Tech Nation: Start-up SkyGiraffe Bought by ServiceNow

High-tech firms raise $1.44b in Q3

File photo: Smartphones on display in Las Vegas, Nevada on Oct 24, 2017
STEVE MARCUS/REUTERS

Start-up SkyGiraffe bought by ServiceNow

Israeli startup SkyGiraffe was acquired by U.S. company ServiceNow for an undisclosed amount estimated to be in the tens of millions of dollars. SkyGiraffe develops software allowing employees of large organizations to connect to the organization’s network and internal data by smartphone. It has raised around $10 million to date. ServiceNow offers cloud computing services to organizations. SkyGiraffe, founded in 2012 by Boaz Hecht and Itai Brown, hopes to enable companies to start using its service quickly and simply. Hecht called it an excellent exit, telling TheMarker, “The investors, entrepreneurs and employees are earning well from the deal it’s exciting that a company of this size is picking us to manage its mobile operations from Israel.” (Eliran Rubin)

High-tech firms raise $1.44b in Q3

Israeli private high-tech companies, a main driver of the country’s economy, raised $1.44 billion in the third quarter, up 54% from a year earlier, a report showed on Tuesday. The amount was up 14% from the second quarter, according to the Israel Venture Capital Research Center and law firm ZAG. The average financing round was $10 million in the third quarter, the highest amount in five years. A funding round by Via Transportation of $250 million boosted the third quarter results. In the first nine months of 2017, Israeli high-tech companies raised a record $3.8 billion. The number of deals, however – 457 in total – declined to the lowest level in five years. “IVC analysis found that most of this decrease stems from seed and early stage deals. A reversal is needed in the fourth quarter for the sake of the new ventures and their success as part of the Israeli technology market,” said Marianna Shapira, research director of IVC Research Center. (Reuters)