Document Sample

                                       Israel-British Chamber of Commerce
Israeli Embassy in London

                            A unique opportunity to learn
                              about the Israel Venture
                               Capital Community, its
                            activities and achievements,
                              and explore investment

                               The Savoy Hotel
                                6 March 2003
                              Israel-British Chamber of Commerce

  Extending a hearty Thank You to our Sponsors who made this event possible:

Israel: A Global Source of Innovation
                          Dear Friends and Partners,                     and innovative start-up companies.
                                                                         Israel has maintained its position as one
                                  ince 2000, we have witnessed           of the most important global sources of

                          S       the global high tech sector going
                                  through a continued slowdown.
                                  This slowdown was reflected
                          in almost every aspect of the industry.
                          Revenues have been declining, and
                                                                         innovation. In every sub-sector of the IT
                                                                         and healthcare world, and in almost every
                                                                         unique technology development, one
                                                                         may find a number of Israeli companies
                                                                         focused on them – wireless, mobile and
                          financial investors have reduced their         cellular communications, networking
                          level of activities in the high tech sector.   technologies, semiconductors products
                          Investors, as well as customers, have          and software.
                          shown a growing concern following the          The Israeli government is assisting in
                          explosion of the “Internet bubble”, the        promoting a high tech industry, with
                          telecom crisis, and corporate scandals.        an emphasis on science and technology.
                          Technology company valuations have             They are encouraging investors and
                          been reduced, and many of the companies        entrepreneurs to respectively invest in
By Chemi Peres,           that were looking for financing,               and form start-up companies by offering a
                          discovered that the process of securing        variety of incentives. Among these is the
Chairman, Israel          funds became a lengthy and painful one.        recent new tax reform initiative, whereby
                          Investments, in these days of uncertainty,     foreign investors will not be taxed in
                          are highly geared towards risk                 Israel.
Venture Association,      reduction, and therefore investors are         In addition, the government is building
                          focused on companies that have passed          innovative programs, such as the “Seed
and Managing Director     the technology risk, and are already           Fund”. In this program, the government is
                          generating revenues, with a clear path         sharing the risk in seed stage investments,
                          to profitability or achieving a stage of       providing the investor with the option of
and Co-Founder, Pitango   positive cash flow.                            purchasing the government shares in the
                          Technology has been accepted, adopted          future at the initial price, and thereby
Venture Capital.          and implemented on a worldwide                 leverage the successful investments.
                          basis. This is evident in the increased        In the last ten years, the Israeli VC
                          availability of broadband communication        community grew to 100 funds, raising
                          and the deployment of wireless data            $10 billion that was invested in 1000
                          applications, to name just a few. While the    companies. These companies managed to
                          world is becoming more technologically         attract an additional $10 billion in private
                          minded, very little is invested in its main    investments from international investors,
                          driving force – “Innovation”.                  and realized $26 billion in public
                          It might be argued that large corporations     offerings and M&A activities. Today, the
                          are still spending money on “Research          venture community in Israel is investing
                          & Development”. But in the current             $1 billion a year in start-up companies.
                          economy, and the need to reserve               International investors are responsible for
                          cash and profitability, in reality, this       approximately 50% of that amount. We
                          “R&D expenditure” is translated into           believe that annual investments will grow
                          customer support activities and product        to a level of $1-2 billion a year.
                          customization, and is not considered true      We are delighted that you could join us
                          R&D investment.                                today at the Israel Venture Capital Summit
                          During the last three years, the Israeli       which was organized by the Israel-British
                          technology sector has also experienced         Chamber of Commerce, together with
                          a slowdown. This can be correlated to          the Israeli Venture Association (IVA). We
                          the US market, but at the same time, the       hope that through this summit you will
                          Israeli technology sector has managed to       gain a greater insight into venture capital
                          continually generate an entrepreneurial        investment in Israel: A Global Source of
                          spirit that has resulted in unique, exciting   Innovation.

                                                                                                 LONDON 2003• 3 •
A very significant coming at this particular time
                            Dear Friends,
                                   he British-Israel Chamber of

                            T      Commerce is delighted to be co-
                                   hosting the Israel Venture Capital
                            Summit. London is very much the focal
                            point for Europe’s financial markets so
                            this Conference is very significant coming
                            as it does at this particular time.
                            Not only will it provide a showcase for
                            Israel’s outstanding Hi-Tech industries
                            but it will also allow the participants the
                            opportunities of meeting with investors
                            and advisors from a wide range of
                            I believe that March 6th will highlight
                            the many synergies between our two
Lord Young of Graffham      countries and act as a catalyst for future
PC DL                       cooperation and development
                            We look forward to welcoming you in
                                                                          ‰ÈËȯ·-χ¯˘È ¯ÁÒÓ‰ ˙΢Ï
                                                                          Israel-British Chamber of Commerce
Chairman, British-Israel    London
Chamber of Commerce

The advantages of investing in Israel
                            Dear Chamber Members and Friends,             Despite the unfavourable conditions
                                     he Israel-British Chamber of         both in Israel and in world markets,

                            T        Commerce is pleased and proud
                                     to take part in the organisation
                                     of this Venture Capital Summit,
                            together with the Israel Venture
                            Association and our sister-Chamber in
                                                                          we continue to have full faith in the
                                                                          high quality of the Israeli technological
                                                                          companies and their value as the main
                                                                          source of growth for the Israeli economy.
                                                                          In order to enable these Venture
                            London.                                       companies to continue to invest in Israeli
                            The purpose of this seminar is in line        Start-Up companies, capital needs to
                            with one of our Chamber's main goals          be recruited - and this is the goal of the
                            - to promote the bi-lateral commercial        Venture Capital Summit in London.
                            and business relations between Israel and     The Israel-British Chamber of Commerce
                            Britain. Accordingly, this conference and     considers the IVC conference and
                            seminar will introduce the Israeli Venture    seminar as another important step in the
Amnon Dotan                 Capital industry to potential British and     promotion of the excellent commercial
                            European investors, and present to them       ties between London and Jerusalem.
Chairman , Israel-British   the advantages of investing in Israel.        As one of the oldest leading bi-national
Chamber of Commerce         Israeli Venture companies are rated           Chambers of Commerce in Israel, we
                            among the best of their kind worldwide.       continue to promote many projects, such
                            Over the last decade these Israeli            as the PFI system for implementation of
                            companies have recruited approximately        infrastructure projects, the organisation of
                            10 Billion US Dollars, mostly from foreign    delegations and trade missions, seminars
                            investors, and the capital was invested       and conferences such as this IVC Summit
                            mainly in the High-Tech Industry.             in London.

                                                                                                  LONDON 2003• 5 •
Conference Agenda
8:30-9:00     Registration, Coffee

9:00-9:20     Greetings
              Amnon Dotan, Chairman, IBCC
              Chemi Peres, Chairman, IVA
              Zvi Stauber, Israel Ambassador to Britain

9:20-10:00    Is the Israeli Economy Near a Turning Point?
              Prof. Leonardo Leiderman, Berglas School of Economics, Tel Aviv University

10:00-11:00   Investing in Venture Capital Today - the Global Challenge
              Moderator: Robert W. Genieser, Managing Director, Vertex Management (UK) Ltd.
              Speakers: Ray Maxwell, Invesco, UK
                           Alex Rogers, Harborvest Partners, UK
                           Gerald Segal, Bear Stearns & Co., Israel
                           Matt Hocker, Executive Director,
                           Private Equity Funds Group, UBS WARBURG

11:00-11:20   Coffee break

11:20-11:50   Impact of New Tax Reform in Israel on Investment in Hi-Tech
              Avi Berger, CPA, Managing Partner, PwC, Israel

11:50-13:00   Venture Capital Investment in Israel - the Challenge and Prospects
              Moderator: Chemi Peres, Managing Partner,
                         Pitango VC, Chairman, IVA
              Speakers: Jonathan Blake, SJ Berwin, UK
                         Bruce Golden, Accel Partners, UK
                         Mauro Pretolani, TLcom Capital Partners, UK
                         Boaz Dinte, Evergreen Partners, Israel
                         Gilead Halevi, Giza VC
                         Dr. Ed Mlavsky, Gemini Venture Funds, Israel

13:00-13:30   Israel Hi-tech Environment
              Gordon Eichhorst, Exec. Director, Head of European Tech Group & Nadav Zohar,
              Exec. Director, Tech Group Israel, Morgan Stanley

13:30-15:00   Lunch
              Keynote Speaker: H.E. The British Ambassador, Sherard Cowper-Coles CMG LVO

                                                                                    LONDON 2003• 7 •
                                   Who is who?
Prof. Leonardo Leiderman                                           Aviv Stock Exchange. Prior to Mofet, he was Director of Busi-
                      Leonardo Leiderman is Professor of           ness Development and Marketing at Decision Systems Israel
                      Economics at the Eitan Berglas School of     (DSI), and a Senior Consultant to Israel Aircraft Industries (IAI).
                      Economics, Tel Aviv University, Israel.      He also served as a pilot in the Israel Air Force for 10 years.
                      Most recently, during two-and-a-half years   Chemi serves on the board of Koor Industries (NASDAQ: KOR)
                      Leiderman served as Managing Director        MystiCom, Mercado, Provigent, Voltaire, and many others.
                      and Head of Emerging Markets Economics       Additionally, he serves on the board of the Ministry of Trade
                      at Deutsche Bank. Prior to that, from 1996   and Commerce Seed Fund, Matan, the Israeli “United Way”,
                      to 2000 he was Senior Director and Head      and KIEDF (Koret Israel Economic Development Fund), which
                      of the Research Department at the Bank of    promotes small business in Israel.
Israel. Leiderman is a research fellow in London’s CEPR.           Chemi holds an MBA degree and a Bachelor of Science degree
Leiderman (who was born in Argentina, and is a citizen of          in Industrial Engineering and Management from Tel Aviv Uni-
Israel) joined Tel Aviv University in 1979, after completing his   versity. He continues to be involved in the university by serving
Ph.D. at the University of Chicago under the supervision of        on the board of Ramot, the commercial arm of the Tel Aviv Uni-
Nobel Laureate Professor Robert E. Lucas, Jr. From 1988 to 1991    versity that focuses on Technology Transfer and he is the Chair-
he was Chairman of the Economics Department, and from 1994         man of the Faculty of Management at the Tel Aviv University.
to 1996 he headed the Pinhas Sapir Center for Development at       Chemi is one of the founders of the Israel Venture Association
Tel Aviv University.                                               and is currently the chairman of IVA.
Over the years, Leiderman visited various entities especially in
the US. He was a Visiting Scholar at the International Monetary    About Pitango
Fund, World Bank, and IADB. In addition, he was a Visiting         Founded in Israel in 1993, Pitango Venture Capital is Israel’s
Professor at the University of Chicago and Boston University.      first and foremost venture capital firm and a lead investor in
Leiderman has also consulted for various governments and           seed, early and expansion stage companies. Since its inception,
central banks, including those of Argentina, Brazil, Chile,        Pitango’s team of venture professionals has invested in over 80
Czech Republic, Colombia, Mexico, Poland, South Africa, and        companies, and currently manages funds in excess of $700 mil-
Venezuela among others. While at the central bank in Israel,       lion in committed capital.
Leiderman played a central role in the shift from an exchange-     Pitango Venture Capital has a well-balanced, yet diversified
rate anchor to an inflation-target anchor in the mid 1990s.        portfolio of companies. During its first ten years, Pitango Ven-
Leonardo Leiderman’s published work includes more than 70          ture Capital has helped cultivate over 85 companies, many of
articles in leading journals and books and six written or edited   which are now either traded on U.S. and European stock mar-
books. His research has covered an ample list of topics within     kets or have been acquired by international corporations.
the areas of macroeconomic policy, monetary theory, and in-        Pitango Venture Capital invests in the following sectors: Com-
ternational finance. Most of his recent work before joining        munications Infrastructure, Software and Internet Infrastruc-
Deutsche Bank was related to inflation targeting and exchange      ture, Semiconductors, and LifeSciences.
rate regimes. He published numerous articles on exchange rate
bands and their interaction with the financial and real side of
the economy. Of particular interest has been his work on capital
inflows to emerging markets (part of it coauthored with Guill-     W. Robert Genieser
ermo Calvo and Carmen Reinhart).                                   W. Robert Genieser Managing Director, Vertex Europe and
                                                                   Partner, Vertex Israel
                                                                                     Mr. Genieser joined Vertex as the Managing
                                                                                     Director for Europe in 2002. His main focus
Chemi J. Peres                                                                       is to oversee the Firm’s London, Copenhagen
Managing Director, Founder                                                           and Marseille offices, coordinating a team of
                In 1996, Chemi Peres co-founded the Pitango                          15 investment professionals. He also serves as a
                Venture Capital partnership. Currently,                              Partner in Vertex Management Israel.
                Pitango Venture Capital manages several                              Prior to joining Vertex, Mr. Genieser was a
                venture funds totaling over $700 million in                          Managing Director of Hambrecht & Quist,
                committed capital invested in more than 80         which he joined in 1996 in their San Francisco office. While in
                companies. In 1992, Chemi founded and              Silicon Valley, Mr. Genieser managed the Firm’s wireless, opti-
                managed the Mofet Israel Technology Fund,          cal and communications software practices. In this capacity, he
                which today is publicly traded on the Tel          led the Firm’s investments into Chromatis (acquired by Lucent),

                                                                                                                  LONDON 2003• 9 •
Paragon Software (acquired by Openwave) and Wavtrace (ac-                              INVESCO Asset Management Limited and is
quired by Harris). In addition to his investing activities, Mr.                        responsible for international private equity
Genieser executed the IPOs of Portal Software, ONI systems,                            fund investments. He works closely with the
Corvis, Openwave and INET, amongst others. In the M&A                                  INVESCO Private Capital Group located in
field, Mr. Genieser assisted VisionTech on its sale to Broadcom,                       New York.
I-compression on its sale to Globespan, Herrmann Technology                            Prior to joining INVESCO Asset Management
on its sale to Lucent, Terayon on its acquisition of Telegate and                      Limited in September 1997, Ray was a Director
MoreCom on its sale to Liberate.                                     of Granville Private Equity Funds Limited (now called
Shortly after Hambrecht & Quist’s merger with JP Morgan              Greenoak) and previous to that he was an Investment Manager
at the end of 2000, Mr. Genieser moved to London to run the          at Hermes Investment Management making investments in
Firm’s emerging company technology practice for Europe and           private equity partnerships globally.
Israel.                                                              He is on the advisory boards of APAX Israel, Israel Seed, JVP,
Earlier in his career, Mr. Genieser worked as a consultant for       Veritas, Merlin Bioscience, Cambridge Gateway, Elderstreet,
Bain & Company in San Francisco, where he focused on the             Procuritas, Industri Kapital, and Index Partners and is a board
telecommunications industry. Prior to receiving his MBA, he          member of Princess Management and Insurance.
worked for Morgan Stanley in both New York and Hong Kong             Ray is a graduate in Geography and Economics, a Member of
as a member of the corporate restructuring group.                    the Securities Institute and has an MBA with a specialisation in
Mr. Genieser received an AB (cum Laude) and an MBA from              finance
Harvard University.
                                                                     About INVESCO Private Capital Group
About Vertex Venture Capital - Israel                                As an industry leader since 1982, INVESCO Private Capital
Vertex Venture Capital - Israel manages $650 million in ven-         Group (formerly Chancellor Capital Management) has devel-
ture capital and is part of the International Vertex Venture         oped a reputation for excellence and expertise in private equity
Holdings (VVH). VVH, headed by Lee Kheng Nam, manages                investing.
$1 billion in venture capital and has offices in the USA, UK,        Unlike other firms that specialize in one niche of private capital,
Israel, Denmark, Singapore, Taiwan, Hong Kong and China.             our strength is built on a breadth of knowledge across indus-
Vertex Israel invests in seed and early stage Israeli companies      tries.
and focuses its investments primarily on communications,             We believe we can serve entrepreneurs and investors best by
semiconductors and software technologies. Vertex Israel’s            participating in several strategic areas of private equity.
partners include Singapore Technologies and Israel Discount          We work closely with entrepreneurs, adding value to their busi-
Capital Markets and Investments. International investors in-         ness planning and development, through our venture capital
clude NTT, Hitachi, Seiko Instruments, Creative Technology,          investing activity. We offer investors access to outstanding part-
Nomura International, JAFCO, Nikko Capital, Murata, SCP              nership programs and management teams through partnership
Private Equity Partners and Mellon Ventures. Portfolio com-          (fund-of-funds) investing. These areas keep us in the main-
panies include Telegate Ltd. (acquired by Terayon), Morecom          stream of private capital trends, so that we can offer innovative
Inc. (acquired by Liberate), Metalink Ltd. (NASDAQ: MTLK),           companies broad perspective on capital market opportunities.
Tradeum Inc. (acquired by VerticalNet), VisionTech Inc. (ac-         The strategic synergy of our expertise includes enhanced deal
quired by Broadcom), Oramir Semiconductor Equipment Ltd              flow, greater access to information, multiple perspectives on the
(acquired by Applied Materials), SHL TeleMedicine Inc. (SWX:         market and sharper due diligence insight.
SHLTN), Solidum Systems Corp. (acquired by IDT), Midbar
Tech (acquired by Macrovision), PowerDsine Ltd., ImageID
Ltd., Actelis Networks Inc., Scopus Network Technologies Ltd.,
Telrad Connegy Communications Inc., Hyperchip Inc., Cyber-           Alex A. Rogers
Ark Ltd, HyperRoll Inc and Actimize Ltd.                             Vice President, HarbourVest Partners (U.K.) Limited
                                                                                     Mr. Rogers joined the firm in 1998 after having
                                                                                     spent two years with McKinsey & Company,
                                                                                     where he focused on corporate strategy
Ray Maxwell                                                                          and decision making in highly uncertain
Ray has been involved in investment management for twenty                            environments. Mr. Rogers graduated, summa
eight years and has specialised in all forms of private equity for                   cum laude, with a bachelor’s degree in
over sixteen years                                                                   economics from Duke University. Mr. Rogers
Ray is a Managing Director of the Private Equity Division of                         left the Firm in 2000 to pursue his MBA. He

• 10 • LONDON 2003
received his MBA from Harvard Business School in 2002 where              Taro Pharmaceuticals, Tecnomatix, Comverse, eMation and
he graduated with high distinction and was named a Baker                 FineTech. Headquartered in New York City, the company has
Scholar. Following graduation, he rejoined the Firm’s London-            approximately 10,500 employees worldwide.
based subsidiary.

About HarbourVest Partners, LLC
HarbourVest Partners, LLC (formerly, Hancock Venture                     Matt Hocker
Partners) was formed in 1982 in order to provide investment              Exec. Director, Private Equity Funds Group UBS Warburg
management services to institutional investors and to serve as a                          Matt joined UBS Warburg as Chief Technology
fiduciary and registered investment advisor for venture capital                           Officer for the E- services Group. Since mid-
and other private equity investments. During the past decade                              2000 he has worked as a technologist on the
the staff of HVP has grown to its current complement of 100                               European Equity Research Team and
individuals, including 43 investment professionals. Based on                              worked with Corporate Finance in identifying
its capital resources totalling over $12.0 billion, its long history                      interesting technology start-ups. He is pres-
in the private equity investment business, the quality and expe-                          ently working in the Private Equity Funds
rience of its staff, and its resultant visibility in the international                    Group, reviewing and researching the US
market-place, HVP has established itself as a top-tier private eq-       venture capital industry.
uity investor in the United States and abroad. HVP has offices
in Boston, London and Hong Kong.                                         About UBS Warburg’s Private Equity Funds
                                                                         Group (PEFG)
                                                                         UBS Warburg’s Private Equity Funds Group (PEFG) is fo-
                                                                         cused on the global placement of Private Equity Limited
Gerald Segal                                                             Partnerships.
                   Gerald Segal is a Managing Director at Bear           With 23 investment professionals globally, based in London,
                   Stearns and head of the firm’s Israel office          New York, Nashville, San Francisco and Tokyo, and compre-
                   in Herzliya, Israel. Bear Stearns is one of           hensive contacts at established and emerging Private Equity
                   the leading US investment banks operating             fund investors globally, the PEFG provides a tailor-made fund
                   in Israel with recent transactions involving          raising solution to general partners. Moreover, we have access
                   Dor Chemicals, Tevel, Taro Pharmaceuticals,           to the capital and capability of the wider UBS Group. The PEFG
                   Tecnomatix, Comverse, eMation and FineTech.           aims to offer investors a limited number of top-quality private
                   Gerald has more than a decade of investment           equity funds per year. Our origination team carries out formal
banking experience, working at Robertson Stephens and                    due diligence prior to any fund being launched, and we invite
Merrill Lynch prior to joining Bear Stearns in 2000. Gerald is a         investors to look through our due diligence checklist. Up-to-
member of the Israel Venture Association’s board of directors;           date knowledge of our investor base and their preferences ena-
the advisory board of Brightspark, a leading incubator of                bles us to target the fund raising process, thereby leveraging the
software startups; and the strategic advisory board of Matan,            time of both general partners and potential limited partners.
the Israel affiliate of United Way International. Gerald holds a
BCom degree from the University of Toronto and an MBA from
Columbia Business School.
                                                                         Avraham Berger, CPA (Isr)
About Bear Stearns                                                                        Avraham Berger is the Managing partner of
Bear Stearns is a leading global investment banking and                                   PricewaterhouseCoopers, Israel - Kesselman &
securities trading and brokerage firm (NYSE: BSC). With                                   Kesselman. He serves on the European board
approximately $30.6 billion in total capital, Bear Stearns                                of PwC and also as the chairman of the ac-
serves governments, corporations, institutions and individuals                            counting committee of the Israeli firm.
worldwide. The company’s business includes corporate                                      Mr. Berger joined the Israeli firm in 1976 and
finance and mergers and acquisitions, institutional equities                              became the managing partner in 1991. He has
and fixed income sales, trading and research, private client                              extensive experience in mergers and acquisi-
services, derivatives, foreign exchange and futures sales and            tions and complex public offerings, both in Israel and abroad.
trading, asset management and custody services. Bear Stearns             Mr. Berger studied Economics and Accounting at the Univer-
is one of the leading US investment banks operating in Israel            sity of Tel-Aviv and qualified as a certified public accountant
with recent transactions involving Dor Chemicals, Tevel,                 in Israel.

                                                                                                                      LONDON 2003• 11 •
Mr. Berger is a member of the Israeli Institute of Certified Public                     investments in software. Mr. Golden currently
Accountants. He lectures at professional forums and has pub-                            serves as a member of the Board of Directors
lished several articles in the professional press.                                      at comScore, eCommerce Industries, Escalate,
Mr. Berger is a member of the board of the Association of                               Responsys, and (SPRT) and is
Friends of the Weizman Institute of Science in Israel and is also                       responsible for Accel’s investments in Ajuba
on the board of the Friends of the Rabin Medical Center.                                Solutions (acquired by Interwoven, Inc.), and
                                                                               (acquired by
About Kesselman & Kesselman, PwC, Israel                                                Prior to joining Accel, Mr. Golden held execu-
A leading professional services firm in Israel for decades,           tive positions at Illustra Information Technologies (which even-
Kesselman & Kesselman is a member of the Pricewaterhouse-             tually merged with Informix Software) and Sun Microsystems.
Coopers worldwide organization.                                       Mr. Golden has an MBA from Stanford University and a BA
The firm maintains practice offices in the cities of Tel-Aviv (main   from Columbia University. He lives in London with his wife
office), Haifa, Jerusalem and Beer-Sheva. There are 40 partners       and two children.
and a total staff of more than 600 employees, of whom about
500 are professionals from various fields: CPA’s, economists,         About Accel Partners
jurists, engineers, systems analysts, finance professionals, etc.     Accel Partners is a venture capital firm dedicated to help-
The firm is the most experienced professional financial services      ing outstanding entrepreneurs build category-defining
firm in Israel, and was founded in 1924 by Robert D. Kessel-          technology companies. In order to meet this challenge,
man, CPA, of New York.                                                we focus the investment of over $3 billion under man-
Our clients are engaged in a wide range of different fields:          agement in just two areas: Networking and Software.
industry, hi-tech, services, commerce, communications, bio-           Accel’s 20+ years of investing in early stage technology com-
technology, insurance, real estate, financial services, academic      panies has yielded a deep base of domain knowledge, relevant
institutions and other non-profit organizations; our clients are      experience and industry relationships. It’s what allows the Ac-
from the private, public and government sectors; we serve cli-        cel team to be more responsive, add more value, and ultimately
ents from Israel, the United States and Europe.                       be the best partner to the very best technology entrepreneurs.
                                                                      Accel Partners has backed over 200 companies and has a his-
                                                                      tory of leading investments in category-defining technology
                                                                      companies such as Real Networks, Veritas, UUNet, Foundry,
Jonathan Blake                                                        AMCC, Agile Software, and Macromedia. Accel’s mission is
Partner, Head of Private Equity Group, London Office                  to both identify and be the very best partner to the category-
                Jonathan Blake is a partner and head of the           defining companies of tomorrow. Accel has two investing
                Private Equity Group in the Corporate Finance         teams based in Palo Alto, California and London, England.
                Department of SJ Berwin. He advises private           Accel has a deep history and interest in partnering with Israeli
                equity funds, investing institutions and man-         venture capital firms to invest in Israeli-based technology com-
                agement teams on management buyouts, ven-             panies.
                ture and development capital investments and
                related taxation issues. He also advises venture
                capital fund managers in many countries in
Europe and elsewhere on the structuring of venture capital            Mauro Pretolani
funds and management companies and on their incentive ar-                              Mauro Pretolani is a General Partner of TL-
rangements.                                                                            com Capital Partners. He joined the firm at
He is ranked in the top 50 lawyers in Europe by Commercial                             its inception in 1999, and focuses on telecom
Lawyer and named as one of the 50 most influential people in                           networks, IP technology and service invest-
Europe by Private Equity International.                                                ments. He sits on the board of Sphera tech-
He is Chairman of the Tax and Legal Committee of the Euro-                             nologies, Axerra Networks and Netscalibur.
pean Venture Capital Association.                                                      Previously Mauro was a Manager
                                                                                       with Bain & Company’s telecom/
                                                                                       technology practice, working both in
                                                                                       Europe and the United states. Before
Bruce Golden                                                          joining Bain, he worked in the Marketing and Treasury
General Partner, Europe                                               departments of Procter and Gamble in Greece and Italy.
Bruce Golden joined Accel in 1997 and focuses primarily on            Mauro has a Summa cum Laude Laurea Degree in Business

• 12 • LONDON 2003
Administration from the University of Rome “La Sapienza”           Gilead Halevy
and an MBA with distinction from Harvard Business School.          Director, Europe
                                                                                      Gilead Halevy, based in London, oversees
About TLcom Capital Partners Limited                                                  Giza’s investment and business develop-
TLcom Capital Partners Limited is a London based venture cap-                         ment activities in Europe. Prior to joining
ital firm investing in communication technologies and services                        Giza, he was a corporate attorney with the
companies. TLcom manages total commitments of €185 mil-                               Telecommunications, Media & Technol-
lion, and invests mainly in European and US-Israeli start-ups.                        ogy group of White & Case, London. He
The current portfolio includes IXI mobile, Axerra Networks,                           specialized in the firm’s communication
Cellglide, Sphera Technologies, Cognima, Packetfront.                                 transactions and business development op-
                                                                                      erations in Europe and Israel. Mr. Halevy
                                                                   holds an LLB cum laude, Hebrew University.

Boaz Dinte                                                         About Giza Venture Capital
                  Boaz Dinte joined Evergreen in 1996 and is       Giza Venture Capital was established in 1992 and has three
                  a Partner. Mr. Dinte focuses on Evergreen’s      funds totaling $316 million. Giza has invested in 68, early to
                  investments in communications companies,         late-stage companies in the sectors of Communications, IT and
                  with emphasis on the wireless sector, stor-      Life Sciences, with 22 exits including: Precise (NASDAQ:PRSE),
                  age and cable technologies. Prior to joining     Oridion (SWX:ORIDN), Butterfly, Libit , Scorpio, M-Systems
                  Evergreen, Mr. Dinte was Corporate Business      (NASDAQ:FLSH), Zoran (NASDAQ:ZRAN) and DSPC. Giza
                  Development Manager for M-Systems Ltd.,          is distinguished by its professional expertise, extensive man-
                  a NASDAQ-listed global leader in flash-disk      agement experience and is backed by leading international
memory and a successfully exited Evergreen portfolio com-          investors from USA, Europe, Asia and Israel which include:
pany. Prior to that, Mr. Dinte was a senior consultant at POC,     GE Equity, NIB Capital, Deutsche Banc Alex Brown, Bessemer
one of Israel’s leading management consulting firms. At POC        Trust, GIC, Temasek, Bank Hapoalim and Bank Leumi. Giza is
he worked with high-tech companies in all stages of develop-       headquartered in Tel Aviv with offices in Tel Aviv, London, New
ment. Mr. Dinte initiated and was responsible for Evergreen’s      York and Singapore.
investments in Exalink (since sold to Comverse), and is actively
involved in Etagon, P-Cube, Exanet, BigBand Networks and
Appstream. He holds a B.Sc. in electrical engineering, spe-
cializing in computer design and communications from the           Dr A I (Ed) Mlavsky
Technion, and has an MBA, Magna Cum Laude from Tel Aviv            Chairman and Founding Partner, Gemini Israel Funds
University.                                                                         On February 1, 1993, Ed founded Gemini Capi-
                                                                                    tal Fund Management Ltd. From June 1979
About Evergreen Partners                                                            until January 31, 1993, Ed was Executive Direc-
Evergreen Partners is one of Israel’s pioneer and premier ven-                      tor of the Israel-U.S. Binational Industrial Re-
ture capital firms. Evergreen’s current $615 million of private                     search and Development Foundation (BIRD).
equity funds under management represents one of the largest                         During his tenure, he was responsible for
portfolios in Israel with investments in over 80 technology                         investments of about $100 million in more than
start-ups.                                                                          300 joint projects between U.S. and Israeli high
Founded in 1987, Evergreen’s long track record of success is       technology companies. From 1974 to 1979, Ed was Executive
based on the experience, skills and commitment of its core team.   Vice President of Mobil Tyco Solar Energy Corporation, a joint
Evergreen has executed 25 successful portfolio company exits       venture created by Mobil Corporation and Tyco Laboratories
through IPOs or trade sales, distributing the highest cash-on-     Inc. to develop and commercialize a novel photovoltaic technol-
cash returns of any Israeli VC (according to Dun & Bradstreet).    ogy initiated under Ed’s direction at Tyco, a company of which
Evergreen’s fifteen years of successful private equity invest-     he was a co-founder in 1960. Tyco (now Tyco International, Inc.,
ments has attracted a global network of blue-chip investors,       NYSE) has annual revenues of over $28 billion. Until 1974, Dr.
including Bank of America, the Teachers’ Retirement System         Mlavsky was a member of its Board of Directors and its Chief
of the State of Illinois, NIF Ventures (Daiwa), ABN-Amro, and      Technical Officer; in 1973, he became President and Chief Op-
CALTECH.                                                           erating Officer.
                                                                   Ed has a First Class Honors B.Sc. degree in Chemistry (1950) and
                                                                   a Ph.D. in Physical Chemistry (1953) from Queen Mary College,

                                                                                                               LONDON 2003• 13 •
University of London. His publications include 34 scientific and    responsible for the design of satellite control systems
technical papers, and 25 patents (plus many foreign applica-
tions). Immediately prior to coming to Israel, he was a member      Nadav Zohar
of the U.S.-Israel Advisory Council on Industrial R&D, and a        Executive Director
member of the Board of Visitors to the School of Engineering                        Nadav Zohar is an Executive Director and a
at Duke University. In 1989, he was elected a member of the                         member of the Morgan Stanley Global Tech-
Cosmos Club in Washington, D.C. In 1994, he was awarded the                         nology Investment Banking Group. His pri-
degree of Doctor Scientarium Technicarum Honoris Causa by                           mary sector focus areas are Semiconductors
the Technion - Israel Institute of Technology.                                      and Communications Equipment.
                                                                                    Nadav graduated from the London Business
About Gemini Israel Funds                                                           School with a Master of Science Degree in Fi-
A pioneer in Israel’s venture capital industry, Gemini provides     nance in 1997. Nadav also has a law degree from the University
start-up financing and expert guidance to talented entrepre-        of Reading and was a practicing solicitor between 1993-1997.
neurs. Through our offices in Silicon Valley and Israel, Gemini     Nadav joined Morgan Stanley in 2000 from Lehman Broth-
offers high-level access to U.S.-based investors and a global       ers where he spent four years in their Mergers & Acquisition
network of corporate partners. With over $350 million under         Department and the Telecom Media and Technology Group.
management in three funds, Gemini focuses on seed and early         Nadav covered a variety of industries, specializing in cross
stage companies in the fields of telecommunications, data com-      border mergers and acquisitions. Nadav practiced as a com-
munications, Internet infrastructure, enterprise software and       mercial lawyer specializing in M&A and European Union law
fabless semiconductors.                                             at Gouldens Solicitors between 1993 and 1997.
Our portfolio includes some of the hottest Israeli high tech
start-ups, including Allot, Business Layers, Ceragon, Com-          About Morgan Stanley
mtouch, D-Pharm, Jacada, Lambda Crossing, Precise, Saifun,          Morgan Stanley is a premier global investment bank that main-
Tdsoft and Verisity.                                                tain leading market position in each of its business: securities,
                                                                    assets management and credit services. The company combines
                                                                    leadership in investment banking and institutional sales and
Gordon M. Eichhorst                                                 Morgan Stanley has advised on Isarel-related, market defining
Executive Director                                                  deals, including the IPOs of Amdocs, Partner and Ceragon, the
                    Gordon Eichhorst is an Executive Director       AOL acquisition of Mirabilis, the sale of eXalink to Comverse,
                    and head of the European Technology             the Polycom acquisition of Accord Networks, the SAP acqui-
                    Investment Banking Group. His primary           sition of Top Tier, the Amdocs acquisition of Clarify and the
                    sector focus areas are Semiconductors and       merger of DSP Group’s IP licensing business with Parthus to
                    Communications Equipment.                       form PartusCeva.
                    Gordon graduated from the University of
                    California at Los Angeles with a Bachelor
                                                                                    Israel Venture Association (IVA) was
                    of Science Degree in Aerospace Engineering
                                                                                    founded in 1996 in response to the
                    and a Bachelor of Arts Degree in Economics
                                                                                    intensive development of venture
in 1989. He received a Master of Science Degree from Stanford
                                                                                    capital activities in Israel. It is a broad
University in the field of Aerospace Controls Engineering in
                                                                                    based organization, representing all
1992. He received his MBA in 1997 from the University of
                                                                                    leading VC funds and other inves-
Chicago Graduate School of Business. He is also fluent in
                                                                      tors active in Israel. IVA’s activities cover diverse
German and French.
                                                                      aspects of the venture capital in industry.
Gordon joined Morgan Stanley in 2000 from Goldman Sachs
where he spent three years in their Technology Banking,
                                                                      For further details, please contact:
Corporate Finance and Mergers and Acquisitions departments.
                                                                      Etan Hillman
He has worked in a variety of industries, specialising in complex
                                                                      General Manager
restructuring transactions, joint ventures and mergers. Prior to
                                                                      Israel Venture Association
pursuing his MBA, Gordon worked for Intelsat (International
                                                                      P.O. Box, 58208
Communications Satellite Organization) as a consultant to their
                                                                      Tel Aviv 61580, Israel
spacecraft fabrication and launch activities. He also spent three
years with Space Systems/Loral as an engineering specialist

• 14 • LONDON 2003
Wishing the
Israel VC
every success.
For advice on opportunities in Israel, in the UK or across
borders, contact Simon Sacerdoti, Corporate Finance Director
Israel desk in the UK on +44 (0)20 7893 2679, email, Gary Hanson, Head of BDO’s
Israel desk in the UK on +44 (0)1707 255850, email, or Eyal Shamir, Head of our UK desk
in Israel on +972 (0)3 6380104, email

For information on our wide range of services visit
                               Alice Leading Ventures

                               Alice Ventures
                               Alice Ventures is a multinational team of highly professional and
                               motivated partners and investment managers, backed by an exten-
                               sive network of relationships. Based in Milan, Tel Aviv and London,
                               the firm is the advisor of the venture capital funds promoted by
                               MB Venture Capital and of Alicelab, a seed fund investing in technol-
                               ogy only projects, with total capital of €170m. Alice Ventures helps
                               in selecting, monitoring and liquidating investments in dynamic high
                               growth companies throughout Europe and Israel operating in infor-
                               mation and telecommunication technologies, media and life sciences.
                               Funds advised by Alice Ventures made five investments in Israel in
                               2002, placing themselves among the most active funds in Israel and
                               plan additional investments in 2003-2004.

                               Alice Lab

                               motivated experts and professionals doing business within the inno-
                               vative technologies segment at an international level.
                               Alice Lab looks for stemming opportunities in the in the ICT (Informa-
                               tion and Communication Technology) and TLC (Telecommunications)
                               sectors, providing them with technical support, hosting, marketing
                               and business counseling services.
                               Additionally, Alice Lab directly contributes to the seed investment,
                               either alone or with other seed investors or business angels, to pro-
                               vide the financial resources needed to grow a sustainable business
                               up to the stage when a first round of venture capital funding can be
                               Alice Lab assigns each new project funds generally ranging between
                               500.000 and 1 million euros, and support and counseling for a pe-
                               riod of up to 18 months.
                               In this timeframe the start-up company is provided with all the serv-
                               ices needed to nurture new business growth.
                               Alice Lab offices and labs are located in Milan and Tel Aviv.

Exceptional companies and entrepreneurs are invited to contact us:

Alice Ventures                                      Alice Lab
Hillel Milo        Hillel Milo
Edoardo Lecaldano     Miki Granski
John Gonzalez        Massimo Rapino
Cesare Sironi
                      Professional Excellence
             The firm is the most experienced professional financial services firm in Israel,
             and was founded in 1924 by Robert D. Kesselman, CPA, of New York.
             Kesselman & Kesselman is a member of the PricewaterhouseCoopers
             worldwide organization.
             Kesselman & Kesselman places the strongest emphasis on maintaining
             professional excellence among its entire staff of more than 600
             employees. This process starts with exacting recruiting standards and
             continues throughout the employee’s professional career with the firm. In
             furtherance of this goal, the firm maintains in-house continuing professional
             education programs. The firm’s accounting and SEC technical department
             and tax department work closely with their counterparts in other
             PricewaterhouseCoopers firms to provide our clients with the most up-to-
             date and relevant advise.

                                      Areas of Expertise
•   Financial reporting                                • Trust services
•   Transaction support                                • Business training
•   Hi-tech expertise                                  • Guidance centre for the recruitment and
•   Tax planning and consulting on tax issues            placement of employees
•   Life sciences and biotechnology                    • Helping companies suffering from financial
•   Risk management solutions                            difficulties
•   Internal Audit Services

          For more information please contact our Tel-Aviv office: Avi Berger, CPA, Managing partner,
            Trade Tower, 25 Hamered Street, Tel-Aviv 68125, Israel P.O.B. 452, Tel-Aviv 61003, Israel
                        Tel: +972-3-7954555 • Fax: +972-3-7954556 •

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