Waze exit to profit Israeli institutional investors

Phoenix, Harel, Clal Insurance and Halman Aldubi have invested in Waze through Magma and Vertex.

The expected $1.3 billion acquisition of navigation and traffic report app Waze Ltd. by Google Inc. (Nasdaq: GOOG) will generate profits, not only for the start up's employees, but also the Israeli financial institutions, both companies and funds, which invested in Magma Venture Partners and Vertex Venture Capital, which both hold a stake in Waze.

Sources inform "Globes" that the institutions that will profit from the impending exit include members with pension plans in The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL).

Also profiting will be the provident fund of Halman Aldubi Investment House Ltd, which invested in Waze through Vertex, as well as the Hadas Arazim Investment House, which also holds a stake, and recently merged with Halman Aldubi.

Halman Aldoubi invested $500,000 in Waze three years ago at a company value of $150 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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