After three decades, payroll services company Synel Payway MLL (TASE: SNEL) is about to change hands. The Boganem family has signed an agreement to sell control of the company (69%) to telecommunications services provider Accel Solutions Group (TASE: ACCL) for NIS 93 million.
Under the agreement, controlling shareholders Gavriel and Erez Boganem will sell their holdings in Synel at NIS 23.75 per share, giving the company a valuation of NIS 134 million, 23% higher than its current market cap.
On completion of the deal, Gavriel Boganem will leave the company he founded in 1991 as a merger between a number of human resources software companies. In 2000, Boganem led the company’s IPO on the Tel Aviv Stock Exchange, where it has a market cap of NIS 109 million. In 2022, the company spun off its real estate activity into a separate company, Dorsel (TASE: DRSL), shares in which were distributed as a dividend in kind and which is now traded on the Tel Aviv Stock Exchange at a market cap of NIS 427 million.
The buyer, Accel Solutions Group, became listed on the Tel Aviv Stock Exchange in 2019 through a merger with a stock market shell company. Under the management of Ronen Shor it has expanded into cybersecurity and artificial intelligence services. Since its IPO, the company’s share price has risen 1,250%, and it currently has a market cap of NIS 359 million.
At the same time as announcing the acquisition of Synel, Accel, in which there is no controlling core, also announced a placement of shares and warrants with Clal Insurance (TASE: CLIS) for NIS 40 million. Following the placement, carried out at a discount of 7%, Clal Insurance will become the largest shareholder in Accel, with a holding of 11%.
The current largest shareholder, which will become second to Clal Insurance, is Rapac Communications and Infrastructure, controlled by Tanhum Oren, with a 10% holding. Among other investors in Accel are Gil Deutsch and Aharon (Roni) Biram, with 7% each, and Nissim Degaldeti, who also holds about 7% of the company.
Published by Globes, Israel business news - en.globes.co.il - on August 18, 2025.
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