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Foreigners spend $500 mln on Israel software firms

Posted by inet - 2005-10-10

Foreign companies spent more than $500 million in acquiring 15 Israeli software firms over the past 12 months,     Israel's Manufacturers Association said on Sunday.

One of the largest deals took place in April, when manufacturing software maker UGS bought Israel's Tecnomatix Technologies for $228 million.

The Manufacturers Association said that, over the past decade, foreign companies have bought more than 30 Israeli software firms for about $6 billion.

It added that Israeli software firms have spent about $700 million over the past 12 months on purchasing foreign companies -- mainly in the United States, China and Romania.

The association said that over the first half of 2005, Israel's software exports grew about 6 percent from the same period a year earlier to $3.18 billion.

Israel has more than 2,000 start-up companies, over half of which are in the software sector, it said.

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