3i leads $17m technology investment in Israeli Transtech
3i leads $17m technology investment in Israeli Transtech
3i, world leading venture capital and private equity company, today announces its first Israeli investment since 3i''s commitment to the region via Giza''s Venture Capital fund earlier this month.
3i has strongly led a $17m investment along with existing investors Giza Venture Capital and Accel Partners. The funds were used to purchase shares from NASDAQ listed Formula Group and to underpin Transtech''s rapid growth.
Founded in 1986, Transtech Control Ltd. develops, manufactures and markets leading-edge technology systems for Air Traffic Control. Transtech''s innovative ground surveillance system addresses urgent industry needs by enhancing airport safety and accommodating increased capacity. Transtech works in partnership with Lockheed Martin, and recently are jointly participating in the Embry-Riddle Aeronautical University program "Integrated Airport of the Future" at Daytona Beach International Airport, USA. Transtech systems are currently in operation at more than 140 airports worldwide. Recent contracts include China''s new Guangzhou Airport and Taiwan''s Taipei International Airport.
3i Partner, Patrick Sheehan, explains "We, at 3i, believe the Transtech business has enormous growth potential. It has global opportunities and is a good example of the type of company that 3i is so well placed to help."
The CEO of Transtech, Simcha Ohrenstein added: "We are delighted to have 3i on board. Their international network and experience will be of real help in further building Transtech''s success around the world. "
Transtech was introduced to 3i by Giza Venture Capital and it is the first direct co-investment following 3i''s recent $20m commitment to the Israeli market, via Giza''s fourth fund. Shuki Ehrlich, Managing Director, Giza added "This is an excellent example of how 3i and Giza can work together to help bring high potential Israeli companies onto the world stage."
Transtech is an affiliate company of Formula Vision and part of the Formula Group (Nasdaq: Forty)
Notes to editors
bout 3i
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.
3i''s Venture Capital business focuses on investing in scaleable start-up and early-stage businesses. The business currently manages over 200 investments across Europe, US, Asia and Israel, valued in excess of €1bn. 3i''s VC investments fall into four main industry sectors, including healthcare, telecommunications, software and electronics/semiconductors. 3i''s recent investments include TransMedics, Webpay, Endosense, Vonage (VOIP), Udex (RFID), Microsulis (medtech), EnOcean (energy) and DiBcom (DBVH mobile TV) with successful realisations for Interhyp, KuDOS Pharmaceuticals, Arakis, dtms, RedDot, UbiNetics, CSR, Element5, Bookham and many others.
For more information, go to http://www.3i.com
About Transtech
Transtech control is a leading provider of comprehensive airfield management and control systems for national and international airports worldwide. The company provides control systems, leading edge surveillance products, optical identification sensors, millimetre wave sensors, data fusion and airport surface movement guidance and control systems.
Transtech Control Ltd. is headquartered in Herzlia, Israel, and is an affiliate company of Formula vision. Transtech owns a fully owned subsidiary Transtech Airport Solutions, in Windsor, Connecticut, USA.
For more information visit www.Transtech-Solutions.com
www.Transtech-solutions.com
About Giza Venture Capital
Founded in 1992, Giza Venture Capital manages four funds with a total of $500 Million. Giza has invested in 82 seed and early stages companies, in the sectors of Communication, Semiconductors, Information Technology and Life Sciences, with 29 exits to date. Giza is known for its professional expertise and extensive management experience, and is supported by leading international investors from the USA, Europe, Asia and Israel.
www.gizavc.com