The Israeli ElSight company issued on the Australian stock exchange
ElSight of Petach Tikva, Israel, a developer of secure multi-channel communications systems, issued on Thursday (8.6.2017) on the Australian Stock Exchange (ASX: ELS). The company raised $ 5 million at an initial share price of $ 0.2 per share with over-subscription at a company value of nearly $ 21 million.
Doron Afik and Yaniv Friedhof of Afik & Co., Attorneys and Notaries together with Australian law firm of Steinepreis Paganin structured the transaction that was based on a model of reverse merger with an Australian company established for this purpose.
ElSight's unique technology is a combination of hardware, firmware and software that is connected simultaneously to several channels (such as, several SIM cards, WIFI, LAN, satellite communications, etc.). The El-Sight Israel Multichannel high-band-width-mobile-secured-datalink Technology separates streamed video or other data into many small packets, which are each separately encrypted and separately but concurrently sent over any (and as many as available) channels (WIFI, LAN, 4G, 3G SAT etc.) and then received, decrypted, reassembled and streamed in near real time by the Technology receiver. This Technology has been developed into a range of products including portable devices, vehicle mounted and fixed/wall mounted devices for use for secured datalink in tactical security and surveillance situations, with potential for additional applications. The technology ebables not only encrypted and secure network traffic but also connection of all available channels at any given moment to a single communication device, enabling a high bandwidth, stable and secured live data transfer that is not available with any other existing technology. The proceeds from the public offering will be used, inter alia, to continue developing the technology and minimizing the units, as well as to continue adapting the technology to civilian uses.
The company was founded by Nir Gabai and Roee Kashi in 2009 and until now the company has operated mainly in the Homeland Security market, with the main market being the Israeli HLS forces, including the Israeli Police, special units, Magen David Adom (the Israeli first aid services) and others. Elsight's main markets today are Israel, South Africa, Singapore, Vietnam and Malaysia. Maj. Gen. (Res.) Ami Shafran, previously head of the IDF technology unit, was appointed Chairman of the Board of Directors of the Australian public company. Nir Gabay, the company's CEO, said: "This move is designed to enable the company to penetrate into the global market and develop products for the civilian market, including miniaturized products that will enable the product to be used even in cameras sold to the wide public. One of the markets we want to penetrate is television reporters. Our products support the H.265 format enabling video compression without jeopardizing the quality and together with our ability to connect many lines of communication to one secured stream our technology has a huge advantage in this field. "