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Is Israel's High-Tech Boom Sustainable?

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Is Israel's High-Tech Boom Sustainable? A MONTHLY REPORT COVERING NEWS AND INVESTMENT OPPORTUNITIES JOSEPH MORGENSTERN, PUBLISHER June 1999 Vol. XV Issue No. 6 You are invited to visit us at our website: http://www.ishitech.co.il Is IsraelÕs High-Tech Boom Sustainable? The Israeli high-tech juggernaut is fueled by its be marketed easily anywhere in the world. The mass- immense number of start-up companies. Never accu- es of money paid by multi-national corporations in rately counted the generally accepted and oft-quoted acquiring technology-laden Israeli companies has figure puts their number at 3,000. Added to the star- also attracted the attention of a slew of major house- tups are the nearly 150 public companies listed on hold name companies who maintain a universal NASDAQ and more recently, a trickle to European watch on technology developments. In this issue stock markets. To these one may add the tens of high- alone we report on Intel’s investment in TelsciCOM, tech and high-tech related companies listed on the Tel- and the Swedish giant’s Ericsson investment in Aviv Stock Exchange. NovaNet. Merrill Lynch, the global investment The professional number crunchers and venture capi- banker, has just announced that it is investing in tal industry surveys that are published are suggesting Walla, Israel’s Hebrew language leading Internet por- that the future of high-tech in Israel may be less than tal. The hottest global game involves the Internet. rosy when compared to its development since the The worldwide exponential growth of individuals beginning of this decade. The streamlined budget for going on-line and the even more astounding increase research and development supervised by the office of in electronic commerce has fueled a global search for the chief scientist is the subject of discussion, and soothsayers or those who are likely to be affected pre- In this Issue dict a crisis of the high-tech sector. The commentary appearing in our newspapers, fueled www.ishitech.co.il by the comments of “interested parties” including Is IsraelÕs High-Tech Boom Sustainable? industrialists and various industrial organization, can newZPrint Software for Online-News only lead to the erroneous conclusion that the forward Vishay Intertechnology to Set Up $35m. Plant progress of the high-tech industries may be slowed. Oracle Receives Promise for Peace Award Career Jobs in Israel This is far from being the case. The high-tech indus- Ericsson Invests $7.5m. in NovaNet Startup tries are attracting some of the best professional minds Rolls Royce in Joint Venture Haifa Science Museum in Israel. A second generation of managers and entre- Lycos and Versaware Launch New Online Research Center preneurs are heading innovative start-ups. They are Point of Sale Announces Strong Q1 Results showing an ability to avoid the shoals created by the Summary of Quarterly Financial Results: ELSTF, EMITF, GILTF, ORBK, SCIXF, TEVYI, VOCL, ELRNF so-called Asian flu and last fall’s Russian economic NICE in Japan, debacle. Neither are the ups-and-downs of Middle Merrill Lynch buys 10% of Walla East politics a deterrent to foreign investment in this Intel Rumored to Invest $2.0m. in TelsciCOM The Money Tree Survey field. It is obvious that foreign companies are not like- Weizmann Discovers Mechanism Causing Colon Cancer ly to invest in garment companies to be located in IHTIR Favorites: Charts and Analysis: Israel with the hope of supplying Middle Eastern CMVT, GICOF, CHKP, GILTF countries. However, high-tech products are easily Applications for Increased R&D Support shipped and in many cases include software which can Fitch-IBCA Raises Israel Short-term Rating Copyright 1999: Israel High-Tech & Investment Report Subscription, Bulk copy and reprint information available on request Editorial Offices: P.O.Box 33633, Tel Aviv 61336, Israel Tel: 972-3-5235279 Fax: 972-3-5227799 E-mail: [email protected] ISRAEL HIGH-TECH & INVESTMENT REPORT June 1999 technologies related to the Internet. The Money newZPrint Software Turns Online-News Tree Survey by Kesselman & Kesselman, Price- Sources into Real Newspapers Waterhouse Coopers details that Venture capital New Software Delivers Leading Web Based News Sources in a Traditional Newspaper Format investment in Israeli Internet companies increased infoPager Technologies, a leading developer of sharply, to a record level of $30 million, represent- electronic publishing technology, announced the ing Q1 1999’s most attractive industry. Nearly one release of newZPrint ™ a Windows-based client quarter of each of the $130 million total invested software package, which collects content from by 46 Israeli and two American venture capital leading online news sources and delivers it with companies was invested in backing Internet related the “look and feel” of a traditional newspaper. companies. The Israeli venture capital companies, newZPrint provides substantial benefits for end since they are managed by Israelis, generally take users by allowing content from leading news web a shorter-term view towards their investments than sites to be transformed into the same intuitive, easy their American counterparts. They measure and to read style as printed editions of newspapers, estimate how quickly they can cash-out on their magazines, or newsletters. newZPrint employs investment and since Internent companies are patent pending, formatting technology and allows showing an incredible resilience in getting Initial Internet users to Public Offerings schedule a conve- on the world’s Vishay to Set Up Plant wih $35 Mln Investment nient time for stock markets Vishay chairman Dr. Felix Zandman announced that Vishay delivery of their they will contin- Intertechnology, a Fortune 500 company, has decided to set up preferred news ue to attract a new plant for components assembly in Beer Sheva or Dimona. sources. User-de- investment. Initial investment will be $35 million, and the plant will employ fined online sources So while young 500 workers. Vishay chose the tax exemption alternative under are “mined” for start-ups in the the Capital Investments Encouragement Law, deciding to forego information, which medical and a grant for investment in equipment. is then collected electronic fields Vishay executives made it clear that the US parent company, and formatted by may find it more Vishay Intertechnology, would agree to the setting up of a plant newZPrint into a difficult to raise in Israel only if the investment required in Israel would be sim- personalized capital in their ilar to that required in setting up a plant in the Czech Republic. newspaper or infancy and seed magazine. capital contin- newZPrint can ues to be scarce, also be used as a business productivity tool with (with only 5% of the total venture capital invested features that allow users to manage their news pro- in the first quarter of 1999), they will continue to fessionally, including article reprints, archiving, get a portion of the investment funds available, forwarding and printing. “We have created a prod- though to maintain their piece of the available uct that empowers Internet users to decide which money it will take a greater effort on their part. news they want, when they want it, and how they From our vantage point the second half of 1999 want to read it,” said infoPager Technologies CEO will be a banner year for Israeli Internet compa- Drew Tick. “With newZPrint, our latest software nies. We are have tracked two of them in the pages innovation, infoPager Technologies once again of this newsletter. They are quietly preparing to demonstrates that we are putting a human face on move from private to public company status. One the way people receive and read their electronic of these has the potential of achieving an American news.” The newZPrint client software is currently stock market capitalization of more than $350 mil- available on an introductory basis, free of charge lion. and can be downloaded from the newZPrint web site at http://www.newzprint.com June 1999 ISRAEL HIGH-TECH & INVESTMENT REPORT Oracle Receives ÒPromise For PeaceÓ ernment and municipal officials in Israel and with Award representatives in the Palestinian Authority to set Oracle Corp. recently announced the installation of up 300 network computers in Ariel, Israel and 20 500 network computers that will use the Internet to computers in the Palestinian Authority city of connect students in three Israeli cities with three Gaza. Oracle plans to install an additional 180 Palestinian cities. The historic undertaking is part computers in the Palestinian cities of Nablus and of “Computers for Coexistence,” an extension of Ramallah and another 40 computers in the Israeli the Oracle’s Promise program which has provided cities of Ganey Tikvah and in the Negev city of more than 4,500 network computers to public Sderot. Upon the completion of the project this schools in low-income neighborhoods throughout summer, the computers will link 10 schools, five the United community States. centers and Marc R. Benioff, High-Tech Career Opportunities 3000 Israeli Senior Vice Israeli high-tech companies have launched a recruitment drive in the children and President of United States, seeking to attract personnel with technological skills their fami- Oracle Corpora- by organizing recruitment fairs in California and New York. Repre- lies with tion, was on sentatives from seven companies – including Tower Semiconductor, nearly 2000 hand to receive Motorola Semiconductor, Efrat, and Israel Aircraft Industries – have Palestinian the “Promise for been interviewing potential candidates at a fair held recently in Palo children and Peace” award in Alto, California, and another in New York. The fairs were organized families gratitude for in coordination with the Ministry of Immigrant Absorption, the Jew- through the Oracle’s friend- ish Agency, the Israeli consulates in New York and San Francisco, Internet. ship and its role and the Association of Electronic Industries in Israel. Hundreds of The stu- in fostering potential immigrants and expatriate Israelis contacted the organizers dents’ first peace through before the fairs opened to express interest.
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