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    M M Presentation Transcript

    • Technology M&A and Israel April 5, 2006
    • Technology M&A is Back!
        • Strategic acquirors have underinvested
        • Economic environment has stabilized
        • Financial buyers more active
      Buyers Sellers
        • VC funding robust
        • IPO prospects still challenging
      Increased M&A Activity
    • Venture Capital Investment Activity Has Stabilized US Technology Venture Investment Capital Raised by Sector Source: VentureSource.
    • Key Technology M&A Themes Consolidation Financial Buyouts For Sale by Prospectus Technology Time to Market
    • M&A Continues to be the Most Likely Exit Total US Technology IPO Activity Total US Technology M&A Activity Source: SDC.
    • “ It’s no exaggeration to say that the kind of innovation going on in Israel is critical to the future of the technology business ” Bill Gates – Microsoft “ Israel is important to our goal because it has historically been a hotbed of new raw technology and scientific developments ” Mathew Growney – Motorola Ventures “ [The Israelis] have a strong tradition of innovation in engineering and a strong technical tradition ” Ned Hooper – Cisco “ There are few places like Israel where one can find leading technologies in almost every field ” Y. Hasson – Senior Vice President Nokia Venture Partners “ Hey Kevin, Israel is hot, You gotta sponsor this breakfast” Gil Livnah Israel Plays a Key Role in the Global Tech Market
    • Why is Israel a Hotbed of Technology Government Support for R&D Culture Flourishing IPO and M&A Activities Highly Skilled Workforce Favorable Government Policy Well Represented Venture Community Entrepreneurial Culture Local R&D Centers of Leading Global Companies
    • Israeli VCs are Raising Capital Again Post Bubble Total Net Venture Capital Raised Largest Israeli Venture Capital Funds* Source: IVC Research Center *Ranked by capital raised 1992-2005
    • Israeli Companies Continue to Raise Capital for Growth Capital Raised by Israeli Companies Capital Raised by Sector Source: IVC Research Center
    • Leading Companies Also Have Invested in Israel
    • This Healthy Climate Results in Capital Market Opportunities Israeli Technology IPO Activity 2005 Israeli IPO Activity By Exchange Source: IVC Research Center
    • And M&A Activity is Coming Back Strong Israeli Technology M&A Activity Source: IVC Research Center Hot Israeli Company
    • Israeli M&A Activity Continues to Focus on Tech Infrastructure Source: Factset *Does not include US issuers. Security IT Automation Communication Semiconductor Internet
      • NetApp / Decru
      • Verisign / SnapCentric
      • RSA / Cyota
      • Radware / Vsecure
      • BMC / Identify
      • Sun / Aduva
      • Cisco / Sheer Networks
      • Juniper / Kagoor
      • Alcatel / Native Networks
      • Cisco / P-Cube
      • Broadcom / Siliquent
      • Zoran / Oren Semi
      • Intel / Oplus
      • Agere / Modem ART
      • eBay / Shopping.com
      • Boston Comm / PureSight