Erel Margalit's Cyoptics goes to NASDAQ
American startup, controlled by JVP fund, files prospectus ahead of its $75 million IPO at value of some $350 million. Cyoptics develops data-transfer technologies for communication systems
The company is expected to raise some $75 million based on a $350 million company value. Investment banks J. P. Morgan and Barclays Capital will underwrite the offering.
Cyoptics was founded in Israel in 1999 by Uzi Koren, Micha Zimmerman and Yair Halpren. In 2005, the company terminated its operations in Israel and sold its facilities in the country to Vishay Intertechnology for approximately $11.5 million.
After a while, Vishay itself shut down the facility. In 2008, Cyoptcias merged with the communications division of Italian Pirreli.
Cyoptics has 550 employees and its main shareholders are Erel Margalit's JVP fund (54.4%); Sprout Capital (10.8%); George Soros (5.5%) and TL Ventures (5.2%).
The company concluded 2010 with $108.3 million in revenues which constitutes a 64.8% climb from its 2009 revenues. The company is continuing its growth this year as well ending the first quarter with $34 million in revenues.
Among the company's major clients are CIEN, Huawei Technologies, Lockheed Martin, FNSR, Source Photonics and Cambridge Industries which all together generate 70% of the company's income.
Over the past years, Cyoptics has followed an M&A strategy, merging with seven companies and plants since 2003.
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