth year in a row; down by 7%
from 2016.
While the number of M&A deals was stable during 2014-2016, the number decreased by
13% in 2017 - 92 deals.
13 IPOs were carried out in 2017, although the vast majority of these transactions were of
low amounts in alternative capital markets.
Acquisitions by Israeli companies of Israeli targets totaled $393 million.
Exits transaction include: M&A, IPO and Buyout
Highlights
2
Exits 2013 – 2017 (including mega-deals)
Total transaction value in 2017 peaked at $23
billion, mostly due to two mega-deals of over
$1 billion each:
Mobileye was acquired by Intel for $15.3
billion
Neuroderm was acquired by Mitsubishi
Tanabe Pharma for $1.1 billion
Total transaction value has grown steadily
from $6.77 billion in 2013, to $23 billion in
2017.
The number of exits, however, decreased to
112 in 2017, close to the figure for 2013. 6.778.44 8.87
9.96
23.00
108
132 129120
112
0
5
10
15
20
25
2013 2014 2015 2016 2017
0
20
40
60
80
100
120
140
Total Exits 2013-2017 ($B)
Total Exits Amount ($B) No. of Exits
Source: IVC-Meitar Exits Report 20173
Exits 2013 – 2017 (excluding mega deals)
In 2017, transaction value increased by 19%
over 2016.
The number of transactions has
consistently declined since 2014.
5.57
7.42 7.62
5.56
6.60
107
131 128
119
110
0
20
40
60
80
100
120
140
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
2013 2014 2015 2016 2017
Total Exits 2013-2017* ($B)
Total Exits Amount ($B) No. of Exits
$B#
Source: IVC-Meitar Exits Report 20174
Transactions: IPOs, M&As and Buyouts 2013-2017 ($B)
Seven buyouts totaled $1.5
billion in 2017, a significant
increase, compared to $0.46
billion in 2016.
6.38 6.046.98
9.48
21.07
0.362.10 0.61
0.02
0.44
0.03
0.30 1.28
0.46
1.50
0
5
10
15
20
25
2013 2014 2015 2016 2017
High-Tech Buyouts/IPOs/M&As 2013-2017 ($B)
M&A IPO Buyouts
$B
Source: IVC-Meitar Exits Report 2017
5
Exits by Deal Size 2013 – 2017 (excluding buyouts)
6974
63
80
64
16
19
22
14
13
7
13
18
12
10
12
1918 8
15
2
2 1
2
11
11
12
0
20
40
60
80
100
120
140
2013 2014 2015 2016 2017
Number of Exits by Deal Size
<$20m $20m-$50m $50m-$100m $100m-$500m $500m-$1000m >$1000m
#
240 363 229 273 208509 631 693 412 416477
1005 1281804 643
2698
3531 3636
21573337
1620
1592 500
1454500
1196
10221250
4400
16400
0
5000
10000
15000
20000
25000
2013 2014 2015 2016 2017
Total Amount of Exits by Deal Size ($M)
<$20m $20m-$50m $50m-$100m $100m-$500m $500m-$1000m >$1000m
$M
Source: IVC-Meitar Exits Report 20176
Average exit multiple* 2013-2017
3.75
5.27
3.43
4.92
3.88
4.98
3.15
2.49
2.96
3.28
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2013 2014 2015 2016 2017
Average exit multiple* 2013-2017
Average Exit Multiple Average VC-backed Exit Multiple
Source: IVC-Meitar Exits Report 2017
Exit multiple is calculated by dividing the total exit
value (per year) by the total capital raised by the
companies which have carried out exit transactions
in each year.
2017 was modest in terms of the exit
multiple compared with 2016.
Venture capital funds, however, experienced
a sight increase in multiple compared with
the previous two years.
* Excluding buyouts & exits above $1B
7
Exits by Type*: VC-backed vs. Non-VC Backed 2013-2017 ($B)
VC-backed exits value improved in
2017 when compared with 2016, yet
still below the preceding three
years.
This is the fifth year in a row in
which mega-deals of over $1 billion
were consummated.
* Excluding buyouts
Source: IVC-Meitar Exits Report 2017
2.70
4.053.03
2.58
2.22
4.04
3.07 3.31
2.52
2.88
1.02 1.25
4.40
16.40
6.74
8.14 7.59
9.50
21.50
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
-
5.00
10.00
15.00
20.00
25.00
2013 2014 2015 2016 2017
High-Tech Exits: Total vs. VC-backed 2013 -2017 ($B)
Non-VC-Backed Exits $B VC-Backed Exits $B Non-VC-Backed Exits over $1B
$B
8
Source: IVC-Meitar Exits Report 2017
Exits by Deal Size:
VC-Backed vs. Non-VC Backed 2013 - 2017
The total number of exits over $100m increased from 11 in
2016 to 18 in 2017, while the total number of exits below
$100m declined from $106 million to $87 million.
The number of VC backed exits in the range of $10-$100m
decreased in 2017 to 18, from 25 and 26 in 2015- 2016.
Non VC backed exits demonstrates a similar trend and
significant decline in transaction in the range of $10-$100m;
a decrease from 28 and 23 transactions in 2014-2015 to 11-
12 transactions in 2016-2017.
* Excluding buyouts
16 14 1318
20
1422 25
2618
9
1212
5
8
0
10
20
30
40
50
60
2013 2014 2015 2016 2017
Number of VC-backed Exits by Deal Size
<$10m $10m-$100m >$100m
# o
f V
C-B
ack
ed
Exi
ts
41 42 4251
37
2128
2311
12
6
108
6
10
0
10
20
30
40
50
60
70
80
90
2013 2014 2015 2016 2017
Number of Non-VC backed Exits by Deal Size
<$10m $10m-$100m >$100m
# of
Non
-VC
Bac
ked
Exi
ts
9
Source: IVC-Meitar Exits Report 2017
VC-Backed vs. Non-VC-Backed Exits* 2013-2017 ($B)
The number of VC backed deals is
constantly declining during the last four
years, but the total value is generally stable.
The number of non-VC backed deals in the
last four years is generally stable, but the
total value has constantly declined.
* Excluding buyouts & exits over $1B
2.70 4.05 3.03 2.58 2.22
2.84
3.07
3.31
2.52
2.88
5.54
7.12
6.34
5.10
5.10
38
48 50
49
46
68
79
72
67
57
0
10
20
30
40
50
60
70
80
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
2013 2014 2015 2016 2017
Israeli High-Tech Exits 2013 -2017* ($B)
Non-VC-Backed Exits $B VC-Backed Exits $B
# of VC-Backed Exits # of Non-VC-Backed Exits $B
$B
10
Source: IVC-Meitar Exits Report 2017
Average Exit: VC-backed vs. Non-VC backed 2013-2017*
The VC-backed exit average amount
totaled $62.6 million, an increase over
2016, but still below the figure in the
preceding three years.
Non-VC backed exits were stable set at
$39 million.
39.7
51.3
42.1
38.5 39.0
74.8
64.066.1
51.4
62.6
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2013 2014 2015 2016 2017
VC-backed Israeli High-Tech Average Exits 2013-2017*
Avg. non-VC Backed Exit $m Average VC-backed Exit $m
$M
11
* Excluding buyouts & exits over $1B
Investment Patterns
The patterns in the investment
activity supplement the inputs
from the exit side. Two major
patterns became very clear in
2017:
The number of large investment
rounds (above $30 M) keep
growing;
The number of early stage
investments decreased
dramatically.
12 Source: IVC-Meitar Exits Report 2017
0
100
200
300
400
500
600
700
800
2013 2014 2015 2016 2017
De
als
Am
ou
nts
Deals Amounts per Stage and Year
Early Stage Amounts Mid Stage Amounts Late Stage Amounts
171
621
1,301 1,368
2,206
3
11
23 26
41
0
5
10
15
20
25
30
35
40
45
0
500
1000
1500
2000
2500
2013 2014 2015 2016 2017
Nu
mb
er
of
de
als
Val
uat
ion
s, M
illio
n D
olla
rs
Valuations and numbers of investments above 30 M Dollars
Source: IVC-Meitar Exits Report 2017
Top Exits in 2017
Acquired by Intelfor $15.3B
Acquired by Mitsubishi Tanabe
for $1.1B
Acquired by Aristocratfor $500M
Acquired by SAPfor $350M
Acquired by Edwards Lifesciencesfor $340M
Acquired by Symantecfor $250M
Acquired by Symantecfor $275M
Acquired by Signet Jewellers for $328M
Acquired by Continental AG for $430M
13
High-Tech Mergers & Acquisitions
2017 saw 92 mergers and acquisitions, totaling $21.07 billion
14
Source: IVC-Meitar Exits Report 2017
M&As 2013 – 2017*
In 2017 total exits amounted to $21.07
billion (including the two mega-exits
described above).
While the number of M&A deals was stable
from 2014-2016, the number decreased by
13% in 2017 - 92 deals.
* Excluding buyouts
6.38 6.04 6.98 9.48 21.07
99
111115
112
92
0
20
40
60
80
100
120
140
0
5
10
15
20
2013 2014 2015 2016 2017
Israeli High-Tech M&As 2013 - 2017
M&A Total $B # of M&A Deals
$M
#
15
Source: IVC-Meitar Exits Report 2017
M&As* 2013 - 2017
When excluding the mega deals the
number of M&A transactions has
decreased and are the lowest in the
past five years.
* Excluding buyouts & exits above $1B
5.18 6.04 5.73 5.08 4.67
98
111114
111
90
0
20
40
60
80
100
120
0
1
2
3
4
5
6
7
2013 2014 2015 2016 2017
Israeli High-Tech M&As* 2013 - 2017
M&A Total $B # of M&A Deals
$M #
16
Source: IVC-Meitar Exits Report 2017
Average M&As 2013 – 2017 (excluding buyouts & exits above $1B)
52.954.4
50.3
45.7
51.9
74.9
63.5 62.8
52.4
63.2
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
2013 2014 2015 2016 2017
Average Israeli High-Tech M&A deal
Average M&A Deal ($M) Average VC-Backed M&A Deals ($M)
$M
17
Source: IVC-Meitar Exits Report 2017
M&As by Sector 2013 - 2017
In 2017, the number of IT & software, Internet and
communications M&A deals shrank compared with the
three preceding years.
While Mobileye placed semiconductors first in terms
of total M&A capital attracted in 2017, the number of
deals in this sector was low, as in previous years.
13 Life sciences M&As closed in 2017, almost the
same as in the previous year. This number is affected
by the number of IPOs.
In 2017, in terms of total value of M&A transactions,
software deals placed first (47 percent), Internet
second (23 percent) and life sciences third (13
percent).
* Excluding buyouts & deals over $1B
6
11
6
5
1
24
22
21
25
16
18
30
31
32
23
23
33
35
29
28
15
7
8
12
13
9
5
8
4
8
3
3
5
4
1
0 20 40 60 80 100 120
2013
2014
2015
2016
2017
Number of Israeli High-Tech M&As by Sector
Cleantech Communications Internet
IT & Enterprise Software Life Sciences Miscellaneous Technologies
Semiconductors
18
Source: IVC-Meitar Exits Report 2017
M&A Deals: Volume of the Deals ($m) (excluding buyouts & exits above $1B)
225 363 211 251 145
437380 611 412 355
331425
1200
804576
2571
3284
3209
2157 3091
1620
1592500
1454 500
0
1000
2000
3000
4000
5000
6000
7000
2013 2014 2015 2016 2017
M&A Deals by Volume* ($m)
<$20m $20m-$50m $50m-$100m $100m-$500m $500m-$1000m
19
M&As – The Acquirer Side
Israeli high-tech acquirer activity accounted for $1.17 billion in 2017
20
Source: IVC-Meitar Exits Report 2017
M&As*: acquirers by country of origin
In 2017, United States and Canadian
corporations acquired 39 Israeli high-tech
companies (42%), followed by Israeli buyers
(28%).
European corporations (including UK & Russia)
were purchasers in 13% of all M&A deals.
Three M&As were led by Chinese acquirers - one
deal less than in 2016.
* Excluding buyouts 42%
46%
28%
30%
13%
11%
5%
7%
11%
5%
0% 20% 40% 60% 80% 100%
2017
2016
Acquirers by Country of Origin
United States & Canada Israel Europe Asia Other
21
Source: IVC-Meitar Exits Report 2017
Acquisitions by Israeli High-Tech Companies* 2013 –2017
In 2017, 49 Israeli high-tech companies undertook 68
mergers and acquisitions, keeping up with the deal making
pace of the past four years. This year, however, was
weaker for Israeli buyers, with the total value of such
transactions reaching a modest $1.17 billion, compared
with $3.46 billion in M&As in 2016.
Two-sided Israeli M&As experienced a noticeable
slowdown in 2017. 30 deals accounted for 44% of total
deals undertaken by Israeli buyers in 2017, and a mere
$393 million of total capital volume.
Israeli acquisitions of foreign companies also fell short of
the previous years. The three largest deals, of over $100
million each, were undertaken in 2017. They accounted for
39% of the total M&A capital volume.
The $200 million acquisition of Juno Lab by Gett was the
largest deal among Israeli buyers in 2017.
* Excluding buyouts and exits above $1B
113
1180 1214 1138
393
1062
1970
1054
2318
776
1175
3150
2268
3456
1169
22
35
3834
30
50
67
78
69 68
0
10
20
30
40
50
60
70
80
90
100
0
500
1000
1500
2000
2500
3000
3500
4000
2013 2014 2015 2016 2017
Acquisitions by Israeli High-Tech Companies* ($M)
Israeli M&A Deals of Foreign Companies $M
Two-Side Israeli M&A Deals $M
# of Two-Side Israeli Deals
# of All M&As Made by Israelis
$M #
22
High-Tech IPOs
Thirteen Israeli high-tech companies completed IPOs in 2017, raising $0.44 billion
23
Source: IVC-Meitar Exits Report 2017
IPOs 2013 - 2017
In 2017, the IPO activity of Israeli high-tech
companies increased as compared to 2016,
attracting $0.44 billion in 13 deals.
Listing on Nasdaq seems somewhat
challenging to Israeli companies.
Companies should consider alternative paths
in markets which that are perceived as
secondary.
In 2017, six companies listed in ASX raised an
average $5.2 million.
Only one company – ForeScout – succeeded
to hit the Nasdaq threshold.
0.36
2.10
0.610.02 0.44
1.60
9.48
3.54
0.07
1.74
8
17
8
5
13
0
2
4
6
8
10
12
14
16
18
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
2013 2014 2015 2016 2017
Israeli High-Tech IPOs 2013 - 2017
IPO Deals $B IPOs Valuation $B # of Exits
$B #
24
Source: IVC-Meitar Exits Report 2017
IPOs 2013 - 2017
21
3
3
12
6
3
2
5
2
1
1
1
3
6
0
2
4
6
8
10
12
14
16
18
2013 2014 2015 2016 2017
Number of Israeli High-Tech IPOs 2013 - 2017
Israel United States United Kingdom Canada Australia
#
25
Sectors – Analysis of Exits by Sector
Israeli software and life sciences exits were on the
rise in 2017
26
Source: IVC-Meitar Exits Report 2017
Exits by Sector 2013 - 2017 (*excluding exits over $1B)
3 3 5 4 3
18 15 12 13 16
2436 35 30 30
26
22 21 26 18
20
3533 33
24
9
59 4
9
6
117
6
3
0
20
40
60
80
100
120
140
2013 2014 2015 2016 2017
Number of High-Tech Exits by Sector* 2013 - 2017
Semiconductors Life Sciences IT & Enterprise Software Communications Internet Miscellaneous Technologies Cleantech
#
27
Source: IVC-Meitar Exits Report 2017
2.0
9.6 9.4
31.2
6.0
0
5
10
15
20
25
30
35
2013 2014 2015 2016 2017
6.6
5.2
6.5
6.0
8.7
0.00 2.00 4.00 6.00 8.00 10.00
2013
2014
2015
2016
2017
20 2200133
35748 4
39192
1235
1342
4879
1081
20
36
34 34
25
0
5
10
15
20
25
30
35
40
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2013 2014 2015 2016 2017
Buyouts IPOs M&As # of Exits$9.5B
149 Deals
13%
11%
14%
53%
9%
e-Commerce
Internet Applications
Online Advertising
Online Entertainment
Other Internet
Inte
rne
t e
xit
s 2
01
3-2
01
7
Top 5 Internet exits in 5 years
2017 20172014 20152016
Internet sub sectors Internet exits 2013-2017
28
Average exit multiple
Average time to exit
Source: IVC-Meitar Exits Report 2017
Se
mic
on
du
cto
rs e
xit
s2
01
3-2
01
7
$19B
20 Deals
88%
4%
3%
5%
Video, Image & Audio
Network Processors
Wireless Communication
Other Semiconductors 371 392 4911393
15301
1022
24
3
4
5
4 4
0
1
2
3
4
5
6
0
2000
4000
6000
8000
10000
12000
14000
16000
2013 2014 2015 2016 2017
M&As IPOs # of Exits
3.6 5.0 5.0 7.4
97.6
0
20
40
60
80
100
120
2013 2014 2015 2016 2017
8.0
11.0
12.0
12.0
18.0
0.00 5.00 10.00 15.00 20.00
2013
2014
2015
2016
2017
20142016 20152017 2016
Top 5 Semiconductors exits in 5 years
IPO
2013
Semiconductors sub sectors Semiconductors exits 2013-2017
29
Average exit multiple
Average time to exit
Source: IVC-Meitar Exits Report 2017
So
ftw
are
exit
s 2
01
3-2
01
7
$12.5B
164 Deals
6.5
4.9
8.5
6.9
4.6
0
1
2
3
4
5
6
7
8
9
2013 2014 2015 2016 2017
Average exit multiple
8.2
11.2
11.7
9.4
11.1
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00
2013
2014
2015
2016
2017
Average time to exit
5%4%
34%
8%9%
40%
Business Analytics
Design & Development Tools
Enterprise Applications
Enterprise Infrastructure
Miscellaneous Software
Security
29215
438 431 490
1287
2027
3638
1242
2184
75
346
6
12225
3837
32 32
0
5
10
15
20
25
30
35
40
0
500
1000
1500
2000
2500
3000
3500
4000
2013 2014 2015 2016 2017
Buyouts M&As IPOs # of Exits
2015 2015 20172013
Top 5 Software exits in 5 years
Software sub sectors
2015 2015
Software exits 2013-2017
30
Source: IVC-Meitar Exits Report 2017
3.0
8.6
7.0
4.8
1.4
0
1
2
3
4
5
6
7
8
9
10
2013 2014 2015 2016 2017
11.4
6.5
8.4
15.1
18.1
0.00 5.00 10.00 15.00 20.00
2013
2014
2015
2016
201717525
240
2071
1476944 1312
387
51
5
28
27
22 22
27
20
0
5
10
15
20
25
30
0
500
1000
1500
2000
2500
2013 2014 2015 2016 2017
Buyouts M&As IPOs # of Exits
Communications exits 2013-2017
2013 20132016 20142014$6.7B
118 Deals
51%
18%
8%
7%
6%
10%
Mobile Applications Telecom Applications
Mobile Infrastructure Wireless Applications
Broadcast Other Communications
Co
mm
un
ica
tio
ns
exit
s 2
01
3-2
01
7
Top 5 Communications exits in 5 years
31
Average exit multiple
Average time to exit
Communications sub sectors
Source: IVC-Meitar Exits Report 2017
9.6
2.3
1.1
3.1
13.3
0
2
4
6
8
10
12
14
2013 2014 2015 2016 2017
11.3
11.7
12.7
22.3
13.4
0.00 5.00 10.00 15.00 20.00 25.00
2013
2014
2015
2016
2017
2251
358
136
530
1697
510
400
102
375
334
4
79
18
15
13 13
18
0
5
10
15
20
25
30
0
500
1000
1500
2000
2500
2013 2014 2015 2016 2017
M&As Buyouts IPOs # of Exits
Life sciences exits 2013-2017
2017 20132015 20172013
$6.8B
77 Deals
60%
31%
6%
2% 1%
Medical Devices Therapeutics Healthcare IT
Biologicals DiagnosticsLif
e s
cie
nce
s e
xit
s 2
01
3-2
01
7
Top 5 Life sciences exits in 5 years
Life sciences sub sectors
32
Average exit multiple
Average time to exit
Source: IVC-Meitar Exits Report 2017
5.6 5.9
1.7
32.1
2.5
0
5
10
15
20
25
30
35
2013 2014 2015 2016 2017
6.0
33.2
12.7
34.0
52.0
0.00 10.00 20.00 30.00 40.00 50.00 60.00
2013
2014
2015
2016
2017
40
436
92 82
1
60
167
145
4
166
12
76
4
0
2
4
6
8
10
12
14
16
18
20
0
100
200
300
400
500
2013 2014 2015 2016 2017
M&As Buyouts IPOs # of Exits
Cleantech exits 2013-2017
20152017
IPO
20142014 2016
$1.04B
35 Deals
35%
25%1%
20%
19%
Agro Technology Energy Environment
Materials Water Technologies
Cleantech sub sectors
Cle
an
tech
exit
s 2
01
3-2
01
7
Top 5 Cleantech exits in 5 years
Consortium Headed by Avshalom
Felber
33
Average exit multiple
Average time to exit
Source: IVC-Meitar Exits Report 2017
1.6
301.3
3.71.9 4.5
0
50
100
150
200
250
300
350
2013 2014 2015 2016 2017
26.0
6.0
21.8
3.0
23.7
0.00 5.00 10.00 15.00 20.00 25.00 30.00
2013
2014
2015
2016
2017
168
121
338
41
416
152
82
130
9
5
11
4
9
0
2
4
6
8
10
12
14
16
0
100
200
300
400
500
600
2013 2014 2015 2016 2017
M&As Buyouts IPOs # of Exits
Miscellaneous technologies exits 2013-2017
2017 20142017 2017 2013
$1.5B
38 Deals
13%
21%
66%
Defense Hardware Industrial Technologies
Miscellaneous technologies sub sectors
Mis
cella
ne
ou
s te
chn
olo
gie
s e
xit
s 2
01
3-2
01
7
Top 5 Miscellaneous technologies exits in 5 years
IPO
34
Average exit multiple
Average time to exit
2017 Exits in Technology Clusters
The clusters analysis provides data and observations with
respect to the pattern of exists and investments in these
clusters over a five-year period. We believe that this analysis is
helpful in understanding the developments and trends in these
clusters.
Generally the IVC-Online Database categorizes each company
into one individual sector; however, companies are often
related to more than one cluster, based on various aspects of
their technological capabilities, target markets and product or
service application. Therefore, companies may be analyzed
under more than one cluster and an aggregation of the data of
multiple clusters is inapplicable. A separate section will be
dedicated to sector analysis following this one.
Below is a quick glossary:
Adtech - technologies developed for managing, tracking and monetizing advertising and marketing campaigns.
Cyber Security -technologies for the protection of information systems from theft or damage to hardware, software, or the information stored on them.
Automotive - technologies and products in wide range being offered to the car and transportation industries: mobility, IoT, software and security.
35
Source: IVC-Meitar Exits Report 2017
Cyb
er
secu
rity
exi
ts 2
01
3-2
01
7
746
1261 1330
563
1478
3
1820
1413
0
5
10
15
20
25
0
200
400
600
800
1000
1200
1400
1600
2013 2014 2015 2016 2017
Exit Deals ($m) # of deals
Cyber Security exits ($m)
190
304
585 595504
54
71
87
74
48
0
10
20
30
40
50
60
70
80
90
100
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017
Capital Raised ($m) # of Deals
Cyber Security financing rounds ($m)
36
Top 5 Cyber Security exits in 5 years
2017 2015 2016 20142013
Source: IVC-Meitar Exits Report 2017
Ad
tech
exi
ts 2
01
3-2
01
7
42
524619 626
30
6
16
1312
9
0
2
4
6
8
10
12
14
16
18
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017
Exit Deals ($m) # of Deals
158
228
345
169143
45
32
38
27
11
0
5
10
15
20
25
30
35
40
45
50
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017
Capital Raised ($m) # of Deals
AdTech exits ($m) AdTech financing rounds ($m)
37
Top 5 AdTech exits in 5 years
2015 2014 2015 2014
IPO
2015
Source: IVC-Meitar Exits Report 2017
Au
tom
oti
vee
xits
20
13
-20
17
82 218 198
634
415
17
32
27
36
32
0
5
10
15
20
25
30
35
40
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017
Capital Raised ($m) # of Deals
Automotive financing rounds ($m)
1211
1023
275 196
856
4
2
2
8
7
0
1
2
3
4
5
6
7
8
9
0
200
400
600
800
1000
1200
1400
2013 2014 2015 2016 2017
Exit Deals ($m) # of Deals
Automotive exits ($m) (excluding Mobileye)
20132017 2017 2017 2016
38
Top 5 Automotive exits in 5 years
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, as well as buyouts performed by private equity and financial investors in Israeli and
Israel-related high-tech companies between 2013-2017
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 also references M&A deals where Israeli high-tech companies acted as the acquiring party
Up-to-date information is available to IVC Industry Analytics subscribers
All Rights Reserved. Copyright of IVC Research Center Ltd. 2017
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About Meitar Liquornik Geva Leshem Tal:
Meitar Liquornik Geva Leshem Tal is Israel’s leading international law firm and the undisputed leader in the technology sector. The firm's Technology Group numbers over 120 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.
The firm is uniquely qualified to work with companies throughout their entire corporate “life cycle”. The firm 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.
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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 16,000 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 Quarterly Survey, which for over 16 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, The Israeli Innovation Authority and Ministry of Economy. 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.
41
Contact Us
Marianna Shapira, Research Manager, IVC Research Center
[email protected] www.ivc-online.com
+972-(0)73-212-2339
42
Elinor Rottenberg, Head of Business Development,
Meitar Liqournik Geva Leshem Tal
[email protected] www.meitar.com
+972-3-6103100
