BUFF Becomes Israel’s First Publicly Traded Gaming Company
CTech – Israeli company BUFF Technologies has become the first local gaming company to be listed for trading on the Tel Aviv Stock Exchange. The company announced on Sunday that it raised over NIS 30 million (approximately $9.3 million) from various investors. The company’s three founders and controlling shareholders are Elay de-Beer, Ophir Gertner and Ophir Sarapi. The IPO was led by Value Base Underwriting.
BUFF’s platform was designed for gamers (eSports) and it supports and works with some of the most famous games in the world: Fortnite, Counter Strike, League of Legends, Rocket League and more. The company is involved in a collaboration agreement with Overwolf, the Israeli gaming startup that developed a plug-in platform for computer games, and that recently raised $52 million. The platform identifies the achievements of the players in various games, rewarding players and allowing them to earn “Buff Points,” which can then be used for real-world purchases.
“We thank investors for expressing their confidence and seeing the IPO as an important milestone in the company’s development,” said de-Beer, CEO at BUFF. “The global gaming market is huge and is continuing to grow rapidly. It is in our strategy to continue with the accelerated growth in our activities, alongside expanding business collaborations, constantly improving our technology and increasing marketing and distribution activities.”
Another company to announce the completion of its IPO on the TASE was Jungo Connectivity. The company raised NIS 27 million ($11.50 million) in a book building IPO of shares to institutional investors and in a Dutch auction to the public, based on a company value of NIS 247.5 million ($76.7 million).
The company, established in 2013, develops AI-based software that uses in-cabin cameras and computer vision algorithms to monitor and analyze the driver’s alertness and readiness.
The company’s flagship product also enables the detection of the number of passengers in the car and the implementation of measures against leaving children behind in the car, aiming to reduce and prevent the occurrence of road accidents and save lives. The product combines AI with image analysis.
The flagship product has more than 30 customers worldwide, including car manufacturers, OEMs and car fleets.
The revenue in 2020 from the worldwide sale of the company’s products totaled $2.8 million.
“This is an exciting day for the company, and we consider the listing of the shares on TASE as another step towards the realization of our vision,” said Ophir Herbst, Chairman of Jungo. “The transformation of the company into a public company is a significant and material milestone in the growth of Jungo and we will continue to pursue further growth, expansion and long-term collaborations.”