Poju Zabludowicz Cashes in on Software House Panaya With NIS 20 Million Profit

Tamares Capital (Israel ), owned by the London-based, Finland-born Jewish tycoon Poju Zabludowicz, continues to cash in on its holdings at impressive profit margins: Tamares has just sold its stake in the Ra'anana-based software start-up Panaya for NIS 31 million, after acquiring these shares just a year ago for NIS 11 million.

The buyers were three foreign venture capital funds: Benchmark Capital, Battery Ventures and Hasso Plattner Ventures.

Panaya was founded by Israeli businessman Yossi Cohen in 2006. Cohen stressed Zabludowicz's selloff of shares does not indicate any problem with the company.

The start-up develops tools for use with SAP systems, which are the prevalent software platform among the country's leading business enterprises and government organizations.

Panaya provides its customers with system support aimed at saving them 50% on usage and maintenance costs, which can be a substantial amount for large organizations. An Internet application supplied by Panaya is capable of automatically detecting data processing errors that occur during system upgrades.

The Panaya sale follows on the heels of an agreement between Tamares and Leo Noe to jointly sell their controlling shares in the real estate firm British-Israel Investments to the Ofer family for about NIS 1.7 billion. That deal will give Tamares a NIS 300 million profit on the 15.6% stake it held in British-Israel for a mere year and a half.

And Tamares realized another investment profitably last month when the high-tech firm Storewize, in which it had a stake, was taken over by IBM for $140 million.

The private equity activities of the international Tamares group are performed through its Tel Aviv branch, managed by Yodfat Harel. The firm has investments in dozens of firms in a wide range of industries.

Tamares' holdings include shares in Protalix Biotherapeutics, the Dori Media Group (DMG ), Foris Telecom, Tower Vision and the Pontifax Fund, a healthcare venture outfit whose founders include former Teva chief executive and chairman Eli Hurvitz.