Tech Nation / Swiss Firm Temenos Buys Israeli-run Startup Multifonds for $262m

Send in e-mailSend in e-mail
Send in e-mailSend in e-mail
Using a biometric ID scanner. Hundreds of Israelis every day are signing up for inclusion in the government's biometric database.Credit: Tomer Appelbaum

Swiss firm Temenos buys Israeli-run startup Multifonds for $262m

Temenos, a Swiss banking-software company, said Wednesday it was buying Multifonds, a Luxembourg-based company founded and managed by a team of Israelis, for 235 million euros ($261.5 million). Founded in 1995 and controlled by the private-equity firm Summit Partners, Multifonds develops and sells software that enables investment-fund managers to perform key accounting functions, service investors and keep shareholder records. Multifonds employs 470 people in 14 offices globally. Its software is used by nine of the top 15 fund administrators, including J.P. Morgan and Credit Suisse. CEO Oded Weiss, who will continue to run the company, told TheMarker that he set up Multifonds in Luxembourg because it is close to the global funds industry. But he said that “events like these need to show the leadership in Israel that there are a lot of talented Israelis who need incentives, so there will be success stories not just for Israelis living in Luxembourg but in Israel.” (Inbal Orpaz)

Singapore fund to invest in Israeli startups

Infocomm Investments, a $200 million Singaporean-government-backed fund, is planning its first-ever direct investments in Israeli tech startups, hoping to build on Israeli companies’ increasing interest in Asian markets, the fund’s head, Alex Lin, told Reuters. Lin’s fund is part of the Infocomm Development Authority, whose brief is to develop the city-state’s information technology. Lin told Reuters he was talking with several Israeli startups but did not say how much he would invest or in what companies. Having focused a previous trip on cyber-security companies, of which six or seven are likely to set up in Singapore, Lin this time met with eight financial-technology startups. Israeli companies have traditionally sought first to expand in the U.S., he said, but competition is a problem there. “The U.S. market is getting congested, so Israeli companies are looking eastward,” he said. (Reuters)

1,500 Israelis joining biometric database daily

About 1,500 Israelis are signing up every day to join Israel’s biometric database, the government’s Biometric Database Authority said in a report to the Knesset on Wednesday. That brings the total number of people to about 150,000 in the past year and 600,000 since the program began in June 2013. The voluntary program gathers fingerprints and facial contours of all Israeli residents, which are incorporated into digital identity cards and passports. About 175,000 of those digital IDs and passports were issued in the past six months, the authority said. (Amir Teig)