After two barren years, this week Elad Software Systems Limited It has filed a preliminary prospectus for an initial public offering on the Tel Aviv Stock Exchange (TASE) for 2025. The IT services company has made headlines twice over the past year due to malfunctions in its Chameleon medical file management system. Elad, owned by Elad Tiran and the Trocman brothers, Yoash and Gideon, seeks to raise NIS 120 million from institutional investors in a non-consolidated offer, by issuing 25% of its shares at a company valuation of NIS 350 million. Before the money.
Elad Systems was founded in 1982 and has approximately 1,250 employees. The company is primarily engaged in providing software services such as customer relationship management (CRM) systems, digital data, and “design, user experience and development services in the digital field,” as well as providing training and professional courses in the fields of design and user interface/user experience.”
The company is managed by CEO Dagan Halevi and its president is Adiv Baruch. In the first six months of 2024, the company reported net profits of NIS 7.6 million on revenues of NIS 235 million, an increase of 19% and 4.5%, respectively, over the corresponding period in 2023.
The IPO market estimates that Elad’s offering could be the opening shot toward a return to a double-digit number of IPOs next year. Similar to the global trend, in the past two years, IPOs have almost completely disappeared from the Tel Aviv stock market. Last year, only five new companies joined the exchange (stock trading company Meitav Trade, real estate companies Effi Capital, Amram Avraham and Luzon Ronson, and security technology company TSG). Together, these companies have raised NIS 830 million, after only one new company was issued in 2023 (Zaphyrus in the renewable energy sector).
Published by Globes, Israel Business News – en.globes.co.il – on January 9, 2025.
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