Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange. Photo by Bloomberg
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TASE in talks to create new Israeli tech equities index

Officials at the Tel Aviv Stock Exchange are in talks with overseas entities about teaming up to create a new technology equities index that would feature TASE-listed firms as well as Israeli companies traded abroad, Bloomberg reported Thursday, citing comments by Hani Shitrit Bach, senior TASE vice president.

The gauge would aim to include Israeli firms such as Check Point Software, which is only traded on the Nasdaq exchange.

“We want to make it easier to invest in Israeli high-tech,” Bloomberg quoted Bach as saying. “An international index will enable investment in the technology sector and not only in a specific company,” creating a good basis for the issuance of exchange-traded funds that would track the index. Shitrit Bach is also heading a committee seeking to encourage young high-tech firms to list on the TASE.

CloudLock raises $16.5m from Bessemer Partners and others

CloudLock, an information-security firm for cloud-based data, has completed its third round of financing, this time raising $16.5 million. Lead investor in the most recent round was Bessemer Venture Partners, which was joined by existing investors Cedar Fund and Ascent Venture Partners.

The current round brings the total investment in CloudLock (which was formerly known as Aprigo) to $28.2 million since the firm’s founding in 2007. With the additional financial resources, the company plans to double its workforce. It currently has a staff of 50, including about a dozen at a development center in Israel.

CloudLock, which is headquartered in Waltham, Massachusetts, has about 600 paying customers, including major corporations, tech firms, media companies and retailers. Its annual revenues exceed $10 million.

IBM to close Diligent’s Israeli product line

IBM plans to shut down its Diligent product line and is expected to lay off its small workforce in Israel, which has been engaged in product development and upgrading. IBM bought Diligent Technologies, an in-line data deduplication software firm, for $165 million in 2008.

Despite the planned retrenchment, overall IBM has greatly expanded its presence here, acquiring 13 Israeli companies over the past six years, including Trusteer – which was bought last August for $650 million, in its largest Israeli acquisition so far. At the time of the purchase of Diligent, it had a staff of about 100, including 60 in Israel and the others in the United States.

IBM declined to comment on its plans for Diligent, which was founded in 2002, other than to say it continues to adjust its manpower to meet customer needs and enter new information technology fields.