Software Giant SAP Buys Israeli Startup Gigya for $350 Million Cash

“It is the blessing of Hashem that enriches, And no toil can increase it.” Proverbs 10:22 (The Israel Bible™)

Gigya promo image. (Screenshot)

SAP, the world’s fourth-largest software company, announced over the weekend it has acquired the Israeli startup Gigya for $350 million in cash (1 billion NIS). The deal is expected to be finalized within the next few weeks.

The German multinational software giant data processing, whose name stands for “systems, applications and products,” has been active in Israel since 1998. In 2001 SAP acquired Israeli company Top Tier for $400 million, and in 2004 it bough A2I for $10 million. The company is headquartered in Raanana and employs over 700 workers.

The customer-identity management company Gigya was founded in 2006 in Tel Aviv by Eyal Magen, Rooly Eliezerov and Eran Kutner. The company currently maintains offices in California, New York, Tel Aviv, London, Paris, Hamburg, and Sydney.

Gigya employs 100 people in Israel. Its core operation focuses on analyzing user data for large internet websites, and its clients include Fox News, Forbes, Pepsi and the NBA. Gigya’s technology is used by some of the largest media corporations to “get to know” their users by analyzing user habits in the hope of cementing user loyalty.

Gigya has raised $104 million to date in seven financing rounds, the latest in November 2014. Gigya investors include Israel’s Vintage Investment Partners, Adobe, Intel Capital and Advance Publications, which owns the American mass media company Condé Nast. The company’s value in the last round was estimated at $300 million.

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Joint Cornell-Technion Campus Opens in New York City

“Two are better off than one, in that they have greater benefit from their earnings.” Ecclesiastes 3:9 (The Israel Bible™)

A view of the Cornell Tech campus in New York City, home of the Jacobs Technion-Cornell Institute. (Iwan Baan)

Cornell University opened its new Cornell Tech campus, home of the Jacobs Technion-Cornell Institute, Wednesday on Roosevelt Island in New York City. The campus is a joint project between Cornell and Israel’s Technion Institute of Technology, located in Haifa.

“Today’s Cornell Tech campus opening marks the beginning of a new chapter in the Jacobs Technion-Cornell Institute’s ongoing work to foster innovation in New York and beyond,” Technion President Prof. Peretz Lavie said at Wednesday’s campus dedication event.

With the first phase of the institute’s construction complete, Cornell Tech relocated to Roosevelt Island last month, after being temporarily based at Google headquarters in Manhattan since 2012.

The $2 billion campus, which features some of the world’s most energy-efficient buildings, will source its staff, research and resources from both the Technion and Cornell. Construction of the entire campus is bloomslated for completion by 2043.

Some 30 faculty members and 300 graduate students will move to the new Roosevelt Island campus this fall.

When the initiative was announced in 2011, then-New York Mayor Michael Bloomberg said the campus would generate $23 billion in economic activity and create hundreds of new jobs in the city. Recent estimates show the campus will generate up to 8,000 permanent jobs.

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