Israel’s Financial Algorithms Gets $4B Buy Bid, Calcalist Says
2014-06-26 08:31:57.155 GMT
By Shoshanna Solomon
June 26 (Bloomberg) -- An unidentified foreign company has
offered $4 billion for Financial Algorithms, a programming
service-provider for hedge funds and traders, Calcalist reported
today without saying where it got the information.
Financial Algorithms, founded in 2001 with offices in
Herzliya, Israel, is considering the offer, Calcalist said on
its website, naming possible buyers as Chicago-based Citadel LLC
or New York-based Renaissance Technologies LLC.
Financial Algorithms employees said no one was available to
comment when contacted by phone today and there was no immediate
reply to an e-mails sent to the company. Citadel and Renaissance
didn’t immediately respond to e-mails seeking comment. No one
answered calls made to Renaissance offices in London.
An acquisition of Financial Algorithms for $4 billion would
be one of the largest of an Israeli company on record. Lucent
Technologies Inc. acquired Chromatis Networks Inc. in 2000 for
more than $4 billion, Cisco bought NDS Group Ltd. in 2012 for $5
billion, and Berkshire Hathaway Inc. paid $4 billion in 2006 for
an 80 percent stake in Iscar Metalworking Cos.
Financial Algorithms employs about 100 workers in Herzliya
and posted a profit of $330 million in 2013, Calcalist said.
For Related News and Information:
Top Stories:TOP<GO>
--With assistance from Yaacov Benmeleh in Tel Aviv.
To contact the reporter on this story:
Shoshanna Solomon in Tel Aviv at +972-3-542-7108 or
ssolomon22@bloomberg.net
To contact the editors responsible for this story:
Samuel Potter at +971-4-3641050 or
spotter33@bloomberg.net
James Doran, Gwen Ackerman
2014-06-26 08:31:57.155 GMT
By Shoshanna Solomon
June 26 (Bloomberg) -- An unidentified foreign company has
offered $4 billion for Financial Algorithms, a programming
service-provider for hedge funds and traders, Calcalist reported
today without saying where it got the information.
Financial Algorithms, founded in 2001 with offices in
Herzliya, Israel, is considering the offer, Calcalist said on
its website, naming possible buyers as Chicago-based Citadel LLC
or New York-based Renaissance Technologies LLC.
Financial Algorithms employees said no one was available to
comment when contacted by phone today and there was no immediate
reply to an e-mails sent to the company. Citadel and Renaissance
didn’t immediately respond to e-mails seeking comment. No one
answered calls made to Renaissance offices in London.
An acquisition of Financial Algorithms for $4 billion would
be one of the largest of an Israeli company on record. Lucent
Technologies Inc. acquired Chromatis Networks Inc. in 2000 for
more than $4 billion, Cisco bought NDS Group Ltd. in 2012 for $5
billion, and Berkshire Hathaway Inc. paid $4 billion in 2006 for
an 80 percent stake in Iscar Metalworking Cos.
Financial Algorithms employs about 100 workers in Herzliya
and posted a profit of $330 million in 2013, Calcalist said.
For Related News and Information:
Top Stories:TOP<GO>
--With assistance from Yaacov Benmeleh in Tel Aviv.
To contact the reporter on this story:
Shoshanna Solomon in Tel Aviv at +972-3-542-7108 or
ssolomon22@bloomberg.net
To contact the editors responsible for this story:
Samuel Potter at +971-4-3641050 or
spotter33@bloomberg.net
James Doran, Gwen Ackerman