TechNation: Israeli Cybersecurity Startup Coronet Enters Partnership With DropBox

California-based Vitec Group buys Israeli startup Amimon for $55 million ■ WeChat Pay coming to Israel, when the technology is available

TheMarker
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Dropbox Inc. co-founders Drew Houston and Arash Ferdowsi celebrate while ringing the opening bell on the Nasdaq Stock Market as Dropbox is listed for the company's IPO, March 23, 2018.
Dropbox Inc. co-founders Drew Houston and Arash Ferdowsi celebrate while ringing the opening bell on the Nasdaq Stock Market as Dropbox is listed for the company's IPO, March 23, 2018.Credit: David Paul Morris / Bloomberg
TheMarker

California-based Vitec Group buys Israeli startup Amimon for $55 million

Vitec Group, a California-based provider of products and solutions for the broadcast and photographic markets, said over the weekend it had acquired the Israeli-U.S. startup Amimon for $55 million in cash. Amimon, which is based in Silicon Valley and makes chipsets for real-time wireless video transmission, will become part of Vitec’s Creative Solutions Division and its Israel office will be turned into a research and development center for the company. Zvi Reznic, Amimon’s chief technology officer and cofounder, and some of its 60 employees will remain with Vitec, Vitec said. Founded in 2004, Amimon has raised $70 million over the years, so its sale will come as a loss to its investors. The company’s backers included blue chip funds like Motorola Ventures and it was lauded as startup of the year in 2010 by Ernst & Young, but in 2017 it had revenue of just $18.6 million and an operating loss of $700,000. (Irad Atzmon Schmayer)

WeChat Pay coming to Israel, when the technology is available

WeChat Pay, the online payment service of the Chinese internet giant Tencent Holdings, will offer its digital wallet in Israel, under an agreement reached with the Israeli credit card issuer Leumi Card. TheMarker has learned that the two sides signed an agreement last week that will enable Israelis to pay for goods and services at bricks-and-mortar stores or online using their smartphones. In the first phase, the digital wallets will be restricted to Chinese tourists visiting Israel and only later be made available to Israelis. The problem Leumi Card and Tencent face in Israel is the absence of the QR Code technology in Israel. Under the WeChat Pay system, the vendor generates a transaction QR Code according to the WeChat Payment Protocol and the shopper uses his or her “Scan QR Code” in the WeChat app to complete payment. Leumi Card will need to install advanced terminals at stores and has begun talks to acquire the Israeli payment-technology company Caspit. (Sagi Cohen)

Israeli cybersecurity startup Coronet in partnership with DropBox

The Israeli cybersecurity startup Coronet said on Thursday it had entered into a partnership with Dropbox that it expects will bring it millions of new users for its data-breach protection platform. Coronet said it will complement Dropbox’s own security features with the integration of its platform, which detects and blocks suspicious behavior. Coronet focuses on small-to-midsize businesses. “We believe this market is under-protected because it can’t afford enterprise-grade security and even if it could, it can’t manage it because it’s complex,” co-founder and Chief Information Security Officer Dror Liwer told Reuters. Coronet now has about 1.5 million users. The Dropbox partnership will “probably bring millions of new customers for the company,” who will pay an additional $2 a month to get Coronet’s offering, Liwer said.Coronet has raised just under $20 million from Jerusalem Venture Partners and Ashton Kutcher’s fund Sound Ventures also invested. (Reuters)

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