Benchmark TA-35 ends week down 5.6%
Israeli fintech unicorn Capitolis cuts its workforce by 25%
Elbit Systems bags USD 200 million contract in Asia-Pacific
Regulator fines Hot Telecom ILS 2 million for ignoring consumer requests to disconnect services
Magic Software buys French digital service company Intrabases
Ormat sells USD 337 million shares to institutional investors on behalf of Japan’s Orix
Taboola signs new partnership deal with BuzzFeed
Tower Semi, UAE’s Next Orbit in JV to build USD 3 billion chip fab plant in SW India
Israeli fintech unicorn Capitolis cuts its workforce by 25%
Israeli fintech unicorn Capitolis to cut its workforce by almost 25%, to 124, news outlet Calcalist reported.
Capitolis will fire 37 employees, including 14 in Israel.
In March, Capitolis raised USD 110 million in a Series D investment round co-led by fintech investors Canapi Ventures, 9Yards and SVB Capital at a USD 1.6 billion valuation.
Elbit Systems bags USD 200 million contract in Asia-Pacific
Elbit Systems (Nasdaq:ESLT; TASE:ESLT) was awarded a USD 200 million contract from an unnamed country in Asia-Pacific to supply electronic warfare and airborne laser technologies to protect military helicopters, Elbit said in a press release.
Elbit will implement the contract over four years.
Regulator fines Hot Telecom ILS 2 million for ignoring consumer requests to disconnect services
Israel’s Consumer Protection and Fair Trade Authority fined Hot Telecommunication Systems for almost ILS 2.1 million for failing to disconnect consumers from its services despite their requests, news outlet Calcalist reported.
The fine was imposed after the conclusion of a probe that was launched after the regulator received hundreds of complaints from consumers.
Magic Software buys French digital service company Intrabases
Israeli IT services provider Magic Software (Nasdaq:MGIC; TASE:MGIC) acquired French digital service company Intrabases, Magic Software said in a press release.
Intrabases is a software house specializing in data exchange and software integration.
Intrabases will become part of Magic Software France.
Magic Software did not disclose the financial terms of the transaction.
Ormat sells USD 337 million shares to institutional investors on behalf of Orix Corp
Orix Corp (NYSE:IX) started selling about 3.75 million shares of the Israeli geothermal energy company Ormat Technologies (NYSE:ORA; TASE:ORA) in an upsized underwritten secondary offering to institutional investors at USD 90 per share, Ormat said in a press release on Wednesday.
The offering is expected to be completed on November 21, 2022.
Ormat won’t receive any proceeds from the offering.
In 2017, Orix bought a 22% stake in Ormat for USD 630 million from FIMI Opportunity Fund and the Bronicki family, news outlet Globes reported.
Taboola signs new partnership deal with BuzzFeed
Public advertising company Taboola (Nasdaq:TBLA) signed a new partnership with BuzzFeed (Nasdaq:BZFD), Taboola said in a press release.
Under the partnership, BuzzFeed will deploy Taboola’s seamlessly integrated feed across BuzzFeed News and HuffPost brands to provide readers with personalized content for a more engaging experience.
BuzzFeed will also consider implementing additional Taboola offerings including Taboola News and Taboola Newsroom.
Taboola did not disclose financial terms of the deal.
Tower Semiconductor, Next Orbit in JV to build USD 3 billion chip fab plant in SW India
The International Semiconductor Consortium (ISMC), a joint venture between UAE's Next Orbit Ventures and Israel's Tower Semiconductor (Nasdaq:TSEM; TASE:TSEM), has proposed to set up a USD 3 billion chip fabrication plant in Karnataka in southwest India, news outlet Mint reported.
The report said the construction will begin as early as February 2023.