Israel blocks US firm takeover of Iron Dome software developer

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Title : Israel blocks US firm takeover of Iron Dome software developer
Link : Israel blocks US firm takeover of Iron Dome software developer

The proposed deal would have left Rafael a minority shareholder, but security officials are wary of foreign control.

The Israeli Defense Ministry has halted a proposed takeover of Petach Tikvah-based mPrest Systems, the developer of the critical command-and-control software for the Iron Dome air defense system, by a United States-based holding company. “Israeli defense exports and security collaborations with a series of countries are on an upward trend, as part of the Ministry of Defense’s strategy and an enabling export policy,” the ministry told JNS in recent days.

“However, there is not and will not be any compromise on security needs,” it added, appearing to confirm the blockage. The move highlights the conflict between the goal of attracting foreign capital to the Israeli defense-tech sector and the rigid imperative to maintain local control over its most sensitive military capabilities.

American firm Ondas Inc. (formerly Ondas Holdings Inc.), according to a Ynet report on Jan. 18, offered to acquire control of mPrest in a deal that would value the Israeli software company at more than $200 million. Under the terms of the proposed transaction, Ondas sought to purchase the shares of mPrest’s existing private shareholders for approximately $100 million. The acquisition would have diluted the holdings of the state-owned Rafael Advanced Defense Systems, currently the largest shareholder in mPrest, leaving it with a minority stake in the company responsible for the “brain” of its flagship air defense interceptor. (Read More)