• Viola Private Equity | 27 Aug 2015

    Viola Private Equity Invests up to $28.4 million in Itamar Medical

    The investment will reinforce Itamar Medical’s financial strength and will be used to accelerate growth; Viola Private Equity General Partners, Jonathan Kolber and Sami Totah will join Itamar Medical’s Board of Directors

     CAESAREA, Israel, August 27, 2015 – Itamar Medical Ltd. (TASE:ITMR) and Viola Private Equity today announced a private investment in public equity (PIPE) deal, in which Viola Private Equity will invest up to $28.4 million in Itamar Medical.
    Through this deal, Viola Private Equity will become the largest shareholder of Itamar Medical and will work closely with the company's management to accelerate growth and market expansion.

    According to the investment agreement, Itamar Medical will issue shares to Viola Private Equity at the price of NIS 1.449 per share for consideration of $24.1 million. In addition, Itamar Medical will issue to Viola Private Equity, for no additional consideration, non-tradable warrants for the acquisition of up to 50% of issued shares for an exercise price of NIS 1.642 to NIS 1.745 per share.  

    In parallel, Itamar Medical announced that it will initiate a rights offering to existing shareholders to invest an additional $5.9 million under the same conditions of Viola Private Equity’s investment. Viola Private Equity committed to increase its investment by up to $4.3 million, in case of unexercised rights, reaching a total investment of up to $28.4 million.

    Following that, Itamar Medical reports that the Company has received from its major shareholders - Medtronic, Dr. Giora Yaron and Martin Gerstel - a notification regarding their intent to convert their existing $1.6 million shareholders loan to equity by participating in the rights offering, bringing the total investment in the Company to $30 million.

    Viola Private Equity and the major shareholders agreed that all of their shares in the company will be locked-up for a period of 18 months.

    As part of the investment, Jonathan Kolber, General Partner at Viola Private Equity and formerly the  CEO of Koor Industries Ltd., as well as Sami Totah, General Partner at Viola Private Equity and formerly the COO of Amdocs, are expected to join Itamar Medical’s Board of Directors.

    Viola Private Equity is a growth and buyout fund focused on growth-stage companies, private and public, with global presence. In April, Viola Private Equity announced successful fundraising of $250 million for its second fund. The investment in Itamar Medical is its third investment out of this fund, following investments in and VATBox. Viola Private Equity in managed by four General Partners: Harel Beit-On, Jonathan Kolber, Sami Totah and Ayal Shiran. The fund manages over $410 million and among its recent exits are Mobile Access, Amiad Water Systems, Matomy and Orad. Viola Private Equity is a controlling shareholder of Degania Medical. Viola Private Equity is a member of the Viola Group, Israel’s premier technology-focused Private Equity group with over $2 billion under management. Viola Group recently announced a successful sale of Lumenis, a leading medical device company, to XIO Group for $510 million.

    Itamar Medical develops, manufactures and markets non-invasive medical devices based on a unique technology for the diagnosis of cardiovascular diseases and sleep apnea. The company has signed several global strategic agreements, including those with Medtronic, Inc. in the US, Viable Medical Investment Co. Ltd. in China, Philips Respironics GK, and Nihon Kohden in Japan.

    “The investment in Itamar Medical is an excellent example of Viola Private Equity’s investment strategy – a growth stage tech company, with a run rate of approximately $20 million in annual revenue, which is at a turning point in launching a new strategy,” said Jonathan Kolber, General Partner at Viola Private Equity. “The company has an outstanding management team that was recently recruited and benefits from the support of the founding investors. Our large investment is intended to further enhance Itamar Medical’s growth, its global expansion and product development. Viola Private Equity brings extensive operating experience in growth investments and we strongly believe in the outstanding potential of Itamar Medical.”

    “We praise Viola Private Equity on this investment. The fund examined the company’s activities in depth over the past months and its decision to invest in Itamar Medical is a vote of confidence in the technology as well as the growth potential in our main markets,” said Dr. Giora Yaron, Co-Chairman of Itamar Medical. “We are confident that the managerial experience and knowledge that Viola Private Equity brings will be most beneficial for Itamar Medical’s management and for the company’s continuous success, as well as the strengthening of its financial position and competitive advantage.”

    “We are pleased to include such a professional and leading fund such as Viola Private Equity as the largest shareholder among our existing, strong shareholders,” said Gilad Glick, CEO of Itamar Medical. “It was extremely important for us to enable our existing shareholders, who have believed in us and who have invested in our company over the years, to take part in this important investment round and hence we have reached an agreement with the fund that enables issuing rights in parallel. An investment of $30 million will enhance the execution of Itamar Medical’s growth strategy and the leveraging of the many financial opportunities we are identifying in the market. This investment, as well as Viola’s commitment to the company’s success, will help position Itamar Medical as a leading player in the cardiovascular diagnosis market. The current investment will strengthen Itamar Medical’s financial position and will enable accelerated growth.”

  • Viola Private Equity | 10 Aug 2015 Closes $24 Million Growth Round Led By Viola Private Equity

    Automated VAT recovery & governance solutions empower Global 2000 to  maximize VAT returns, ensure compliance and governance

    Tel-Aviv –  August 10, 2015 - VATBox, the leading cloud-based provider of automated VAT recovery and governance solutions, announced the closing of $24 million in a new financing round led by Viola Private Equity with participation of existing private investors. The funding will further fuel VATBox's aggressive growth plans and accelerate its expansion in the massive and growing market of VAT recovery and governance.

    VATBox was founded in 2013 by CEO Isaac Saft and President Noam Guzman. Leveraging their extensive experience in the enterprise software market, together with Comverse former SVP of Global Operations Yoram Hordan (COO) and a team of 60 employees, VATBox has become a significant player in the field of VAT recovery and compliance. The company has hundreds of multinational clients including global brand leaders and the Fortune 500.

    VATBox aims to replace current, ad-hoc manual VAT recovery processes, with an innovative, fully automated, data driven solution that maximizes returns and provides visibility and compliance across all global entities.  VATBox’s disruptive technology ensures that any cross border or unstructured VAT paid by the client will be captured, qualified, evaluated and recovered automatically.

    VATBox operates in many countries worldwide and is currently focused on expanding its presence in existing and new markets.

    Sami Totah, General Partner at Viola Private Equity, said: “VATBox's fully automated solution offers more money back and the required governance to clients, solving a long term pain around the complexity of dealing with VAT. The company’s track record with Fortune 500 clients provides significant market validation. We are excited to join forces with VATBox’s excellent team in building the category leader in the VAT recovery market."

    Isaac Saft, CEO of VATBox, added: “Indirect tax is a massive and significant expense for every global company. For decades, the VAT recovery market was controlled by manual service providers that offered inefficient, risky, non-visible and limited services, thereby forcing companies to leave billions of euros of VAT on the table, and leaving themselves open to significant risk. In today’s complex indirect tax environment, executives expect to control, forecast and optimize financial processes with technology.  Surprisingly, VAT recovery processes had not evolved since its initiation, and true governance was unheard of.  As the first and only tech player in this market, weprovide fully secure and easy-to-use solutions that maximize VAT recovery, while adding an essential compliance and governance layer that had not been available before. We are very excited to partner with Viola Private Equity as we continue to disrupt this accelerating market.”

    About VATBox

    VATBox is a global B2B SaaS company that provides automated VAT recovery and governance solutions to large, multinational companies. The company was founded in 2013 by CEO Isaac Saft and President Noam Guzman. VATBox provides innovative, fully automated, data driven solutions that maximize VAT returns and provide visibility and compliance across all global entities.

    For more information: or follow us on twitter @VATBox.

    About Viola Private Equity

    Founded in 2008, Viola Private Equity provides an opportunity for growth stage companies to raise the capital they need to develop and expand. Viola Private Equity, with over $400 million under management, focuses on value creation in its portfolio companies and utilizes its strong management team to accelerate the growth of these companies. By providing direct capital investment, combined with strong leadership support, it propels portfolio companies forward, turning recognized companies into global technology leaders.  The Viola Private Equity team has vast experience in working with management teams to build organic and non-organic growth plans, scale operations, strengthen management teams and aim to create business partnerships with global leaders. 

    Viola Private Equity is a member of the Viola Group, Israel’s premier technology-focused Private Equity group with over $2B under management. For more information visit:

    Media Contacts


    Meira Primes

    CMO, VATBox

    +972.58.459.6769 | +1.617.459.6769

    Viola Private Equity

    Hila Shitrit Nissim

    VP Marketing, Viola Group




  • Carmel Ventures | 01 Jul 2015

    Splacer Raises $1.4M In Seed Round Of Financing and Expands To NYC

    The platform for connecting venue owners with event hosts brings its underlying  philosophy of local sharing and inspirational experiences to the Big Apple

    NEW YORK -- July 1, 2015 -- Splacer (, an online marketplace for people to list, discover, and book short-term event spaces, announced today that it has raised $1.4 million in a seed round of financing led by Carmel Ventures with participation from a consortium of angel investors. In addition, Splacer is announcing the beta launch of its platform in New York City, allowing both commercial and residential property owners to list and showcase their spaces to the community. Founded in Tel Aviv, Israel, by female architects, Lihi Gerstner and Adi Biran, along with CTO, Lior Ash, Splacer aims to redefine the way we think about the design, ownership, and utility of urban spaces.

     “We envision a sustainable world where spaces never go to waste,” said Adi Biran, co-founder and CEO of Splacer. “We believe people should better utilize and share spaces, especially in a wonderfully diverse city like New York. Spaces with great design possess the power to inspire new experiences and we’re excited to launch our platform for the local community to discover and access these special properties.”

    Splacer connects owners of one-of-a-kind spaces with people looking to create all kinds of event experiences including social gatherings, workshops, photoshoots, exhibitions, pop-ups, off-sites, and more. Unlike other event space marketplaces, Splacer features both commercial and private spaces that  are not necessarily designated for events. These spaces can range from local galleries and art studios to apartment lofts, urban gardens, and industrial warehouses.

     “Splacer is enabling people to create events in the most unconventional locations. The idea that spaces are dynamic is an interesting one, and we certainly believe in Splacer’s community-focused approach,” said Daniel Cohen, General Partner at Carmel Ventures. “The sharing economy has redefined how we work and travel; it’s about time the event industry embraced this new model.”

    With the goal of filling inspiring spaces with creative events, Splacer gives owners an opportunity to earn extra income when their spaces are not in use. Furthermore, event hosts will now have access to unique spaces that were previously unavailable, by the hour or day, and can browse listings by the type of activity, location, size, vibe, price, and user reviews.

    To ensure only the best venues are listed on the platform, Splacer screens every listing using local scouts and affiliates along with real estate brokers, interior designers, and photographers. Splacer is a place to find for more than just spaces. Users can search for creative production services and concierge services on the platform, making Splacer a one-stop marketplace for all event-related needs.

    About Splacer
    Splacer was co-founded by Adi Biran, Lihi Gerstner and Lior Ash with a vision of redefining ownership and the way commercial and residential spaces are utilized in big cities. Lihi and Adi, who are Columbia University architecture graduates, have long been passionate about developing sustainable cities that are rich with design and built upon the philosophies of sharing and co-ownership. The team launched Splacer in the fall of 2014 as an online marketplace for people to list, discover, and book short-term event spaces.

Our People and Companies


Viola Group, with over $2 Billion under management, is Israel’s premier technology oriented private equity investment group.

Viola Group aims to provide long term, world-class returns by identifying and pursuing attractive investment strategies in the vibrant Israeli technology and industry market. Viola Group is comprised of focused separate independent best of class partnerships including Carmel Ventures – a top tier Venture Capital fund; Viola Credit – a leading equity-based lending fund; Viola Private Equity – technology focused growth capital and buyout fund; and Viola Partners – an exclusive investment fund mainly for private investors. Each partnership operates independently while enjoying access to market and technology research and insights, global tier-one investors, superior investment opportunities, a global industrial network, and access to leading management and investment talent.The partnerships identify, partner with and actively support leading entrepreneurs and high potential, growth-oriented enterprises and investment funds.



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