JTA NEWS
21 August 2017 - 30 Av 5777 - ל' אב ה' אלפים תשע"ז
JTA NEWS :
Business
Frutarom acquires Vietnamese company WFF E-mail

Israeli flavours and natural specialty fine ingredients company Frutarom Industries Ltd announced recently that it has acquired 60% of the Vietnamese company Western Flavors Fragrances Production (WFF) for US$1.3 million.

The purchase agreement includes an option to purchase the balance of WFF shares within four years from completion of the transaction, at a price based on the future business performance of WFF. The transaction, to be financed through independent means, will be completed soon. WFF has annual sales of US$1.5 million. This is Frutarom’s third acquisition in 2017 – it has already bought the French company Rene Laurent for US$23.5 million.

WFF was founded in 2003, has 44 employees, and develops, produces and markets flavours, mostly sweet flavours, with an emphasis on dairy, beverages, confectionery and baked goods. The company has a broad portfolio of products and around 300 customers from among the leaders in their fields in Vietnam. WFF has a plant and laboratory in Ho Chi Minh City and a sales and a marketing office in Hanoi. Frutarom intends to build a modern new flavours plant in Ho Chi Minh City that will enable it to significantly expand its activity in the Vietnamese market and in the growing countries of the region.

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Chinese companies bid to operate Tel Aviv light-rail transit system E-mail

Three Chinese groups submitted bids in April to NTA Metropolitan Mass Transit System Ltd in the tender to operate the Greater Tel Aviv light-rail red line.

All the groups are IsraeliChinese partnerships, after German company Deutsche Bahn and French company SNCF withdrew. The tender is to operate the railway between Petah Tikva and Bat Yam for 10 years, with an option for six more years.

The groups filing bids were Egged Israel Transport Cooperative Society Ltd, together with China Civil Engineering Construction Corporation (CCECC) and Shenzhen Metro; Dan Bus Company, in partnership with Beijing Metro; and Derech Eretz Highways, in partnership with Guangzhou Metro. The winner is scheduled to be announced in August 2017.

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Japan’s Softbank invests in Dome9 Security E-mail

Israeli cloud infrastructure security Dome9 Security recently announced the close of a US$16.5 million Series C financing round, led by a new investor Japan’s SoftBank Corp.

Existing investors also participated in the round, bringing the total funding raised by Dome9 to US$29 million. Previous investors include Opus Capital, JRR Partners, JAL Ventures and Lazarus Israel Opportunity Fund. The funds will be used to boost global business growth fuelled by strong traction in the enterprise market.

As part of the agreement, SoftBank will be the leading distributor of the Dome9 Arc cloud infrastructure security platform in the Japanese market, enabling organisations running workloads in cloud environments to manage security, compliance and governance efficiently.

The company is now headquartered in Mountain View, California, and its development centre, with 50 employees, is in Tel Aviv. CEO Zohar Alon and CTO Roy Feintuch founded the company in 2011.

The Dome9 Arc SaaS platform allows customers to simplify security operations and speed up compliance in their public and multi-cloud environments.

Dome9 Arc is the only cloud security solution to offer native, API-enabled integration with Amazon Web Services (AWS), Microsoft Azure and the Google Cloud Platform (GCP), as well as an agent-based approach that extends the Dome9 platform to other public clouds and onpremises cloud deployments.

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Israel and China to open three Artificial Intelligence centres E-mail

Three Israeli-Chinese Artificial Intelligence technology centres are to be constructed in Israel and China, with an initial investment of US$10 million, according to an agreement signed on 20 March in China by the University of Haifa, the Hangzhou Wahaha Group and the Institute of Automation at the Chinese Academy of Sciences.

The Israeli centre will be located in Haifa, while its Chinese counterparts will be located in Hangzhou and Beijing. The institutes will aim to develop and industrialise cutting-edge application technologies from the University of Haifa and the Chinese Academy of Sciences, including vision tracking through mobile devices, image processing and big data for medical applications, 3D image learning, chip technologies, biometric identification and more.

The initiative will be financed by Zong Qinghou, chairman and CEO of the Hangzhou Wahaha Group, an umbrella of private companies and the largest beverage producer in China. The agreement with the University of Haifa is its first step in fostering academia and research, with construction of the institute set to be completed within the next two years.

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Israel and Vietnam sign co-operation agreements E-mail

Within the framework of Israeli President Rivlin’s state visit to Vietnam in March, a number of co-operation agreements were signed between the two countries in the fields of medicine, electricity and informal education.

The Memorandum of Understanding (MOU) signed in the field of electricity was between the Vietnamese electric company EEVN and Ormat, an international Israeli company that operates in the field of energy and electricity and deals with the establishment and operation of energy stations run by alternative energy.

The MOU was aimed at the establishment of a power station at the Bimsom factory, one of eight cement factories run by Vietnamese company VICEM. Israeli know-how in the field of renewable energy, and the need in Vietnam for development in this field against a background of strong economic growth in the country, were key to the formulation of the MOU, and represented a good example of co-operation between the two countries.

Similarly, an agreement was signed between the Israel Association of Community Centers (IACC) and Talent Pool, the largest informal education and training organisation in Vietnam.

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