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

A Singapore fund plans to invest in Israeli startups; 1,500 Israelis a day are joining government’s biometric database.

new-hdc-logo
Haaretz
Send in e-mailSend in e-mail
Using a biometric ID scanner.
Using a biometric ID scanner.Credit: Tomer Appelbaum
new-hdc-logo
Haaretz

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)

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.
From $1 for the first month

Already signed up? LOG IN

ICYMI

The Orion nebula, photographed in 2009 by the Spitzer Telescope.

What if the Big Bang Never Actually Happened?

Relatives mourn during the funeral of four teenage Palestinians from the Nijm family killed by an errant rocket in Jabalya in the northern Gaza Strip, August 7.

Why Palestinian Islamic Jihad Rockets Kill So Many Palestinians

בן גוריון

'Strangers in My House': Letters Expelled Palestinian Sent Ben-Gurion in 1948, Revealed

AIPAC

AIPAC vs. American Jews: The Toxic Victories of the 'pro-Israel' Lobby

Bosnian Foreign Minister Bisera Turkovic speaks during a press conference in Sarajevo, Bosnia in May.

‘This Is Crazy’: Israeli Embassy Memo Stirs Political Storm in the Balkans

Hamas militants take part in a military parade in Gaza.

Israel Rewards Hamas for Its Restraint During Gaza Op