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Economic News from Israel

  • Chicago-based Allscripts, with major operations in Atlanta, has acquired Hod Hasharon-based dbMotion for $235 million.  dbMotion’s technology is the key component of the Allscript’s connected community of health with 370 hospitals and 2800 clinics around the world currently using it.
  • Jerusalem-based OurCrowd has provided its first funding in the US for Oregon-based Lucid Energy.  OurCrowd founder Jonathan Medved was keynote speaker at last year’s Eagle Star Awards Gala in Atlanta.
  • Beit Shemesh-based Atlantium has raised $9 million with proceeds to be used to accelerate development of its new ballast water treatment product and to step up market development.  Atlantium’s product is used extensively throughout the world with Coca-Cola bottlers.
  • Tirat Carmel-based InSightec has received FDA approval to begin its pivotal Phase III clinical trial for treatment of essential tremor using ExAblate Neuro.  The product uses MR guided focused ultrasound therapy to provide an incision-less treatment, through the intact skull, with no ionizing radiation.
  • Exports by Intel Israel more than doubled to $4.6 billion in 2012 from $2.2 billion in 2011 with their direct work force rising by 10% to 8,500 employees and with indirect employees totaling 25,500.  Reciprocal procurements in Israel totaled $737 million, and Intel invested $1.1 billion in its Israeli operations last year.
  • Ra’anana-based Waze won the Best Overall Mobile App by Atlanta-based GSM Association, at the Barcelona World Mobile Congress.  The Israeli navigation and traffic congestion app competed against three other Israeli company nominees including MyCheck, uTest, and Intucell that was recently sold to Cisco for $475 million.
  • Johnson & Johnson and OrbiMed Advisors will jointly bid in the Office of the Chief Scientist’s biotech incubator tender.  J&J is very active in Israel with subsidiaries including BioSense, Webster and Omrix.  OrbiMed manages $222 million, and has invested $30 million to date in Israeli life science companies.
  • The Arrow 3 missile, jointly developed by Boeing and IAI, carried out its first successful flight test in central Israel.  It was developed to intercept long-range ballistic missiles in space while they are still far from Israel, and was partly developed in Huntsville, Alabama.
  • Neve Ilan-based Powermat Technologies unveiled its cordless iPhone 5 charger at the Barcelona World Mobile Congress that includes a charging case and an extra battery which doubles the iPhone’s work period.  The company also offers a network of recharging services across the US and is running a pilot with Starbucks in Boston and has several hundred recharging services at Madison Square Garden in New York and Delta Air Lines lounges.
  • Netanya-based Outbrain has acquired New York-based Visual Revenue that provides editors with real-time recommendations to optimize the content on their homepages, test headlines, and so forth, while preserving the correspondents’ own voice.  This was Outbrain’s third acquisition in two years, having purchased Atlanta-based Scribit in December.
  • US military aid to Israel for fiscal year 2013 will be reduced by 5%, instead of the 8% initially planned, amounting to $155 million, rather than $250 million out of $3.1 billion. The reduction is part of the $85 billion sequester in the Federal budget after the deficit reached $16 trillion, and the automatic sequester came into effect on March 1.  AIPAC led a lobbying campaign among Members of Congress to head off the cut to military aid to Israel.
  • Israel’s unemployment rate fell to 6.5% in January from 6.8% in December according to the Central Bureau of Statistics.  Participation of the labor force fell from 59.3% to 59.2% during the same time.

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