ISRAEL VENTURE CAPITAL SUMMIT
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:
• 14 • ISRAEL BRITISH TRADE
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
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
‰ÈËÈ¯·-Ï‡¯˘È ¯ÁÒÓ‰ ˙Î˘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 •
8:30-9:00 Registration, Coffee
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
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
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.
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
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 Support.com (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
Exchange.com (acquired by Amazon.com).
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.
He has worked in a variety of industries, specialising in complex
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
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
email@example.com, Gary Hanson, Head of BDO’s
Israel desk in the UK on +44 (0)1707 255850, email
firstname.lastname@example.org, or Eyal Shamir, Head of our UK desk
in Israel on +972 (0)3 6380104, email email@example.com
For information on our wide range of services visit www.bdo-international.com
Alice Leading 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.
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 firstname.lastname@example.org Hillel Milo email@example.com
Edoardo Lecaldano firstname.lastname@example.org Miki Granski email@example.com
John Gonzalez firstname.lastname@example.org Massimo Rapino email@example.com
Cesare Sironi firstname.lastname@example.org www.alicelab.it
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
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 • www.pwc.co.il