Israeli private equity fund Fortissimo Capital is buying Israeli retail data company StoreNext for NIS 180 million. The acquisition price is 10% below the target price in StoreNext's planned TASE IPO, for which it filed a prospectus last month. Fortissimo Capital is led by managing partner Yuval Cohen.
A source close to the deal told "Globes" that StoreNext, "Provides data that is critical for suppliers and retailers. The company develops an interesting capability, in the B2B sector as well, and Fortissimo in my estimation will want to continue to enhance it and expand its activities. In these terms it is a company that they can stay together with for a long time."
Among the controlling shareholders in StoreNext (held through a partnership with Value Data) as well known figures in the Israeli capital market including Victor Shamrich and Ido Neuberger, the controlling shareholders in Value Base, the underwriting company that was leading the IPO that has now been cancelled. In the past StoreNext was controlled by former Israeli software giant Retalix, which was acquired by NCR in 2013 for $800 million.
StoreNext currently has 114 employees and is based in Kiryat Matalon in Petah Tikva. The company has a digital platform that gathers general retail information from 2,650 cash tills and point of sale in supermarkets, and consumer chains and processes onto an online and accessible platform.
Published by Globes, Israel business news - en.globes.co.il - on June 15, 2022.
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