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  • 22 Jan 2015

    HARMAN to Acquire Red Bend Software

    HARMAN International Industries, Incorporated (NYSE:HAR), the premier audio, visual, infotainment and enterprise automation group, today announced the acquisition of Israeli-based Red Bend Software, a leading provider of software management technology for connected devices, and over-the-air (OTA) software and firmware upgrading services. Building upon Red Bend’s strength in the mobile and carrier markets, HARMAN will accelerate Red Bend’s growth in the automotive space and will position Red Bend software as the de facto standard for OTA software services for mobile devices and automotive applications.

    The transaction is valued at $170 million, including approximately $99 million in stock and $71 million in cash. The number of HARMAN shares issued will be based on the volume weighted average trading price 60 days prior to January 21. Under the agreement, the selling stockholders of Red Bend are eligible for a cash earn-out of up to $30 million in the first quarter of calendar year 2017 based on the achievement of certain performance milestones.

    Red Bend is the world’s leading provider of the most advanced OTA solutions, serving top handset manufacturers and mobile carriers with more than two billion Red Bend-enabled devices in the market globally. Sophisticated software systems like Red Bend are the cornerstone of a steadily increasing number of integrated and interoperating devices, and managing updates for firmware, middleware, third party apps, and other services.

    “This acquisition of Red Bend, a true pioneer in OTA and virtualization technologies for cyber security, adds a critical component to our automotive systems and services portfolio that will essentially future proof software in cars, ultimately making them safer, smarter and more efficient,” said Dinesh C. Paliwal, Chairman, President, and CEO of HARMAN. “Together with our Symphony Teleca acquisition, HARMAN now has the essential foundation and deep bench strength for a comprehensive systems and services portfolio. Today marks a huge transformation for HARMAN and further advancement towards delivering consumers a seamless, connected car and connected lifestyle experience.”

    “With over 15 years of success in delivering world-class over-the-air update solutions to the telecom and mobile markets, we are pleased to bring our proven track record to HARMAN,” said Yoram Salinger, President and CEO of Red Bend. “By joining forces with HARMAN, we will accelerate our growth in expanding markets such as the connected car while also continuing to support billions of mobile devices. Beyond mobile, Red Bend and HARMAN will implement OTA software management to enhance infotainment and embedded system performance as well as other in-car ECU-based systems. These solutions will benefit the entire automotive ecosystem through cost savings, increased security and a seamless customer experience.”

    Red Bend’s software management solutions and hypervisor-based virtualization technologies for cyber security are already widely adopted in mobile devices and ideally suited to meet the rising demands of the connected car. By 2020, it is expected that more than 90 percent of vehicles on the road will be connected (Frost and Sullivan). Importantly, Red Bend solutions also serve as critical prerequisites for autonomous driving. By bringing Red Bend under the HARMAN umbrella and driving broad industry usage, HARMAN’s combined technology portfolio will seamlessly enable safe, secure OTA updates for a variety of on-board Harman and non-Harman automotive systems – whether embedded or downloaded -- speeding the pace of innovation to automakers and the industry.

    The Red Bend acquisition is subject to regulatory approvals and customary closing adjustments. It is expected to close in third quarter of HARMAN’s 2015 fiscal year.

    Upon close of the transaction, Red Bend will operate within HARMAN as an independent unit led by its existing management team, while benefiting from HARMAN’s scale, resources, and deep automotive domain experience. Red Bend will remain dedicated to serving and growing its target markets, including mobile handset OEMs, service providers, semiconductor vendors and tablet manufacturers, as well as its growing base of automotive OEMs and other Tier 1 suppliers.

    Conference Call

    The Company will host a conference call with the investment community Thursday, January 22 at 10:00 AM EST. To participate, dial 1-800-763-6564 (North America) or 1-212-231-2924 (International), Access Code 21760117.

    A replay of the call will also be available following its completion at approximately 1:00 p.m. EST. To listen to the replay, dial 1-800-633-8284 (U.S.) or 1-402-977-9140 (International), Access Code 21760117.

    About HARMAN

    HARMAN (www.harman.com) designs, manufactures and markets premier audio, visual, infotainment and enterprise automation solutions for the automotive, consumer and professional markets. With leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson ® and Revel®, the Company is admired by audiophiles, musicians and the entertainment venues where they perform. HARMAN has a workforce of approximately 16,600 people across the Americas, Europe, and Asia and reported sales of $5.6 billion for the 12 months ended September 30, 2014. The Company’s shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.

    About Red Bend Software

    Red Bend catalyzes change in the connected world. We have been keeping more than two billion mobile, automotive and IoT devices continuously relevant with over-the-air software updates, and with virtualization and device management services. Our robust technology and solution offerings deliver instant market impact — accelerating business results, optimizing performance and improving people’s lives. Building on nearly two decades of experience, and on our proven track record working with hundreds of leading global brands, we make it easy for customers across all geographies to optimize deployment of change, and reliably enhance any connected device — regardless of size and complexity — with ever-increasing value. For more information, visit www.redbend.com

  • 19 Jan 2015

    RealMatch Closes $8 Million in Additional Funding to Fuel Rapid Expansion

    RealMatch, the leading provider of performance-based recruitment advertising solutions, announced today it has closed an additional $8 million in venture capital funding as part of a Series C-1 round led by Edison Partners with participation by Orix Ventures and Carmel Ventures.

    RealMatch is on a mission to disrupt the highly fragmented online recruitment industry with the most advanced job matching technology and the only performance-based recruitment advertising network designed to connect employers and job seekers across the Web in the most efficient manner possible.

    "RealMatch has quickly become a dominant player in the recruitment advertising space with innovative technology and strong partnerships with leading digital publishers who provide access to a vast pool of employers and talent that reside in their online communities" said Jonathan Bulkeley, Chief Executive Officer at RealMatch. "Additional funding from existing and new investors further validates our model and will help us secure the leadership position in the market.

    " David Nevas, Principal at Edison Partners noted, "RealMatch offers the only solution that addresses the profound inefficiencies that have plagued the online recruitment market for years. The company is well-poised to become a market leader, and our additional investment is intended to help the company accelerate its rapid expansion in the market."

    The company's revolutionary job matching platform, vast network reach, and real-time performance management capabilities outperform traditional job boards and job aggregator sites by delivering significantly more qualified applicants for employers and a much more rewarding and engaging experience for job seekers.

    "RealMatch's rapid growth continues to validate the company's vision and the market demand for their pioneering technology," added Ronen Nir, General Partner, Carmel Ventures. "We look forward to our continued support in the company." Carmel Ventures made its initial investment in RealMatch in 2010.

    "We are very excited to have the opportunity to invest in RealMatch at this stage of the company's growth," said William Bishop, Managing Director and Co-Head, Orix Ventures. "We immediately realized the immense value RealMatch brings to the lucrative online recruitment market and the company's potential to disrupt the market."

    When asked how the company will use the funds, RealMatch's Chief Financial Officer, Ezra Sofer, stated that the proceeds of this round will be used to support growth in all fields of operations including investment in new products and services to meet the demand for existing and new channels.

    About RealMatch:

    RealMatch offers digital publishers a superior way to engage and monetize their audiences with its revolutionary white-label recruitment advertising solution that is transforming the $19 billion online recruitment industry. RealMatch's performance-oriented solution is built on the industry's most advanced job matching technology and features predictive performance algorithms and real-time performance monitoring capabilities that automatically create and optimize ad distribution campaigns across the company's vast recruitment ad network called TheJobNetwork™. RealMatch's innovative technology and vast reach to talent across the Web produce unrivaled posting performance and candidate engagement, allowing digital publishers who partner with RealMatch to significantly increase their ad revenue and gain a competitive advantage in their communities with online recruitment.

    About Edison Partners:

    For 28 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey to becoming successful companies. Through the unique combination of expansion capital and the Edison Edge platform, consisting of strategic advisory, the Edison Director Network, and executive education, Edison employs a holistic approach to nurturing invention and creating value for growth stage businesses ($5 to $20 million in revenue) in financial technology, healthcare IT, enterprise IT, and interactive marketing industries. Edison investment objectives also include: buyouts, recapitalizations, spinouts and secondary stock purchases.

    The Edison portfolio has created aggregate market value exceeding $5 billion. Its long-tenured team, based in Lawrenceville, NJ, New York, NY, McLean, VA and Cleveland, OH, manages $928 million in assets throughout the eastern United States.

    About Carmel Ventures:

    With over $800 million currently under management, many successful exits, and a growing portfolio of promising start-ups, Carmel is among Israel's top-tier venture capital funds. Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active, hands-on support through the growth cycle of its portfolio companies and is recognized as a true company-building fund in Israel. Carmel, headquartered in Herzliya, is a member of the Viola Group, Israel's premier technology focused Private Equity group with $2B under management. For more information, please visit www.carmelventures.com and our new blog: www.viola-notes.com.

    About Orix Ventures:

    ORIX Ventures is dedicated to supporting high-growth companies with a range of debt and equity products and is capable of leading debt or private equity transactions with total commitments as high as $50 million. Since its inception in 2001, ORIX Ventures has invested more than $1.3 billion across more than 120 growth companies throughout the U.S. and Canada. ORIX Ventures is a subsidiary of ORIX USA, a Dallas-based financial services firm with more than 1,400 employees and principal offices in Atlanta; Chicago; Hartford, Conn.; Los Angeles; Minneapolis; New York; San Francisco; Seattle; Washington, D.C.; Frankfurt, Germany; London; and Paris. ORIX USA holds approximately $7 billion of assets and manages an additional $30 billion, approximately. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly-owned international financial services company with operations in 36 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit www.orix.com.

  • 15 Jan 2015

    Payoneer Partners with Bank Asia to Empower Businesses and Professionals in Bangladesh and Reduce Friction for U.S. Businesses Seeking to Tap Into South Asia

    Payoneer Inc., a leading online payments company transforming the way businesses send and receive cross-border payments, has partnered with Bank Asia to help Bangladeshi freelancers receive payments from international companies more quickly, easily and cost-effectively. Payoneer’s new online payment gateway opens up local bank withdrawals in Bangladesh, which enables U.S. companies to tap into talent from Bangladesh in a way that was not previously possible. By using Payoneer’s payment services, freelancers and business owners can receive payments for services provided internationally directly to their Payoneer account in U.S. dollars and then transfer these funds to their bank account in Bangladesh in a fast, efficient and low-cost way.

    Bangladesh is the third-largest freelance market in the world. The country’s estimated 500,000 freelancers – including writers, designers, developers, photographers and more – needed an easier way to receive payments for their services from international companies.

    “Our goal is simple – to give both professionals in Bangladesh and U.S. businesses the tools they need to connect,” said Scott Galit, CEO of Payoneer. “Payoneer and Bank Asia both aim to provide modern and innovative financial services that enable the globalization of business. We’re excited to play a role in empowering Bangladeshi talent by connecting them with business opportunities the Internet has created around the world.”

    On January 8, Payoneer and Bank Asia held a launch ceremony in Dhaka which included Dr. Atiur Rahman, Governor of Bangladesh Bank, the central bank of Bangladesh. The ceremony was also attended by the Chairman of Bank Asia, A. Rouf Chowdhury; the President and Managing Director of Bank Asia, Md. Mehmood Husain; and Mr. Shamim Ahsan, President of the Bangladesh Association of Software and Information Services (BASIS), as well as Scott Galit and Patrick de Courcy, Payoneer’s Head of Asia Pacific. Over the past month, Payoneer has also hosted two conferences in Dhaka through its Brand Ambassador program, which brought together more than 1,000 participants to learn more about expanding their global businesses.

    “The events we hosted in Bangladesh are just another way we’re providing professionals and businesses with the tools they need to succeed in the connected business world,” said Galit. “On the back end, we provide a simple way for them to receive payments – but there’s much more to it. Through our Brand Ambassador program, we give professionals in these dynamic markets tools to network with other freelancers, hear from established speakers and ultimately set them up for wide business success.”

    Payoneer’s Brand Ambassador program has now launched in five countries: Japan, China, Argentina, Pakistan and Bangladesh. The program hosts local events to assist professionals using Payoneer in growing their business. Payoneer is launching the program in 15 additional countries through 2015.

    To learn more about how Payoneer is empowering global commerce with cross-border payment services for business, visit the Payoneer website.

    About Bank Asia

    Bank Asia Limited is one of the leading third generation private commercial banks in Bangladesh. The Bank started its journey in November 1999. Over the years, through dedicated customer service, creating a team of high skilled professional bankers, expansion of branch network and developing a strong IT platform, the Bank has gradually emerged as a highly renowned Bank in the country. For more information, visit http://www.bankasia-bd.com.

    About Payoneer

    Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today’s borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Google, Airbnb, Elance-oDesk and Getty Images rely on Payoneer’s mass payout services.

    With Payoneer’s fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Founded in 2005 and based in New York, Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000’s Financial Services companies. For more information, visit us at http://www.payoneer.com or follow us on Twitter and Facebook.

  • 23 Jan 2015

    RT @viola_notes: How to Create a Customer Acquisition Plan for Startups http://t.co/CNTIUuxEdQ @ryangum
  • 22 Jan 2015

    Now with a Hewbrew link: Carmel's portfolio @redbend acquired for $200M http://t.co/A1ZtRd4CUo
  • 22 Jan 2015

    What a great day: Congrats to our portfolio company @redbend for being acquired by Harman. http://t.co/yZwOzcBGdf

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Carmel Ventures  is a venture capital firm, empowering early stage start-ups to become category leaders 

Founded in 2000, Carmel Ventures is managing over $800M across four funds. As Israel’s top tier VC firm, we invest in Israeli or Israeli related early stage companies and build global category leaders. Carmel invests across a number of key market segments including: software, new enterprise infrastructure, big data, digital media, consumer applications and semiconductors.

  Our team approaches the investment as a proactive, hands-on endeavor. Carmel Ventures typically leads or co-leads investments and take an active role on the Board of Directors while keeping a low ratio of companies per partner. With strong M&A and IPO experience, the Carmel team has backed a disproportional share of Israel’s category leaders that generate over $50M in annual revenues, including: Outbrain, ironSource, Payoneer, and more.

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