TechNation: IronSource to Pay Giant $250 Million Dividend

Enlivex on way to raising $10 million for autoimmune treatments ■ Global-e raises $20 million for e-commerce platform

David Bachar

IronSource to pay giant $250 million dividend

IronSource, Israel’s biggest internet company, is planning to pay its shareholders a $250 million dividend, documents filed with the Tel Aviv District Court and seen by TheMarker show. The payout won’t come from profits, rather by reducing shareholders’ equity, which at the end of 2017 accounted for 73% of its balance sheet. To finance the dividend, IronSource will take a $150 million loan from a consortium of banks led by the Silicon Valley Bank of California. The payout will sharply increase the closely held company’s leveraging, but in the court papers IronSource said a credit line it is taking out will provide it with a financial cushion. Founded in 2010 and raising $103 million from investors over its first five years, the court papers show Iron Source has grown rapidly with its monetization and distribution solutions for app and software developers, mobile carriers and device manufacturers. Last year, revenues grew 26% to $462 million, generating earnings before interest, taxes, depreciation and amortization of $88.5 million. (Ruti Levy and Michael Rochvarger)

Enlivex on way to raising $10 million for autoimmune treatments

Enlivex Therapeutics, which is developing treatments for autoimmune and inflammatory conditions, is on its way to raising up to $10 million in an investment round led by Korea Investment Partners. Hadasit Bio-Holdings, which controls 19.1% of Enlivex, said on Monday that under a non-binding memorandum of understanding, KIP will invest $2 million in the startup and Hadas another $1.2 million on condition that the two can recruit other investors to fill out the round to between $6 million and $10 million at a company valuation of $100 million before the money for Enlivex. This marks a second round of investment for KIP after it put $8 million into the Israeli startup last September at a $50 million valuation. Enlivex was formed in 2005 based on research conducted by Prof. Dror Mevorach of the Hadassah – Hebrew University Medical Center in Jerusalem. Its Allocetra solution is based on pathways naturally utilized by the body to fight inflammation. (TheMarker Staff)

Global-e raises $20 million for e-commerce platform

Global-e, whose platform enables online retailers to convert foreign currency and pre-pay local taxes, said on Sunday it had raised $20 million from Apax Partners, the Israeli unit of the British private equity fund. The round was the fourth for Global-e and brings the total it has taken in to $55 million from financial investors like Red Dot Capital Partners and strategic ones like the global courier service DHL. Founded in 2013 by Amir Schlachet, a former officer in the army’s elite Talpiot program, as well as by Nir Debbi and Shahar Tamari, Global-e’ customers include Marks and Spencer and fashion label Zadig & Voltaire. Schlachet said that although Global-e had raised the same amount two years ago, the current round was done at a higher company valuation. “The company’s operations are profitable, that is every sale is profitable, but our balance sheet isn’t by choice. We chose to raise $20 millions – we don’t need more,” he said. (Eliran Rubin)