THE ENDGAME: Israel’s Tech Exits Show

The top highlights from conversations regarding real PR, deceptive reporting, and the truth behind the numbers. For more: 002: Skeletons. The Razor’s Edge. Deal Breakers. Sim Koevary, Meitar (HE, with EN subs) 009: Yaron Weizenbluth (PwC): Why It’s Not All Transactional Follow The Endgame on LinkedIn to join the conversation

Join hosts Sophia Tupolev and Zeevi Michel on The Deal Room for your roundup of a hectic summer in Israeli tech M&A. Join the conversation re: The Endgame on LinkedInThis episode highlights:• 25 announced deals totaling almost $8 billion in deal volume, confirming Israel's role as a "scale-up nation".• The dominant commonality: AI and Generative AI influencing most acquisitions, especially in the cyber world.• A "warning sign" regarding Israeli-founded multinationals, such as NICE (TASE & NASDAQ: NICE), choosing to acquire advanced AI companies based outside of Israel (like German-based Congnigy for close to $1B).• The continued momentum of Private Equity (PEs), exemplified by Thoma Bravo acquiring Verint for above $2B & Advent snagging Sapiens for $2B.Deals tracked this summer included:Datavant x DigitalOwl, $200MUnico x OwnID, UndisclosedCheckpoint x Lakera, $300MD-ID x Simpleshow, $60MEdwards Lifesciences x Vectorious, $497MNemetschek x Firmus AI, TensIndemnity x Sayata, TensCato x Aim Security, $350MOkta x Axiom, $100MThoma Bravo x Verint, $2BKraken x Capitalise.ai, UndisclosedCrusoe x Atero, $150MAdvent x Sapiens, $2.5BDiginex x Findings, $305MTrivago x Holisto, $40MKPMG x Q.V., $5MEverC x G2 Risk Solutions, —Sayari x Mirato, —SentinelOne x Prompt, $250MGlobal-e x ReturnGo, UndisclosedPalo Alto x CyberArk, $25BNICE x Cognigy, $955MPalo Alto x ProtectAI, $700MWeSure Global Tech x Hourly, Combined valuation $53MApple x TrueMeeting, Undisclosed

10 minutes on 10 exits in June 2025 (~$500M in deal volume, plus one $3B mega-deal). A quick chat looking back at the most notable moments in the last month's popping tech M&A scene in Israel. We cover a bunch of fintech deals like Xero x Melio, Tipalti x Statement, two deals by Cyera, a second acquisition by Wix of Base44, and an immigrant-owned Israeli acquirer of popular B2C app Yango Deli. With hosts ⁠⁠⁠Sophia Tupolev-Luz⁠⁠⁠ and ⁠⁠⁠Zeevi Michel⁠⁠⁠.⁠⁠⁠Subscribe to executive summaries for founders⁠⁠⁠⁠⁠⁠Follow us on LinkedIn⁠⁠⁠About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

12 minutes on 12 exits in May 2025 (at least $365M disclosed in M&A). Mostly strategics making moves, one blockbuster IPO and one unexpected move in the capital markets. A quick chat on the month's tech M&A.With hosts ⁠⁠Sophia Tupolev-Luz⁠⁠ and ⁠⁠Zeevi Michel⁠⁠.⁠⁠Subscribe to executive summaries for founders⁠⁠⁠⁠Follow us on LinkedIn⁠⁠About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

23 deals in 2025 so far. Startups snapping up others. PE... Still Bueller? A quick chat on this year's deal making so far, trash talking about the first half's deals in Israel tech M&A.Navigate the episode:(00:00) Show intro(00:29) Recap of Recent Deals(01:28) Types of Acquisitions and Buyers(06:21) Undisclosed Deal Sizes and Their Implications(10:47) Current Deal Volume and Market Momentum(14:10) Breakdown of Acquirers in 2025 including Startups(16:32) Private Equity's Role in the MarketWith hosts ⁠Sophia Tupolev-Luz⁠ and ⁠Zeevi Michel⁠.⁠Subscribe to executive summaries for founders⁠⁠Follow us on LinkedIn⁠About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

He's on the speed dial of every strategic and financial acquirer doing business in Israel - both foreign and domestic. After 20 years making some of Israel's best-known - and largest - deals, representing both the buy-side and the sell-side, celebrity M&A attorney Chaim Friedland (Gornitzky & Co) joins The Endgame to tell us about what founders need to do and - and gotta know about their tech exit in Israel.⁠⁠Share your thoughts on this on LinkedIn⁠⁠Inside:Buyer Types: The critical differences between a strategic buyer and a financial buyer.M&A Strategy: Entering the process by clearly defining "Need to have," "Nice to have," and "Throw away" goals.Leadership: The importance of having a strong CFO and the necessity for founders to be emotionally mature enough to lead people or recognize when they should transition to a CTO or CIO role and bring in a professional CEO.Israeli Regulatory Environment: Challenges within Israel's jurisdiction, including corporate law and tax requirements that often necessitate rulings. The current legal structure, particularly concerning leveraged buyouts (LBOs), makes certain transaction models uncommon compared to Europe or the US.About:⁠⁠Israel's Tech M&A Show⁠⁠, by ⁠⁠Zeevi Michel⁠⁠ and ⁠⁠Sophia Tupolev⁠⁠, delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions — and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors — so they can better plan for their own endgame.Produced by: Sophia Tupolev Location: Google for Startups Campus Studio, Tel AvivAudio and video editing: ⁠⁠⁠Tomer Frishman

She leads billion-shekel exits, IPOs, and complex cross-border transactions for strategics, private equity, and VCs. One of Israel's top dealmakers, ⁠⁠Shelley Oppenheimer-Levi⁠⁠, is a partner at EY’s Strategy & Transactions practice. Shelley is an 8200 alum, admitted lawyer, CPA, and one of EY’s youngest-ever partners. In this episode, she brings founders into the financial heart of the deal, and the real story told by the numbers. She shows us how ARR, diligence, and valuation gaps shape outcomes, and why time is the ultimate deal breaker.⁠Share your thoughts on this on LinkedIn⁠ Inside:Shelley's Role: due diligence financeAnnual recurring Revenue (ARR)M&A Valuations & GapsThe # 1 Enemy of the DealDue Diligence (DD)Private Equity (PE) in IsraelFuture of Israeli Tech M&AShelley's Personal EndgameShelley on the Israeli Business EnvironmentAbout:⁠Israel's Tech M&A Show⁠, by ⁠Zeevi Michel⁠ and ⁠Sophia Tupolev⁠, delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions — and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors — so they can better plan for their own endgame.Produced by: Sophia Tupolev Location: Google for Startups Campus Studio, Tel AvivAudio and video editing: ⁠⁠Tomer Frishman

Chen Manzur, partner at Goldfarb, Gross, Seligman, is one of Israel’s leading M&A attorneys going on 18 years, hundreds of deals, and billions closed. Chen takes us into the minds of major Tier-1 North American acquirers on deals to acquire Israeli companies, many of whom he has represented. We get into what founders today need to know to not get left behind in a maturing market. This episode is in Hebrew with English-only subtitles.Inside:How Tier-1 strategic acquirers see Israeli companiesHow not to get crushed by the serial acquirer's M&A machine Why Delaware won’t always save you from Israeli taxHandling Innovation Authority's strings with foreign buyersLOIs aren’t just formalities, they’re leverageRaising the bar on Israeli-on-Israeli dealsCommandment 1: 50-50 co-founders? There’s always an alpha in the room.Commandment 2: You only get one shot to get your house in order on Day Zero.Commandment 3: The Israeli tax man is watching, even when you're in Delaware.Commandment 4: Strings always come attached.Commandment 5: Detailed LOI or die.Commandment 6: No misdemeanors on blue and white deals.Commandment 7: The devil in the details – careful with those first customer contracts.Commandment 8: 99 problems but dead equity shouldn’t be one.Commandment 9: It’s all about the Benjamins — and someone’s going to pay for your tax exposures.Commandment 10: If you don’t know, now you know — your endgame starts on Day One.About:Israel's Tech M&A Show, by Zeevi Michel and Sophia Tupolev, delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions — and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors — so they can better plan for their own endgame.Produced by: Sophia Tupolev Location: Google for Startups Campus Studio, Tel AvivAudio and video editing: Tomer Frishman

Everyone knows his work — he literally writes the annual Exits Report at PwC — but few know what he actually does for founders and deals, behind the scenes. Meet Yaron Weizenbluth, Partner & Head of Assurance at PwC Israel, who has quietly advised, audited, and signed off on hundreds of tech transactions and IPOs over the past two decades.In this episode, hear about fatal founder mistakes, the power of informal relationship building in the advisory world, navigating the tension between what’s best for the founder vs. what’s best for the company. Inside:- What founders get wrong about personal vs. corporate tax exposure- The reverse pyramid: why early-stage startups need senior advisors, not juniors- Due diligence - who should and shouldn’t work on it - Questions of positioning the company to acquirers by using your advisors.- Why the data room is “a meat grinder” — and how to come out wholeNavigate the show:(0:00) Show intro(03:15) How Yaron became “Mr. Exits Report” (05:30) The media’s distortion of tech: hype cycles, fear cycles, and the real economy underneath.(11:46) Are we screwed? Startup formation trends and optimism in hard times(15:44) Fewer, better startups(19:00) What Big Four advisors actually do (27:50) Fatal mistakes: IP structure, personal tax exposure, and founder blind spots.(30:22) Trusted advisors and informal relationships: building them before the retainer.(35:20) Maturity and global mindset: where Israeli founders still lag.(40:03) Data rooms are meat grinders: what founders must plan from day one.(44:05) Should founders join every M&A meeting? (49:08) Israeli vs. U.S. acquirers: checklist culture, trust, and flexibility.(53:04) Who should run due diligence? (1:03:05) Yaron’s personal endgameWith hosts ⁠⁠Sophia Tupolev-Luz⁠⁠ and ⁠⁠Zeevi Michel⁠⁠.This episode is in Hebrew with English-only subtitles. Transcript here: https://docs.google.com/document/d/1ZjfLuF59kWcN0sTt2uY_RtEiiY7JjGZlk2BFcFBriH0/edit?usp=sharing⁠⁠Subscribe to executive summaries for founders⁠⁠⁠⁠Follow us on LinkedIn⁠⁠About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.Produced by: Sophia Tupolev-LuzLocation: Google for Startups Campus Studio, Tel AvivAudio and video editing: Tomer Frishman

He's the ultimate guy in finance. Hear from the VC that once launched Goldman Sachs in Israel, doing 17 years of M&A there as an investment banker: Amit Pilowsky then low-key started a tier-1 growth fund (Key1 Capital), backing the likes of SuperPlay (a $700M exit). Today, he's also got a hot new defense fund, Ace Capital Partners. If you’re an Israeli startup founder, you want to hear what Amit has to say on how to get acquired with grace. Plus, the window for startups to become acquirers now, and his take on private equity in the Israeli tech ecosystem. Inside:Getting on the acquirer radar – what investment bankers can do for founders, even informally (!)When startups should consider outbound M&A—and how to fund itThe pros and cons of private equity firms as acquirers of Israeli startups and how startups can connect with these financial buyers. What investment bankers actually do, why they won’t take 90% of deals, and why founders should careNavigate the show:(00:00) Show intro (02:05) The role of investment bankers for startups (07:25) Engaging with investment bankers (09:43) Building brand awareness in front of acquirers (12:33) Investment banker landscape (16:30) Investment banker business model (28:30) Value provided by investment bankers (32:23) Outbound M&A by startups (47:54) Mistakes in startup-on-startup acquisitions (56:33) The case for private equity in Israel With hosts Sophia Tupolev-Luz and Zeevi Michel.This episode is in Hebrew with English-only subtitles.Transcript here. Get Amit’s writing for founders considering outbound M&A: https://www.key1capital.com/blog Subscribe to executive summaries for foundersFollow us on LinkedInAbout:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.Produced by: Sophia Tupolev-LuzLocation: Google for Startups Campus Studio, Tel Aviv

He’s been in venture longer than some founders have been alive: The OG, ⁠Modi Rosen⁠, of Magma, with 30 exits in his portfolio, including as the very first investor in Waze. Modi tells founders he won’t always be nice, but he’ll always be fair.(Hebrew w/English-only subtitles)English ⁠Transcript⁠⁠About:Israel’s tech M&A show with ⁠Sophia Tupolev Luz⁠ and ⁠Zeevi Michel⁠ delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.To comment on our work, ⁠⁠follow our page⁠⁠.Need more? Subscribe for free to our ⁠executive summaries⁠ for founders and startup leadership teams.⁠Produced by: Sophia Tupolev-LuzVideo and sound editing by: Yair WaldenLocation provided by: Google for Startups Campus Studio, Tel Aviv

(Hebrew w/English-only subtitles)This is the role founders know the least about - but has the most influence on your deal. Learn how these elusive executives at acquirers find your company, evaluate you, and make or break your deal. So: what makes a company rise to the top of an acquirer’s list?Michael Calev, a corp dev exec and former investment banker, takes us through strategic fit —how well you align with an acquirer’s growth objectives, tech roadmap, and long-term market positioning. That means appearing on their radar early, knowing what they look for, and avoiding common missteps that turn deals cold.In this episode, Sophia Tupolev-Luz and Zeevi Michel dive into the world of corporate development, breaking down the mechanics of M&A, the unspoken rules of the game, and how founders can play it to their advantage.In this episode, we cover:+ The art of getting on an acquirer’s radar—and staying there + The KPIs that drive M&A decisions and the role of post-merger integration+ How corporate development teams think about technology, talent, and customers+ The red flags and the magic words that kill deals  + How earlier-stage startups can become acquirers themselves+ The real answer to: "How much more could the founder have taken home?About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal: To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.To comment on our work, ⁠⁠follow our page⁠⁠.Need more? Subscribe for free to our⁠ executive summaries⁠ for founders and startup leadership teams.⁠Transcript fileProduced by: Sophia Tupolev-LuzVideo and sound editing by: Yair WaldenLocation: Google for Startups Campus Studio, Tel Aviv

Change is a constant, but in M&A, the target company is always going to be the product. AI is already influencing the pace, valuation, and strategies in mergers and acquisitions, and we keep looking at the core of deal dynamics. So: why do cybersecurity companies command seemingly illogical valuations at such low revenues?The answer lies in implied value - what an acquirer believes they will be able to do with you - and what your contribution margin is going to be. That means how you impact their sales, R&D efforts, and ability to go in and quickly dominate a space. In this episode, Sophia Tupolev-Luz and Zeevi Michel speak with cybersecurity investor Shay Michel of Merlin Ventures, who shares his experience as a founder, investor, and advisor on all sides of the M&A table. Shay’s uncommon product perspective shows us how large tech players approach acquisitions, and how founders should think about their company's "endgame" from day one.In this episode, we cover: The counterintuitive valuations in cybersecurity. Strategic motives behind acquisitions by large tech firms Understanding implied value and contribution margins AI influence on M&A's pace, valuation, and strategies The importance of deep technological moats and expertise Impact of U.S. regulatory standards on market entry, risk, and M&A Strategies for founders to align with potential acquirers from day one.About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal: To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.To comment on our work, ⁠follow our page⁠.Need more? Subscribe for free to our executive summaries for founders and startup leadership teams. Transcript fileProduced by: Sophia Tupolev-LuzVideo and sound editing by: Yair WaldenLocation: Google for Startups Campus Studio, Tel Aviv

The deal dynamics founders rarely talk about—how internal motivations, external messaging, and decision-making shape their startup’s endgame.👇 This episode is in Hebrew, with English subtitles. In this episode, Sophia Tupolev-Luz and Zeevi Michel tackle taboo topics, from the unspoken truths founders face to the challenges of aligning employees and investors during a transaction. We explore what founders often overlook when building a company and preparing for the endgame.In this episode, we cover: Why M&A is a taboo subject in accelerators and entrepreneurship programs. The three types of founders and how their motivations influence success or failure. Why early decisions, like fundraising and choosing investors, narrow or expand exit opportunities. The importance of transparency and alignment with your team—and the consequences of misalignment. How employee dynamics during an M&A create challenges, from early employees to leadership teams. Why founders should always consider their endgame when making financial or strategic decisions.About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.Our goal: To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.To comment on our work, follow our page.Transcript here Produced by: Sophia Tupolev-LuzVideo and sound editing by: Yair WaldenLocation: Google for Startups Campus Studio, Tel Aviv

M&A attorney Sim Koevary (Meitar | Law Offices) takes us into the ring on deals that've gone spectacularly right—and disastrously wrong. From the hidden skeletons that implode transactions to the razor-thin boundaries of the playing field, Sim breaks down the unwritten rules founders need to play by. Hosts Sophie and Zeevi chart the fragile balance of power in M&A, and how founders can leverage their legal partners to maximize shareholder value - and minimize fallout.Some of the topics this episode covers: What really makes acquirers walk away Legit founder deal breakers: what's worth going to war for The silent power struggles between VCs and founders Instincts, gut feelings, and team dynamics Skeletons in the closet, navigating dangerous disclosures Retention & who deserves acceleration and when Misaligned expectations: where deals break down IP & equity: common, costly mistakes Your lawyer’s influence on commercial terms, beyond legal technicalities** This episode is in English+Hebrew, with English-only subtitles. Access the transcript hereConnect with Sim on LinkedInAbout The Endgame:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions - and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or, terrifically right. Our goal: To give founders new perspectives from the buy-side, sell-side, and investors–  so they can better plan for their own endgame. To comment on our work, ⁠follow our page⁠.Contact the hosts to pitch a guest or suggest a question for the show:⁠Sophia Tupolev-Luz⁠⁠Zeevi Michel⁠Credits:Produced by: Sophia Tupolev-LuzVideo and sound editing by: Yair Walden Location: Google for Startups Campus Studio, Tel Aviv

Behind the headlines of the high-stakes mergers and acquisitions game in Israel's tech sector. Triangulating the competing interests of the buy-side, sell-side, and shareholders (including investors). In this pilot, meet co-hosts Sophie and Zeevi while they're plotting the show and its guests: the key players who make or break deals, often working in the shadows. Israel’s tech M&A show delivers founders unfiltered conversations w/ stakeholders from the entire ecosystem & startup lifecycle.** This episode is in English+Hebrew, with English-only subtitles. Take our poll to tell us what language you want to listen in. Access the transcript here. Editor's note: this is the first cut of the pilot episode! We're pretty sure some rough or heavy-handed edits slipped through. We're releasing it as is, and promise to keep improving our technical skills with each show. About The Endgame:A podcast for startups about the path to mergers and acquisitions - and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or, terrifically right. We aim to give founders new perspectives from the buy-side, sell-side, and investors–  so they can better plan for their own endgame. To comment on our work, follow our page - ⁠https://www.linkedin.com/company/the-endgame-podcast⁠To pitch a guest or suggest a question for the show:Sophia Tupolev-LuzZeevi Michel

English episode: From mistakes to misconduct, we get the data on where M&A transactions go south after closing - and why it hurts so bad for both buyers and sellers. Insurance, of course, is there to help clean up the mess. But as a founder, how do you prevent those terrible mistakes in the first place?Taking us into the world of breaches and risk is THE guy who brought M&A insurance to Israel 5 years ago, Josh Begner of WTW, (NASDAQ: WTW).In our latest episode, we came for the tea on the horror stories…but we were taken aback at how the most devastating risks can come in seemingly bland packages. Hosts Sophia Tupolev-Luz and Zeevi Michel chart the tension between the operational reality for founders and their responsibilities to create processes that will protect their companies - and them - come transaction time.In this episode, we cover:The data on the most common breaches in M&A deals that lead to legal action by acquirers.How foreign investors view Israeli companies in today’s geopolitical landscape.M&A insurance: what it covers, the costs, and who pays.Mistakes vs. misconduct in high-stakes transactions.Key roles within a startup team thinking about their endgame on Day 1.The influence of the risk-taking profile of Israeli founders on their companies’ vulnerability in transactions.M&A’s continued dominance in Israel - and the market conditions affecting IPOs, with data from https://www.ivc-online.com/Insights ** This episode is in English, with English subtitles.TranscriptThis episode was recorded at Google for Startups IsraelVideo and sound editing by 👑 Yair WaldenAbout The Endgame:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions - and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or, terrifically right. Our goal: To give founders new perspectives from the buy-side, sell-side, and investors–  so they can better plan for their own endgame. Follow our page for updates and clips! https://www.linkedin.com/company/the-endgame-podcast/