Israeli private equity fund Fortissimo Capital Fund said Wednesday that it has acquired Eshbel Technologies for NIS 192 million. Eshbel is a provider of enterprise resource planning software for small and medium businesses.
ROSH HAAYIN, Israel, January 29, 2014 /PRNewswire/ —
Private equity fund Fortissimo Capital Fund announced today that it has acquired full ownership of Eshbel Technologies Ltd. after receiving court approval of the transaction.
Eshbel, founded in 1986, is the developer of Priority, proprietary ERP software for small and medium businesses that is installed in more than 5,500 customers in 30 countries, with more than 200,000 users.
Priority is a fully-integrated, comprehensive ERP software solution serving a wide spectrum of industries and organizations, including multi-national and multi-lingual corporations. Its main modules include: finance, manufacturing, logistics, human resources, time and attendance, payroll, business intelligence, project management and customer service and support. The industrial sectors for which Priority provides a full solution include: medical, electronics manufacturing, software, project management, food distribution, metal and plastic manufacturers, and service providers.
Yuval Cohen, founder and managing partner of Fortissimo, said: “Fortissimo as a fund focuses on creating value from growth. We are attracted to Eshbel primarily due to its leadership position in Israel and its potential worldwide. We believe that we can expedite the growth of the company by expanding the modules available as well as the addressable industrial sectors and through geographic expansion. An important element of the growth strategy of the company is a substantial investment in the infrastructure, in particular, with respect to R&D, support, marketing, and service to strengthen the technological leadership of Priority.”
About Fortissimo Capital :
Fortissimo Capital is a group of private equity funds managing half a billion dollars and specializing in investments in public and private Israeli-related technology and industrial companies. Fortissimo Capital focuses on growth companies and on companies in special situations. Fortissimo Capital’s investors include leading financial institutions in Israel and abroad, including insurance companies, banks and pension funds. Fortissimo’s partners include: Yuval Cohen (founding and managing partner), Eli Blatt, Shmoulik Barashi, Marc Lesnick, Yochai Hacohen and Yoav Hineman.