The National Cyber Bureau at the Prime Minister’s Office and the Foreign Trade Administration at the Ministry of Economy and Industry confirmed their support in a new consortium of Israeli companies to provide cyber solutions for the Tokyo 2020 Summer Olympics.
The consortium will be led by Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and includes the leading cyber security companies in the country Check Point Software Technologies Ltd. (Nasdaq: CHKP), Verint Systems Inc. (Nasdaq: VRNT), Bynet, ClearSky, CyberX, and ECI Telecom Ltd..
The Foreign Trade Administration told “Globes” on Wednesday this marked the first time leading Israeli tech bodies have united to cooperate in a bid to penetrate a foreign market like Japan. As part of its effort to support the initiative, the state will pay half of the conglomerated companies’ financial costs in their attempt to enter the Japanese market a figure estimated at several millions of shekels.
The Ministry of Economy said professional cooperation between the 7 firms will allow them to prove their wide-range of capabilities in end-to-end solutions for the cyber threats Japanese authorities will face in the run up the Olympic Games in four years.
Some of the companies have previously been involved in providing cyber solutions for sporting events of a similar magnitude like the London 2012 Summer Olympics and the Sochi 2014 Winter Olympics. The Ministry of Economy and Industry said the Japanese market is considered a challenge for Israeli companies seeking their first steps there, because it is a closed market laden with tech solutions.
The seven Israeli companies are expected to begin their efforts soon, starting with an exhibition center to showcase the technologies they will offer the Tokyo authorities.