Limor Peled and Eyal Gilboa represented Cariad Estonia AS, the software arm of the Volkswagen group and a subsidiary of Volkswagen AG, in the acquisition of the Israeli company Cymotive Technologies Ltd. by KPIT Technologies UK Limited, a subsidiary of the Indian software company KPIT Technologies Ltd. Our team was actively involved in the negotiations and structuring of the transaction, as well as drafting of the transaction documents.
The transaction will be carried out as a phased acquisition: in the first stage, KPIT will invest $10 million in Cymotive, and afterwards KPIT will acquire all of Cymotive’s shares in two additional stages. The total consideration, which will depend on Cymotive’s revenues and profitability, may reach up to $120 million.
Cymotive, which was founded by Yuval Diskin, former head of the Israel Security Agency (Shin Bet), together with two other former senior Shin Bet officials, Tzafrir Katz and Dr. Tamir Bechor, together with Cariad, develops and provides cybersecurity solutions for the automotive industry.
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