Ernst & Young, Coudert, Levy: Israel Hi-Tech Revenues Up
Itzhak Forer, chairman
of Ernst & Young (Kost, Forer and Gabbay)
says that Israeli VC funds will raise $4 billion in the next two years.
By
Joel Leyden
Israel News Agency
Jerusalem----September 6......Israeli companies across a variety of sectors have reported significant increases in revenues in 2004, both due to a resurgence of existing foreign markets and the emergence of new ones. "This is providing a new impetus to the Israeli economy, with exciting new start-up’s emerging, and Israeli VC funds returning to favor with overseas institutional investors," said Jeremy Levy, an international trade attorney and consultant based in Israel.
"Funds raised by VC’s and consequent investments in start-up’s are expected to reach the highest levels in 2004 than they have been since 2000, said Levy. "After working with Israeli VC funds and companies during the trying economic times over the last few years, Coudert Brothers is an example of how American firms now look forward to using their international connections to assist Israeli VC’s and emerging companies to turn the corner."
"The current figures speak for themselves," said Itzhak Forer, chairman of Ernst & Young (Kost, Forer and Gabbay). "In the first half of this year there was a two-year record in startup investments, an increase of 40 percent over the same period in 2003. Israeli VC funds will raise $4 billion in the next two years, the number of new companies is soaring and the number of companies closing is declining," he said.
"There is much optimism among investors these days and companies in fields like nanotechnology and biotechnology give a feeling we are beginning a new revolution," Forer said. Most of the VC funds his firm handles are preparing for, or have started, their next round of capital raising.
"2004 will be the VC funds' best year for raising capital since 2000," says Forer. "Foreign institutional investors are channeling a lot of their capital to VC fund-type investments, but there aren't all that many funds in the United States, so they are sending their money to Israel - which for them has become a technology initiative center second only to Silicon Valley. Israeli institutional investors are also starting to enter this field."
Two leaders of Coudert Brothers' Israel Practice will be visiting Israel from 6-8 September 2004. They will meet with Israeli companies, as well as attend Journey 2004 - The 8th Annual Conference for Venture Capitals and Entrepreneurs of Emerging Growth Companies which will take place in Tel Aviv.
Also attending the Ernst & Young sponsored Journey 2004 Israeli Hi-Tech conference will be Lightspeed, Venture Partners, DSP Group Inc., GE Healthcare, Israel, BRM Capital, Cukierman & Co. Investment House, representatives of the London Stock Exchange, Apax Partners, Cisco Systems Israel, Siemens Mobile Acceleration, Check Point Software Technologies Ltd. and Israel Seed Partners.
Coudert has substantial experience working on matters involving Israel, as well as other emerging market countries. Coudert was also the first foreign law firm to enter the China market in 1979, the first to set up offices in Paris (1879), London (1960), and Russia (1988). Recently, Coudert was the sole law firm sponsor of the Israel Hi-Tech and Venture Capital Conferences being held in China in June 2004. The Firm was part of the delegation led by Mr. Ehud Olmert, the Vice Prime Minister and The Minister of Industry, Trade, Labor and Communications for Israel.
"Coudert provides a gateway for venture capital firms in Israel," said Gary Benton, the partner who will lead the trip. "The Firm can connect Israeli business ventures with entities in the world's leading financial and commercial markets."
The Firm's 31 offices
in 18 countries maintain strong connections with the Israeli business
community, and are staffed with employees fluent in Hebrew and of Israeli
nationality to serve the special needs of Israeli clients. Coudert has
established "Israel desks" in New York, Palo Alto, Washington,
Frankfurt, Paris, Sydney and China, and draws on the resources of its
other global locations in cross-border transactions.
Recently, Coudert was named "the most internationally enterprising
of all US-based law firms" by a leading industry journal, and was
nominated for three separate Law Firm-of-the-Year honors. The Firm earned
top ranking positions among large firms in The American Lawyer's Summer
Associates Survey, and is recognized industry wide for its leadership
involving cross-border complexity.
For the eighth consecutive
year, Ernst & Young is preparing for its Journey04 Israel Hi-Tech
VC Capital Conference which will take place tomorrow in Tel Aviv.
Ernst & Young describes the conference as a “one of its kind”
event which will serve as a link between the biotech, medical device and
high-technology industries and will combine the cutting edge developments
in science with the traditional products of technology. The top management
of Ernst & Young International will attend the international High-Tech
conference organized by Ernst & Young Israel. James Turley, Chairman
& CEO of Ernst & Young and in charge of 103,000 employees spread
over 130 countries will come to Israel for his first business trip in
the country..
According to Ernst & Young Israel, the Journey conference, held for the eighth consecutive year, serves as a model to the international firm because of the interest it arouses. The Israel office has been the first to organize a High Tech conference at the local level which has evolved into an international manifestation attended by an increasing number of top executives and professionals from the world industry. Although Ernst & young have held in the past years similar conferences in the USA and the UK, the manifestation organized by Ernst & young Israel remains the most successful among the 130 offices of the firm in the world.
According to the data released by Ernst & Young Israel, about 2000 participants are expected. The number of foreign visitors will jump this year to 150, as compared to about 20 in the previous years. Journey Israel has a number of foreign participants who attend the conference regularly, such as Alec Ellison, from Broadview Associates.
Included among the
foreign participants this year are prominent figures such as John McMonigel,
senior partner in Apax, Jan Mtzger from Deutsche Bank, the director of
technology of Siemen's capital venture fund, Jams Hickey and Brian Scullion,
leading bankers in William Blair, Ash LaLilani from Silicon Valley Bank
and others.
The Israel Hi-Tech conference is designed to offer added value to entrepreneurs, venture capitalists, private equity investors, commercial and investment bankers, financing sources, biotech companies, pharmaceutical companies, medical device companies, corporate strategic investors, and institutional investors.
Sponsored by IsraelPr.com