Israeli tech business nabs £45m float on Aim with its data processing technology

 
Lucy White
FRANCE-INTERNET-TECHNOLOGY-DIGITAL-REALTY
Ethernity develops data processing technology used in the telecoms, mobile, security and data centre markets (Source: Getty)

Israeli tech business Ethernity Networks floated for £45m on London's junior market yesterday, raising £15m for the data processing company.

Ethernity, which already has its software and firmware installed in more that 400,000 systems globally, aims to use the investment to target larger markets.

It develops data processing technology used in the telecoms, mobile, security and data centre markets to help businesses cope with the growing amount of data generated, processed and consumed.

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“We have game-changing technology that major global network operators are demanding and the listing will enhance Ethernity's profile and strengthen our balance sheet," said chief executive David Levi.

"This is essential in order for us to fulfil tier one supply chain requirements.”

Ethernity said it has already received requests for its technology from “tier one” companies, the most important in a supply chain, such as Cisco and Intel.

The firm currently holds five US patents, and has been profitable since 2004.

Levi has also previously founded Broadlight, a semiconductor company which was bought by Broadcom in 2012 for £180m.

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