Mind the Tech London 2024"Investing in Israel, especially now, is a wise decision that will yield great rewards"
Mind the Tech London 2024
"Investing in Israel, especially now, is a wise decision that will yield great rewards"
"We understand why some investors are still hesitant, and our friends may be concerned. But we assure you that investing in Israel, especially now, is a wise decision that will yield great rewards," said Calcalist Publisher Yoel Esteron at the opening of the Mind the Tech London conference.
Israel is under severe and toxic attacks in many countries, and while we cannot deny that this may be affecting the tech sector, let me share some updated facts and figures that demonstrate a continued vote of confidence in us.
According to the SNC report last week, the figures from October 7th, 2023, to the end of August are surprisingly positive. Total fundraising reached $7.8 billion, close to the $8.2 billion raised in the corresponding period.
Stability was maintained in exits (sales and IPOs), with $11.6 billion in deals, including the $2 billion sale of Own to Salesforce, which is not yet reflected in the report. Exits totaled $10.6 billion in the corresponding period.
In addition to Own, more Israeli companies have been sold recently for over $1 billion each. WalkMe to SAP, and BioCatch to Permira. Israeli companies have also made significant acquisitions this year. Outbrain bought Teads for $1 billion, and CyberArk acquired Venafi for $1.5 billion.
Israeli tech giants have grown even stronger in 2024. Never in our history have we had so many companies generating over a billion dollars in annual revenue and trading on the stock market at valuations exceeding $10 billion: Check Point, Monday, Mobileye, CyberArk, Amdocs, Nice, and more.
Just recently, Google was prepared to pay $23 billion for a young company called Wiz. In the middle of the war, Google also finalized a landmark deal to lease 60,000 square meters in Tel Aviv for 10 years. Google believes in Israeli tech.
Let’s not forget Palo Alto Networks, founded by Israeli entrepreneur Nir Zuk, who will be joining us on stage today. With a market cap of over $110 billion, Palo Alto is now the largest cybersecurity company in the world. The Israeli talents working for Palo Alto in Tel Aviv are invaluable.
So, is it business as usual in the tech sector? Not exactly. The war continues, and our challenges are enormous. Since October 7, tech companies had to cut expenses and lay off good people, and they had to convince investors and clients that they were okay. But the tech sector is recovering and is stronger and more inspiring than ever. It demonstrated its resilience. Most reservists have already returned to their offices, determined to prove to investors and clients that “We deliver—no matter what” is not just a slogan.
This is why we hope investors will continue to believe in Israel. The fundamentals of Israeli tech remain strong. We have outstanding leadership, experienced and sophisticated entrepreneurs and investors, and brilliant minds trained in academia and the IDF.
We understand why some investors are still hesitant, and our friends may be concerned. But we assure you that investing in Israel, especially now, is a wise decision that will yield great rewards.
Yoel Esteron is Calcalist's publisher and co-founder of Shomrim.
