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    ELRNF   IL0007490779

ELRON VENTURES LTD

(ELRNF)
  Report
Delayed OTC Markets  -  01:53 2022-11-28 pm EST
1.850 USD   -31.48%
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Elron Electronic Industries : Announces Sale of Alcide to Rapid7

02/02/2021 | 12:08am EST

Translation of Immediate Report Filed by Elron on January 31, 2021 with the Israeli Securities Authority

Tel-Aviv, January 31, 2021 - Elron Electronic Industries Ltd. (TASE: ELRN) ("Elron") today announced that Alcide IO Ltd. ("Alcide") and its shareholders (including Elron), have signed a definitive agreement with Rapid7 Inc. (the "Acquirer") for the sale of the entire outstanding share capital of Alcide (the "Transaction") and that the Transaction was simultaneously completed.

Alcide is developing and marketing a security platform for Kubernetes from code-to-production. Elron held approximately 24% of Alcide's share capital on a fully diluted basis.

Pursuant to the Transaction, Elron will receive an amount of approximately $12 million (of which an amount of approximately $1.3 million will be deposited in escrow for a period of 18 months, mainly in order to secure certain indemnification obligations of the selling security holders to the Acquirer).

Elron is expected to record a gain with respect to the Transaction of approximately $11.5 million.

According to the Transaction, the Acquirer is entitled to certain indemnities in connection with the Transaction, as is customary in transactions of this type, from the selling security holders.

The report on the Transaction was delayed in accordance with Regulation 36 (b) of the Israel Securities Regulations (Periodic and Immediate Reports), 1970, due to Elron's assessment, based on Alcide's assessment, following information provided to it by the Acquirer, that publication of the report prior to the signing of the definitive agreement could prevent the signing of the definitive agreement and the consummation of the Transaction. On January 28, 2021, at 23:15 IDT the impediment was removed due to the signing and closing of the Transaction.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Elron Electronic Industries Ltd. published this content on 31 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2021 05:07:01 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 37,8 M - -
Net income 2021 5,48 M - -
Net cash 2021 73,1 M - -
P/E ratio 2021 35,0x
Yield 2021 -
Capitalization 140 M 140 M -
EV / Sales 2020 25,2x
EV / Sales 2021 2,86x
Nbr of Employees 12
Free-Float 39,8%
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Managers and Directors
Yaron Elad Chief Executive Officer
Niv Levy Chief Financial Officer
Zahi Nahmias Chairman
Lee Bath Nelson Independent External Director
Barak Mashraki Independent External Director
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