Borderfree sets terms for Nasdaq IPO
The video conferencing company has been struggling since Cisco, previously its largest customer, acquired its rival.
Avaya plc (NYSE: AV) is set to acquire video conferencing solutions developer Radvision Ltd. (Nasdaq: RVSN; TASE: RVSN) for $230-240 million. "Globes" reported that the two companies were in advanced talks in December and the deal is expected to be closed in the next few days.
Over the past few days, Radvision's share has risen sharply, probably due to rumors that the company is about to be sold. Last night the share price on Nasdaq rose 11% to $9.97, giving a market cap of $193.8 million. Trading in the company's shares on the TASE was suspended this morning but was due to resume at 11 am.
Radvision has been up for sale from more than two years after Cisco Systems Inc. (Nasdaq: CSCO), previously its largest customer, acquired the Israeli company's Norwegian rival Tandberg for $3.3 billion in late 2009.
Over the past few years, Radvision, controlled by Zohar Zisapel who owns 26.3% of the company and his brother Yehuda Zisapel who owns 6.3%, have tried to manage without Cisco, but have not really succeeded.
In the fourth quarter of 2011, Radvision reported revenue of $21.8 million, down from 26.6 million in the corresponding quarter of 2010. The bottom line was that the company lost $4.5 million ($0.24 per share) in the fourth quarter of 2011 compared with a profit of $1.4 million ($0.07 per share) in the corresponding quarter.
Radvision declined to comment on the report.
Published by Globes, Israel business news - www.globes-online.com - on March 14, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
You comment was recieved and soon will be published.
Load more comments
The e-commerce company plans to raise a gross $70-80 million at $14-16 per share.
Teddy Sagi floating SafeCharge on AIM
The online clearing solutions company will reportedly try to raise $100 million in London.
Wibiya founders leave Conduit, start weight loss co
Dror Ceder, Daniel Tal and Avi Smila left Conduit two months ago..
XL Media plans London IPO at $100m value
The Israeli gaming marketing company will attempt to raise $30-40 million on the AIM.
mobli first co to list on Nasdaq Private Market
The market allows the company's employees to trade options and shares.
"Home prices driving tech workers overseas"
Leumi deputy CEO Daniel Tsiddon: The rise in home prices in high-tech areas in Israel is costing human capital.
Fintech co Payoneer raises $25m
Susquehanna Growth Equity led the round.
Camtek, AudioCodes set for secondary offerings
Magic Software increased the amount it raised to $58 million, after the underwriters exercised their over-allotment options.
Perion in talks to buy Airpush for $170m - report
"Techcrunch" says Perion is close to acquiring the digital ad company.
Israel is a nanotech nation
206 nanotech start-ups have been founded in the past six years
Ototo promotes public transport on demand
The app uses crowdsourcing to identify demand for passengers and sends a bus.
3D printer maker Stratasys sees growth continuing in 2014
Non-GAAP net profit rose to $82.1 million in 2013 ($1.95 per share) from $59.7 million in 2012.
Elbit Systems invests in nanomaterials co CENS
Cluster Engineered Nano Space (CENS) is in Elbit's Beersheva Incubit incubator.
Ron Lauder invests in Nielsen Innovate incubator
Ron Lauder is investing in the Caesarea incubator through R&R Venture Partners.
Parking app co Pango raises $6.5m
The company will use the proceeds to develop smart parking applications.
Compugen raises $63m, Magic $51m
The two companies held secondary offerings on Nasdaq on the basis of shelf prospectuses.
Varonis doubles on first day on Nasdaq
The company, founded in Israel, provides security solutions.
Amdocs CEO: We strive for 5% annual growth
Eli Gelman fears complacency as the company expands in emerging markets.
Intel Israel development center to remain vital
Intel Israel president Mooly Eden tells "Globes" that Israel remains central to the chip company's plans.
SuperCom share price skyrockets 920%
SuperCom CEO Arie Trabelsi tells "Globes" how he has turned around the identity solutions company.
IMI enters cyber security arena
As privatization approaches, Israel Military Industries bets on a market with enormous growth potential.
Wanted: Arts majors for high-tech
Technology companies are looking for creativity, flexibility, and the ability to think outside the box.
2013 boom year for Israeli high-tech
In the first half of the year, there was a 52% rise in demand for mobile and web developers, and salaries are up as well.
CyberArk reboots network security
CEO Udi Mokady: Media reports on electronic surveillance make explaining our product unnecessary.
Architect Eli Attia: Google stole my life's work
Eli Attia has developed an innovative building design and construction concept that Google sees generating $120 billion annually.