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UAE’s Edge Group buys 30% stake in Israeli defense co Thirdeye

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In the cooperation of extraordinary defense industries between Israel and the United Arab Emirates, Thirdye systems (Tase: Thes), which evolves of optical recognition systems of unmanned aircraft with the capabilities of artificial intelligence, announced today that it signed an agreement and established a joint project with the Abu Dhabi’s Edge collection.

As part of the agreement, EDGE will invest $ 10 million for a 30 % stake in the Israeli company and will become the largest contributor to Thierdeye. The deal will require the approval of the Israeli Ministry of Defense.

The market value of Thirdeye is $ 23.3 million, while the deal reflects an assessment of $ 31.1 million – by 25 %. However, it should be remembered that this is a very small and volatile stock. For example, after the outbreak of the war, the value has doubled three times within six months, but since the peak in May 2024, it decreased by 50 %.

In addition, the parties will create a joint project in which EDGE will invest $ 12 million. Edge will retain 51 % of the shares of the joint company, Thirdeye will occupy 43 % and will carry a third party 6 %. According to Thirdeye, the joint company will participate in the development, marketing and marketing of electrical identity systems, focusing on some regions around the world.

Buyer: Conflict with a $ 12.8 billion order accumulation

Edge is a group of technology and defense in the United Arab Emirates, which was founded in 2019, which brings together more than 25 companies specialized in military and civil solutions and has more than 12,000 employees. The company operates in 140 countries, and the accumulation of requests is $ 12.8 billion. The group is developing advanced technologies, including unmanned systems, electronic warfare, cybersecurity, air, land and navy, as well as precise weapons systems. It aims to provide innovative and rapid solutions to the defense market and the civil market, while cooperating with international partners and adopting advanced technologies such as autonomy, robots and smart materials.

Thirdeye was founded in 2010, and the public subscription was held in 2021. The company is developing advanced solutions based on artificial intelligence of visual systems and independent tools, with a focus on security and defense. The company specializes in Edge AI applications, as it provides actual time image processing technology for monitoring and controlling difficult conditions. Over the past three years, the company’s share price has increased by 10.8 %, but in the past three months it has decreased by 38.1 %.

The company’s solutions provide a quick response to changing threats, including protection against drones, something that Israel was not ready in the war. Thirdeye products are designed to be mobile and work around the clock throughout the week, while providing an ideal response to operating units in this field. Solutions focus on combining artificial intelligence with defense and security control systems.







However, the company’s results are far from being positive. Despite a 71 % jump in revenue, sales reached only 9.8 million in the first half of 2024. The total profit was only 41 % to 3.8 million New Ni To 3.2 million New.

In addition, the company recorded the negative cash flow of operational activities of 3.2 million NIS and had only 7.1 million cash on June 30, 2024, mainly due to an investor loan. The company’s total assets in the middle of the year were only 22.4 million New.

“This transaction reflects our confidence in Thirdeye Systems, which provides a critical layer of protection in the discovery of unmanned air vehicles. We believe that this cooperation will benefit both parties and speed up the development of new products to enhance identification capabilities in Modern war.

“We are excited to cooperate with Edge Group, the global leading company in defense technologies that expressed confidence in our company. This technological and security partnership sends a strong message about the capabilities of our products that AI and AI- their contribution to security National.

It was published by Globes, Israel Business News – En.globes.co.il – on January 28, 2025.

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