The Israeli Hi-tech Indusrty

以色列高新技术产业

By Shibolet & Co. Hi-Tech Practice, September 2015

Shibolet & Co.律师事务所高新技术团队, 20159

 As of the end of 2014, Israel boasts the highest country-wide number of hi-tech startups per capita in the world.[1]However, since authors Dan Senor and Saul Singer called attention to “Startup Nation,” an increasing number of analysts, investors, and entrepreneurs have been asking whether Israel can build not only a wealth of startups, but an industry that creates and sustainsIsraeli-basedglobalcorporations. Based upon recent findings, Israelhas begun producing a considerable number of sizeable companies, a trend that will continue. According to currentstudies,[2]Israel is the first ranked hub outside the United States based on performance, funding, talent, market reach, and startup experience – a mature ecosystem able to support this growth.

截至2014年底,以色列拥有全世界人均高科技创业公司最高的数量。但是,自从作者Dan Senor和Saul Singer呼吁大家关注“创业国家”以来,有越来越多的分析师、投资者和企业家们一直在问,以色列是否能够不仅建立大量的创业公司,而将其发展为一个产业,该产业能创造并维持以色列为基础的全球公司的成长。根据最新调查结果显示,以色列已开始成立数量颇为可观的公司,而这一趋势亦将继续。据目前研究表明,以色列是除美国外排名第一的绩效、资金、人才、市场以及创业体验方面的枢纽市场 –  成熟的生态系统能支持这种成长。

 Let us look, for instance, at the recent growth in exits coming out of Israel. Since the market low in 2010, a steady rise in the number of exits of Israeli hi-tech companies has occurred.[3]This trend, which has consistently applied to Israeli hi-tech companies on the selling side,has, in the last couple of years, also come to includeIsraeli companies large enough to be on the buying side.

例如,让我们来看看最近以色列公司退出的增长。自2010年市场低迷以来,以色列高科技公司退出的数量已经呈现稳步的上涨。这一趋势在以色列作为出售方的高科技公司一直存在,但在过去的几年里同时也包括以色列足以成为收购方的大型企业。

The drastic growth in the number of IPOs of Israeli hi-tech companies has also contributed to the total increase in number of exits. Not a single Israeli hi-tech IPO was reported in 2012. In 2013, however, eight Israeli companies closed IPOs, while in 2014,17 Israeli hi-techcompanies went public. And based on published[4] first-half numbers, the number of IPOs at the end of 2015 is expected to settle at points lower than 2014, but still higher than 2013. In no uncertain terms, Israeli hi-tech IPOs have returned.

以色列高科技公司的首次公开募股数量的急剧增长也促进了公司退出总量的增加。2012年没有任何以色列高科技企业首次公开募股的报道。而在2013年,八家以色列公司完成了首次公开募股,2014年,17家以色列高新技术公司上市。根据上半年公布的数字,2015年年底预计新股发行的数字将低于2014年,但仍高于2013年。毫无疑问,以色列高科技企业首次公开募股的趋势已卷土重来。

This rise in exit numbershas not transpired because Israeli companies are carelessly opting to exit. Between 2004 and 2007, the average time-to-exit[5]for Israeli hi-tech companies was between 5 and 10 years, while from the end of the financial crisis, between 2011 and 2014, the average time-to-exit was lengthened tobetween 10 and 15 years.[6]This expansion is particularly noteworthy in light of the relatively stable global average time-to-exit for hi-tech companies (with a slight rise in the average time-to-IPO and a slight drop in the average time-to-M&A).[7]It is striking, furthermore, that average Israeli hi-tech company proceeds from exit reached $212 million in 2014[8] – more than 2.5 times average exit proceeds in 2011. On the IPO side, returns of late havesimilarly swelled.Total proceeds from IPOs in 2013 amounted to $361 million,[9] and in 2014,IPOs raised more than $2 billion, with 2015 expected to maintain this level.[10] In addition, IPO proceeds represented only 16% of total exit proceeds in 2013, while in 2014, Israeli companies that opted for an IPO received 66% of total exit proceeds,[11] showing that more and more companies are choosing the IPO path over the M&A path, resulting in a larger number of mature companies inhabiting the local ecosystem.

公司退出的增长趋势并没有消失,因为以色列公司正在不经意地选择是否退出。 2004年至2007年间,以色列高科技公司的平均退出时间为5至10年,而自金融危机的结束以来,2011年和2014年间的平均退出时间延长到10年至15年之间。这种延长特别值得注意,鉴于高科技企业相对稳定的全球平均退出时间(首次公开募股的平均时间有小幅上涨,并购的平均时间略有下降)。而且,更为惊人的是,色列高科技公司退出的平均收益达到2014年2.12亿美元——超过2011年首次公开募股平均收益的2.5倍。首次公开募股方面,后期的回报也同样大幅增长。2013年首次公开募股收益回报达3.61亿美元,而在2014年,首次公开募股募得20多亿美元资金,预计2015年也将维持这一水平。此外,2013年首次公开募股筹集的资金仅占总退出收益的16%,而到2014年,选择首次公开募股的以色列公司收获总退出收益的66%,这表明越来越多的公司选择首次公开募股途径,而非通过并购,导致生态体系中更多的本地成熟企业。

The number of unicorns emerging from Israel also shows the accelerating strength of the Israeli hi-tech market. Since the beginning of 2013 alone, Waze was sold to Google for $1.1 billion,[12] Mobileye raised almost $890 million at a market value of $7.6 billion,[13]and Wix has been valued at over $1 billion following its IPO. Other companies yet to move to exit that have also been valued at or above the $1 billion mark include Taboola[14] and ironSource.[15]This phenomenon is sure to escalate as the number of experienced entrepreneurs foundingmore than one startupis also on the rise, having grown from 16% of all entrepreneurs to 25% in just five years.[16]

以色列新兴企业出现的数量也显示了以色列高科技市场的加速力。因为仅从2013年开始,Waze以11亿美元被出售给谷歌,Mobileye以76亿美元的市值筹集了近8.9亿美元资金,Wix在其首次公开募股后市值已超过10亿美元。其他尚在考虑退出的公司估值也已达到或超过10亿美元,包括Taboola和ironSource。这种情况肯定会升级,因为富有经验的企业家创立一家以上创业企业的数据也呈上升趋势,在短短的五年内,在所有企业家中的占比已从16%增长到25%。

Israeli companies and entrepreneurs have surely benefitted from these developments, while investors have also been rewarded for investing their money in Israel, as opposed to other markets.According to studies conducted jointly by our firm and Fenwick and West LLP,investors are consistently offered better preference rightsin Israel,in contrast toSilicon Valley.Between 2011 and 2014,upwards of 70% of financing rounds (amounting to $500,000and more) included senior liquidation preferences for those choosing to financethe Israeli startup scene, as opposed to 40%forthose choosing to invest in Silicon Valley. Furthermore, investors’ potential to double dip in Israelis at an annual rate well above 50%, whereas in Silicon Valley, the annual rate has dropped below 25%.

以色列的企业和企业家肯定已从这些发展中受益,而投资以色列而非其他市场的投资者也同样获得了回报。据我们律所和Fenwick and West LLP律师事务所共同主导的研究表明,相对于硅谷而言,投资者持续保持对以色列的投资偏好。在 2011年和2014年期间,几轮融资的70%以上(金额为500,000美元及更高)包括选择资助以色列创业企业的高级清算优先权,相对于40%选择投资硅谷。此外,投资者对以色列投资的二次探底潜力的年增长率远高于50%,而在硅谷,该年增长率已降至25%以下。

Investment terms are better for those consummating transactions in Israel rather than Silicon Valley, and the price of the same equity stakes in comparable companies is cheaper in Israel as well.Since 2010, venture startups have been valued at an average of $4.9 million in Silicon Valley, while in Israel,similar companies have been valued at an average of $3.6 million.[17] Those injecting funds into Israel have surely been satisfied, moreover, with the relative return on their capital: In 2014 the average successful US-based startup raised $41 million and exited at slightly over $243 million, at an average value creation of 5.9X.In contrast, since 2011,similar Israeli startups raised $28 million (diluting the investors less along the way) and exited at roughly $192 million, at an average value creation of 6.9X.[18]

对于在以色列而非硅谷完成的交易而言,以色列的投资条款更为优惠,可比照公司相同股权的价格在以色列更为便宜。自2010年以来,创业公司在硅谷平均估价为490万美元,而在以色列,类似公司的平均估价为360万美元。那些注资以色列的企业肯定已获得了满意的回报,并且其资本的相对回报为:2014年成功的美国创业公司募集了4100万美元,退出收益略高于2.43亿美元,平均创造价值5.9倍。相比之下,2011年以来,以色列类似创业公司募集资金2800万美元(在整个过程中对投资者稀释更少),并且退出收益约为1.92亿美元,平均创造价值6.9倍。

A wide variety of venture investors are increasingly taking note of the strengthened Israeli hi-tech industry.In 2014, for example, foreign investment, overall, amounted to $1.9 billion, accounting for 56% of the funds raised by Israeli hi-tech companies.[19] Particularlyconspicuous in recent yearsamong foreign investors has been the entry of Chinese investors into Israel. NineChinese-based investors invested in Israeli hi-tech in 2012.That number rose in 2013and yet again in 2014,when a total of 22 Chinese-based financiers invested almost three times the amounts invested by Chinese investors in 2012.[20]The Chinese appetite for Israeli hi-tech has not stopped at direct investment in startups, asinvestors from China account for approximately 30% of the capital raised by Israeli VC funds.[21]Additionally, Russian venture capital investment firms have shown rapidly increased willingness to devote funding to Israeli hi-tech companies. Foreign corporateinvestors have been active in Israel too. For example, Intel Capital made six first investments in Israeli companies in 2014, Microsoft Ventures madesix of its own, and Samsung Venture Investment Corporation addedfour more.

各种风险投资商正越来越多地注意到强壮的以色列高科技行业。例如,在2014年,就总体外国投资而言,其总额为19亿美元,占以色列高科技公司募集资金的56%。 尤为明显的是,近年来外国投资中很多中国投资者进入了以色列市场。2012年9家中国投资者投资于以色列高科技企业,而这一数字在 2014年有所上升,并在2013年再次上升,当年共有22家中国的金融机构投资以色列,其金额是2012年中国投资者投资金额的3倍。中国对以色列高科技创业企业的直接投资兴趣并未停止,中国投资者占以色列风险投资基金募集资金30%左右。此外,俄罗斯风险投资公司表现出迅速增长的兴趣,拟投资以色列高科技公司。外国机构投资者亦在以色列投资十分活跃。例如,英特尔资本在2014年对以色列公司进行六次首轮投资,微软创投自己投资了6次,而三星风投公司增加了4次投资。

While the high local demand for funding has mostly been filled by foreign investors, Israeli VC funds have also lately gained growing contributions. In 2012, Israeli VC funds raised a total of $885 million, in 2014 they farsurpassed this number raising a total of almost $1 billion, with a greater than 20 percent increase expected by the end of 2015.

虽然资金的本地高需求大多被外国投资者满足,以色列的风险投资基金最近也获得了越来越多的分红。 2012年,以色列的风险投资基金共增长了8.85亿美元,在2014年该金额迅速飙升至共计10亿美元左右,预计到2015年年底,增长将超过20%。

The crowdfunding scene is likewise growing ever more vibrant, although legislation in Israel still grants only accredited investors the freedom to fund private companies. In the wake of the enactment of the US JOBS Act in April 2012 and growing public interest, the Israeli Parliamentreceived a bill proposal that included provisions similar to the JOBS Act. This developmentinspired robust public discussion among relevant interest groups, leading the Israel Securities Authority to proposeregulations for crowdfunding based on an early2014 report by the Committee for the Promotion of Investments in R&D Public Companies.[22]Thislegislative process is expected to rapidly bear fruit, with crowdfunding thresholds being significantly reduced. Despite the regulatory lag, however, in 2014 four of the top five angel investor groups placing funds in Israeli hi-tech companies were Israeli crowdfunding platforms powered, under current limitations, by accredited investors only.[23]

众筹的景象也同样变得越来越充满活力,虽然以色列立法仍然只允许合格的投资者资助私人基金公司。受到2012年4月颁布的美国《创业企业推动法案》的启发和不断增长的公众兴趣,以色列议会收到一项法案提案,其中包括与《创业企业推动法案》相似的条款。这一进展引发了相关利益群体之间激烈的公开讨论,使以色列证券管理局建议在上市公司研发投资促进委员会2014早期报告的基础上对众筹实行管制。这一立法过程预计将迅速见效,众筹的门槛将显著降低。尽管监管仍滞后,在目前的限制下,仅合格的投资者可以进行,然而2014年对以色列高科技企业投资的前五家天使投资集团中的四家利用了以色列的众筹平台。

 The entire Israeli hi-tech industry has prospered from thisincreased investor confidence – The size of the average hi-tech financing round in Q2/2015 was almost double the average registered in Q2/2013[24] – especially the information technology, enterprise software, and internet sectors, which have attracted relatively large amounts of capital of late.[25]More particularly, the prominent Israeli cyber-security segment has recently shown marked growth, as over 100cyber-security startups incorporated in 2014, while Israel continues to export more cyber-security products than every other country but the United States.[26]Viewed in light of the rising number of cyber-attacks world-wide, theIsraeli economy’s response, with its roots deep in Israel’s military and intelligence legacy,is not surprising.

整个以色列高科技产业的繁荣来自投资者信心的增长 – 2015年第二季度高科技企业的平均融资规模几乎是2013年第二季度平均水平的两倍——尤其是信息技术、企业软件和互联网行业,吸引了相当大量的后期资本。更具体地说,以色列著名的网络安全行业近来显示出显着的增长,在2014年注册成立100家网络安全创业公司,而以色列比所有其他的国家(除美国外)出口更多的网络安全产品。鉴于世界各地发生的越来越多的网络攻击案件,以色列经济的应对,因其植根于以色列的军事和情报遗产,也就不足为奇了。

 Israel built its reputation for high-end hi-tech innovation in the 1980s and 1990s. This period sprouted large global companies such as Amdocsand Check Point Software Technologies, but for years, these and a handful of other companies were the exception and not the rule, as most Israeli hi-tech companies opted to cashin quickly. In recent years this pattern has begun to change.Investment amounts continue to grow, emanating from a higher variety of sources, with legislation expected to provide the freedom for this trend to continue. In turn, Israeli companies have allowed themselves to reach unprecedented levels, while providing returns that can compete with, if not surpass, returns anywhere.

以色列在20世纪80年代和90年代建立了自己的高端高科技创新的声誉。这一时期萌生了大型跨国公司,如Amdocsand Check Point软件技术公司,但多年来,这些公司和其他少数几个公司仅是凤毛麟角的例外,而非常规,因为大多数的以色列高科技公司选择了迅速套现。近年来这种模式已经开始改变,投资金额持续增长,并且来自各种资金来源,立法也将期待为这种趋势的持续提供自由。反过来,以色列公司已使自己达到了前所未有的水平,跟其他任何市场相比,提供了无以伦比的回报及如不能超越,至少也能与其抗衡的收益。

 Shibolet & Co. Hi-tech Parctice

Shibolet & Co.律师事务所高新技术团队

 As one of the largest and most distinguished hightech practices in Israel, Shibolet & Co. delivers consistently high-quality hands-on legal services in all areas of high-tech, across all sectors worldwide – from start-up to exit.

作为以色列最大和最杰出的高科技事务所之一,Shibolet & Co.律师事务所提供全世界高科技的各个领域始终如一的高品质法律服务 – 从创业到退出。

Our integrated team is composed of recognized leading experts, each specializing in a different field in the hi-tech sector bringing to the table in-depth legal knowledge, unique commercial understanding and unrivalled experience in all high-tech fields, including semiconductors, communications, cleantech, medical devices, life sciences, enterprise software, internet, mobile applications, digital and new media, and gaming.

我们的综合团队由不同的领域公认的权威专家组成,他们专注于各自的高科技领域,为您带来深入法律知识和独特的商业理解,并在所有高科技领域,包括半导体、通信、清洁技术、医疗设备、生命科学、企业软件、互联网、移动应用、数字化和新媒体,以及游戏方面有着无可匹敌的经验。

We represent entrepreneurs, emerging companies, mature technology companies, multinationals, leading academic institutes, venture capital funds, angel investors and corporate investors for all their transactional and corporate financing needs.

我们代表企业家、新兴企业、技术成熟的公司、跨国企业、领先的学术机构、风险投资基金、天使投资者和企业投资者的所有交易和企业的融资需求。

We become part of our clients’ strategic management team guiding them through all legal and commercial aspects of their activity, from founders’ agreements, tax structuring, start-up financing and complex technology transactions with multinationals, through global acquisitions or IPO.

我们成为我们客户团队的 “战略性管理团队,在所有的法律和商业方面引导他们,从创始人协议、税务规划、创业融资,及与跨国公司复杂的技术交易,到全球并购或首次公开募股。



[1]http://nocamels.com/about/

[2]http://blog.startupcompass.co/the-2015-global-startup-ecosystem-ranking-is-live

[3] http://www.ivc-online.com/Portals/0/RC/Exits/IVC_H1-2015_Exits_Report-Final.pdf

[4]http://www.ivc-online.com/Portals/0/RC/Exits/IVC_H1-2015_Exits_Report-Final.pdf

[5]http://meitar.com/files/Brochure/ivc-meitar_exits_report_2014.pdf

[6]http://meitar.com/files/Brochure/ivc-meitar_exits_report_2014.pdf

[7] https://www.cbinsights.com/blog/venture-capital-exit-timeframe-tech/

[8]http://www.pwc.com/il/en/technology/pwc_israel_exits_report_2014_en.pdf

[9]http://www.ivc-online.com/Portals/0/RC/Exits/IVC_H1-2015_Exits_Report-Final.pdf

[10]http://www.ivc-online.com/Portals/0/RC/Exits/IVC_H1-2015_Exits_Report-Final.pdf

[11] http://www.pwc.com/il/en/technology/pwc_israel_exits_report_2014_en.pdf

[12]http://techcrunch.com/2013/06/11/its-official-google-buys-waze-giving-a-social-data-boost-to-its-location-and-mapping-business/

[13]http://www.globes.co.il/en/article-taboola-set-to-complete-raising-100m-1000997011

[14]http://www.globes.co.il/en/article-taboola-set-to-complete-raising-100m-1000997011

[15] http://graphics.wsj.com/billion-dollar-club/?co=IronSource

[16]http://www.dbisrael.co.il/pdf/DBReport_JUL2015.pdf

[17] https://angel.co/

[18]http://blog.iangels.co/post/101009806347/minding-the-gap-between-u-s-and-israeli

[19]IVC Research Center Ltd., 2015 Yearbook, Page 388.

[20] IVC Research Center Ltd., 2015 Yearbook, Page 32.

[21]https://www.linkedin.com/pulse/all-reasons-israeli-high-tech-industry-booming-koby-simana

[22] http://www.tase.co.il/eng/newsandevents/prarchive/2014/pages/pr_20140121.aspx

[23]IVC Research Center Ltd., 2015 Yearbook, Page 395.

[24]https://www.linkedin.com/pulse/all-reasons-israeli-high-tech-industry-booming-koby-simana

[25]IVC Research Center Ltd., 2015 Yearbook, Page 13.

[26]http://nocamels.com/2014/12/cyber-security-nation-israel/

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