LEAP Capital Israel s Growth Investment Bank

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1 $6.15 billion in Israeli tech M&A in 2007 New Israel Office/Fund for Bessemer and DFJ $8,000,000 Equity financing round led by LEAP Capital acted as placement agent and financial advisor to CellGuide. September 17, 2007 No new financing records were set. No jumbo IPOs, no multibillion dollar M&A deals. But 2007 will go down as another solid year for Israel s hi-tech sector: 48 M&A transactions for total value of $6.15 billion; 163 private tech companies raised $1.48 billion from VCs; more than $1.65 billion of public market financings. Solid, if not record numbers. (See year-by-year charts and complete transaction lists on the pages and tables that follow). And with the sustained exit success enjoyed by Israeli tech companies, leading foreign investors continued to open Israel offices and generally increase their presence here, led by VC firms such as Bessemer (new Israel office and partner) and Draper Fisher Jurvetson (new Israel fund in partnership with an Israeli VC firm). It was also a busy and successful year for LEAP Capital, as we advised on our largest VC transaction to date an $8 million raise by GPS chipset and solutions provider CellGuide, led by Giza Venture Capital. LEAP Capital is pleased to present herein our annual Israel Tech and VC Review 2007 an in-depth review and analysis of financing and M&A activity in Israel s technology sector. The report refers to several information and data tables, all of which are located at the back of the report, as follows: Table 1 Israel tech M&A deal list 2007 Table 2 Israel VC new funds raised 2004 through 2007 Table 3 Private Israeli tech company financings 2007 Table 4 IPOs by Israeli tech companies 2007 Table 5 Secondary equity and convertible offerings 2007 Table 6 US traded Israeli tech companies, by sector Israel Tech Summary, year-by-year comparison ($ in million) Pvt/VC financing $1,481 $1,500 $890 $925 VC funds raised 1, M&A 6,149 13,038 12,087 1,648 IPOs Secondaries 766 2, ,210 Please see the back page of this report for important disclosures.

2 There were no landmark transactions to point at during 2007 for the Israeli hi-tech sector, in either the private, public, or M&A markets; just a continuous, solid stream of transactions. The largest foreign acquisition of an Israeli tech company was the $454 million purchase of troubled pharma company Taro by Sun Pharma; the largest VC-backed acquisition was of online targeted ad network company Quigo by AOL for a reported $350 million. And the largest IPO was the $160 million offering by multimedia router company BigBand Networks. Cleantech beginning to take off in Israel four new cleantech funds, 16% of VC financings in 2007 A solid year as well for Israel s overall economy and domestic stock market, up 31% Israel no longer an Emerging Market Of somewhat more interest was the largest private equity financing of the year the largest ever by a private Israeli tech company (well, at least one record was set this year!) a $200 million raise by electric car infrastructure startup Project Better Place, headed by Founder & CEO Shai Agassi. Due mainly to this investment, cleantech accounted for 16% of overall VC financing in While this one outlier certainly skews the data (without the Project Better Place financing, cleantech would account for just 3% of the total), it is becoming clear that Israel is well on its way to becoming an important player in certain areas of cleantech, as Israel is already in wireless commtech, carrier software, medical devices, data security, digital printing technologies Two new (albeit small) Israeli cleantech funds closed during 2007 Israel Cleantech Ventures ($20 million) and Terra Venture Partners ($15 million) and two more are currently raising. Interestingly, each of these new funds are managed by personnel moving from some of Israel s traditional VC firms including ex Gemini, Star Ventures and JVP partners. Outside the world of tech, Israel s economy enjoyed another fine year of growth and maturity. Highlights of 2007 include: S&P raised Israel s credit rating to A, from A-; Israel s domestic stock market had another banner year, with the benchmark TASE-25 index up 31% in 2007; The Shekel appreciated 9.0% versus the US$ making the TASE-25 returns over 42% in dollar terms; Israel was officially upgraded by the FTSE Group to Developed status (from Emerging Market), marking a significant milestone in the development and diversification of Israel s economy. Please see the back page of this report for important disclosures. Page 2

3 The hi-tech sector certainly benefited as well from Israel s continued overall financial development. For the first time in more than a decade, the local TASE stock market became a viable IPO option for technology companies (mostly life sciences) see Table 4 for a detailed list. Venture Capital Financing Review $1.48 billion raised by private Israeli tech companies in 2007 Overall VC financing activity was down slightly in 2007, with $1.48 billion raised by private Israeli tech companies in 163 transactions, compared to $1.50 billion in 183 transactions during However activity picked up steam during the second half of the year, with Q s $595 million being the most active quarter in the post-bubble era in Israel thanks in main part to two Q4 transactions in non-traditional areas of tech: the $200 million Project Better Place financing mentioned above and the $100 million investment by Goldman Sachs in vision-systems-for-cars company Mobileye. VC Financings by Quarter in Israel, $ in millions $600 $500 $400 $300 $200 Q1 Q2 Q3 Q4 $ out of the 47 deals of size $10M+ during 2007 were led by foreign VCs And foreign investors continued to play a leading role in Israel, leading nearly two-thirds (30 of 47) of transactions during 2007 of size $10 million or greater see Table 3 for a complete VC deal list for Please see the back page of this report for important disclosures. Page 3

4 Transaction activity was fairly well balanced across both stage and sector during 2007, with no one particular area accounting for 20% of overall activity. VC Financings by Sector in Israel 2007 $ in millions $163M, 11% $239M, 16% $108M, 7% $183M, 12% 166M, 11% $66M, 4% $98M, 7% $195M, 13% $264M, 19% Communications Wireless Internet Biotech Medical Devices Software Cleantech Semiconductors Other Outlook for 2008: Given the robust investment activity levels during Q4, the steady stream of exits by both M&A and IPO (see more detail below), and the continued increasing activity in Israel by foreign VCs, we believe that 2008 will see more of the same as in While many in the industry tout a variety of reasons why foreign VCs continue to build presences here from lower burn rates for companies to key technology residing in Israel the bottom line remains that foreign VCs continue to be attracted to Israel simply because you can make money here. Mergers & Acquisitions Review 48 M&A transactions totaling $6.15 billion during 2007 Israeli tech M&A transactions of $6.15 billion in 2007 were well below 2006 s near-record total of $13.0 billion, mainly due to the lack of mega billion-dollar plus transactions. See Table 1 for a complete M&A deal list for Please see the back page of this report for important disclosures. Page 4

5 Some of the world s leading technology companies continued their shopping sprees in Israel during 2007, with acquisitions by AOL (two companies), AT&T, Boston Scientific, Broadcom, EMC, HP, Microsoft, Motorola, Nokia Siemens, Philips, Reuters, Software AG (two companies) and Spansion. Israel Tech M&A, 2001 through 2007 $ in billions $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0.0 $1.0 $ $4.3.6 $8.7.3 $3.4 $1.4 $2.5 $10.6 $3.4 $ Foreign Acquirors Israelis as Acquirors Public Markets Financing Review $885 million of tech IPO activity in 2007 The IPO made a noticeable comeback in 2007 for Israeli tech companies. The year 2007 was, by a wide margin, the most active year in the post-bubble era for Israeli tech IPOs, with 19 companies raising $885 million in IPO proceeds. And while the vast majority of that amount (87%, or $767 million) was raised in the US market via Nasdaq listings, Israeli tech companies did have other viable exit options open up, particularly for life sciences companies on the local Tel Aviv Stock Exchange. Please see Table 4 for a complete IPO deal list for Similar to a phenomenon seen in the general US IPO market, 20% of the proceeds from IPO offerings (or $175 million) went to blank-check companies, or SPACs. Please see the back page of this report for important disclosures. Page 5

6 Median LTM Revenues of $56 million for companies listing on Nasdaq during 2007 It was not an easy year to go public, however, with several companies filing for an IPO yet later withdrawing. We believe that this trend will continue. The IPO market will, in our view, continue to be very selective, allowing access only to select companies with enough size and real business momentum. For example, the Israeli tech companies which did successfully list on Nasdaq during 2007 (excluding the SPACs) had median Revenues of $56 million in the 12 months leading up to the IPO. IPOs by Israeli Tech Companies 2001 through 2007 proceeds raised, in $ millions $1,000 $800 Nasdaq Other $118 $600 $400 $200 $83 $72 $121 $424 $208 $349 $31 $258 $ Already-public tech companies had a relatively quiet year in the capital raising arena, totaling $766 million in financings the first time since the mid-1990s that secondary offerings were outpaced by IPO activity. Only three offerings greater in size than $100 million were completed during 2007, for Nice Systems ($185 million), Ormat Technologies ($140 million) and Ceragon ($102 million), with each of those transactions coming in the last four months of the year. Please see Table 5 for a complete secondaries deal list for Overall, US-traded Israeli tech stocks underperformed the market, trading up 1% on average for the year. There are now more than 100 Israeli tech companies that trade in the US (primarily Nasdaq), including 68 companies with a market value in excess of $50 million, accounting for more than $80 billion of total market capitalization. (See Table 6 for a complete list of US traded Israeli tech companies, by sector). Please see the back page of this report for important disclosures. Page 6

7 $2,500 Secondary Equity/Convertible Offerings 2001 through 2007 proceeds raised, $ in millions $2,000 $1,500 $1,000 $2,210 $2,283 $500 $1,057 $1,064 $730 $766 $ Please see the back page of this report for important disclosures. Page 7

8 Important Disclosures This report is for informational purposes only. The information contained herein has been obtained from publicly available sources we believe to be reliable, but has not been independently verified. Therefore we cannot guarantee the accuracy or completeness of information, or opinions derived from such information, contained in this report. If any errors or omissions are noted please contact us at Transaction lists and details are based on publicly available sources only. Therefore, the list will likely be incomplete, missing out on transactions which were not announced, or which were completed during the year but announced subsequent to year end. The summaries based on the lists will also likely somewhat understate total actual activity. Transaction details may likewise be incorrect, as in certain cases publicly reported (but unconfirmed) details are relied upon for this report. Opinions expressed in this report reflect those of LEAP Capital management at the time of writing, and are subject to change without notice. We express no opinion or recommendation regarding any of the securities of the companies mentioned in this report. LEAP Capital Advisors Ltd. does and/or seeks to do business with entities mentioned in this report. As a result, readers of this report should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report may not be reproduced or distributed in any form or means without the express written consent of LEAP Capital Advisors Ltd. Please see the back page of this report for important disclosures. Page 19

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