Singapore based technology company britek Buying control of Israeli financial information company Tip Ranks The companies announced the $200 million deal this morning. Prytek will acquire a 40% stake in TipRanks from the founders, employees and some investors, and will become the controlling shareholder in the company with a total stake of 80%. The remaining 20% will be held by financial institutions that participated in TipRanks’ last funding round, including More Investment House and Analyst. Among the shareholders selling their shares are Moneta Venture Capital, Liwa Capital and Roni Michaely. Bank Hapoalim’s investment platform Poalim Equity previously owned shares in the company, but sold them to Analyst, which, as noted, remains a minority shareholder.
To date, TipRanks has raised $45 million and sold $60 million worth of stock in secondary deals. Prytek led a $77 million investment round in the company alongside More Investment House and Poalim Equity. Prytek first invested in TipRanks six years ago and has since continued to buy shares through funding rounds and secondary deals in which it bought shares directly from founders and employees.
TipRanks was founded in 2012 by Ori Grunbaum and Gilad Gat. It began as a system for measuring and ranking professional stock analysts, and has since grown into a financial content and analysis website, which has around 50,000 paid subscribers. The company’s financial data system is integrated into the trading systems of Morgan Stanley, Nasdaq, eToro and most Israeli banks, giving traders real-time information on securities and commodities. The company’s annual revenue is estimated at around $20-30 million.
Berytech is a technology conglomerate that serves financial institutions. It was founded by Israeli Andrei Yashonsky, and its chairman is Yair Seroussi, the chairman of shipping company ZIM and a former chairman of Bank Hapoalim. Berytech also has a venture fund that has invested in dozens of startups, including Cyrebro and HopOn, according to IVC. The company is run out of Singapore, and employs a large team from Russia, Israel and India. It has Russian roots: It was started with backing from a major Russian investor whose shares were sold when Russia invaded Ukraine. It acquired Delta Capital, which provides financial services and technology to banks, and that’s where its interest in TipRanks began.
Tebranx employs 120 people and is expected to hire more this year. Founders Grunbaum and Gatt will continue to lead it in the coming years under the umbrella of Prytech. The company received a takeover offer from a large American internet company, but Prytech, as the largest shareholder, declined to sell its shares and instead bought out the original shareholders. It now owns Tebranx, believing its value can grow significantly.
This article was published in Globes, Israeli Business News – en.globes.co.il – on August 15, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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