TechNation: Pitango Raises First $100m for Growth Fund

Kramer stepping down as Imperva chairman; Histadrut wins fight over Amdocs union.

Yoram Reshef

Pitango raises first $100m for growth fund

Pitango Venture Capital, Israel’s biggest high-tech investor, said Monday it has raised its first tranche of capital for a new fund that will invest in growth-stage startup companies. Pitango didn’t say how much it raised for its new Pitango Growth Fund, but sources said it was about $100 million, bringing total assets under management for all the group’s funds to $2 billion. Pitango Growth aims to raise $250 million, but will begin putting money into companies now. The fund will focus on startups seeking to increase sales and penetrate global markets. “Israeli entrepreneurs have begun focusing a lot more on the long term and building bug companies. We believe the number of these companies will be growing from year to year,” said Aaron Mankovski, who will be managing the new fund together with Isaac Hillel. (Inbal Orpaz)

Kramer stepping down as Imperva chairman

Shlomo Kramer, one of Israel’s top cyber investors and entrepreneurs, is stepping down as chairman of publicly traded Imperva to concentrate on his private business activities, the company’s CEO, Anthony Bettencourt, told investors on Thursday. Kramer still holds 14% of the company, whose market capitalization is $1.9 billion, but is stepping down as chairman to end his formal role in a company that goes back 13 years, to when he founded Imperva with Amichai Shulman, who remains chief technology officer, and Mickey Boodaei. Kramer co-founded Check Point Software Technologies but left in 1998 and went on to found a series of new cyber companies. His latest venture, Cato Networks, last week raised $20 million from investors. (Omri Zerachovitz)

Histadrut wins fight over Amdocs union

A competition between two workers’ committee to unionize staff at Amdocs, the maker of customer care and billing technology for telcos, was settled for now in favor of the committee backed by the Histadrut labor federation. On Monday, the National Labor Court rejected an appeal by an independent workers’ committee to be recognized as the employees’ official representative. Both workers’ committees claimed to have signed up the required one third of staff to be formally recognized. The independent committee vowed to take its case to a higher court.  (Janan Bsoul)