Tech Nation / Trax Raises $15 Million

Qualcomm plans Israeli layoffs, Teddy Sagi’s SafeCharge buying CreditGuard.

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A Qualcomm booth at a trade fair.
A Qualcomm booth at a trade fair.Credit: Bloomberg

Trax raises $15 million at $95 million valuation

Trax Image Recognition, which provides in-store shelf monitoring and analysis using image-recognition technology, said on Monday it had raised $15 million in a deal that values the company at $95 million before the money. CEO Joel Bar-El said Trax would use the money to expand operations, particularly in the United States and Europe, and to launch new products and services. In addition, the company plans to add 44 new research and development positions — including 30 in Tel Aviv — to its 400-strong workforce. The investment will also help Trax secure a leading position in the crowdsourcing market by forming partnerships in this sector. Trax didn’t identify the investor, but TheMarker has learned it is Singapore’s Broad Peak Master Fund, which invested $6.6 million in Trax in August 2013. (Inbal Orpaz)

Qualcomm laying off 30 to 40 Israeli workers

Qualcomm, the world’s largest maker of computer chips for mobile devices, is closing its Israeli research and development center in Beit Shemesh and firing between 30 and 40 employees, TheMarker has learned. Shutting the center is part of a global retrenchment in which 600 workers are being laid off as Qualcomm moves into new business areas. The Israel R&D office was set up after Qualcomm bought the startup iSkoot, maker of mobile applications software, in 2010 for $80 million. The U.S. company, which bought Israeli startup Wilocity in July for $400 million, will retain 60 Israeli R&D employees at its Hod Hasharon and Haifa locations. (Inbal Orpaz)

Sagi’s SafeCharge acquiring Israel’s CreditGuard

Israeli billionaire Teddy Sagi’s SafeCharge, a maker of payment technologies that went public in London in March, said on Friday it was acquiring Israel’s CreditGuard for $8 million. That sum that could reach $8.4 million if the startup meets certain milestones. CreditGuard said the acquisition was part of its strategy of entering new and rapidly growing markets. CreditGuard’s highly secure technology is designed to streamline electronic payments for a wide range of businesses, including airlines, health care providers and government agencies. Founded in 1998, it had revenues of $2.9 million last year, earning a profit of $200,000. (TheMarker)

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