Gefen Technologies News
2 articles
growth-negative
Israeli fintech co Gefen raises A$25m in Australian IPO
Gefen International A.I. Limited, an Israeli company, raised A$25 million in an IPO on the Australian Securities Exchange. However, the companys share price fell by 17% at the opening of trading. Gefen develops digital tools and services for insurance, finance, and real estate companies. It experienced growth in the first half of 2021, with a 105% increase in end customers and a 182% increase in transactions on its platform. Major insurance companies Generali and Manulife are among its customers. The company also has a collaboration agreement with Sapiens International NV. Gefens revenue in 2020 grew by 26.5%, but it incurred operating losses and a net loss. The IPO funds will be used for platform upgrades, marketing, and growth initiatives.
Public Trading
growth-positive
Gefen Technologies secures A$4m in oversubscribed pre-IPO capital raising - The Sentiment
Gefen Technologies has closed a pre-IPO convertible note offer, raising approximately $4m ahead of its anticipated listing on the Australian Securities Exchange (ASX). The round was oversubscribed, with sophisticated and institutional investors supporting the raise. Gefen plans to use the funds to cover its IPO costs and continue its strategic expansion plans. The company, which offers a digital distribution platform, has seen significant growth in customer adoption and aims to achieve revenue of over $20m in 2020. Gefen has experienced a spike in business during the COVID-19 pandemic and plans to lodge a prospectus with the Australian Securities and Investment Commission in the 3rd quarter of 2020 to raise approximately A$15 million. The co-founders and co-CEOs of Gefen are Orni Daniel and David Nash.
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