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Join hosts Sophia Tupolev and Zeevi Michel on The Deal Room for your roundup of a hectic summer in Israeli tech M&A.
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This 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, $200M
Unico x OwnID, Undisclosed
Checkpoint x Lakera, $300M
D-ID x Simpleshow, $60M
Edwards Lifesciences x Vectorious, $497M
Nemetschek x Firmus AI, Tens
Indemnity x Sayata, Tens
Cato x Aim Security, $350M
Okta x Axiom, $100M
Thoma Bravo x Verint, $2B
Kraken x Capitalise.ai, Undisclosed
Crusoe x Atero, $150M
Advent x Sapiens, $2.5B
Diginex x Findings, $305M
Trivago x Holisto, $40M
KPMG x Q.V., $5M
EverC x G2 Risk Solutions, —
Sayari x Mirato, —
SentinelOne x Prompt, $250M
Global-e x ReturnGo, Undisclosed
Palo Alto x CyberArk, $25B
NICE x Cognigy, $955M
Palo Alto x ProtectAI, $700M
WeSure Global Tech x Hourly, Combined valuation $53M
Apple x TrueMeeting, Undisclosed
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:
Commandment 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 Aviv
Audio and video editing: Tomer Frishman
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 founders
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.
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 endgame
With 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=sharing
Subscribe to executive summaries for founders
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.Produced by: Sophia Tupolev-LuzLocation: Google for Startups Campus Studio, Tel Aviv
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 founders
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.
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 Market
With hosts Sophia Tupolev-Luz and Zeevi Michel.
Subscribe to executive summaries for founders
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.
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:
Navigate 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.
Get Amit’s writing for founders considering outbound M&A: https://www.key1capital.com/blog
Subscribe to executive summaries for founders
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.
Produced by: Sophia Tupolev-Luz
Location: 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 Transcript
About:
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-Luz
Video and sound editing by: Yair Walden
Location 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.
Produced by: Sophia Tupolev-Luz
Video and sound editing by: Yair Walden
Location: 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:
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.
Produced by: Sophia Tupolev-Luz
Video and sound editing by: Yair Walden
Location: 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:
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.
Produced by: Sophia Tupolev-Luz
Video and sound editing by: Yair Walden
Location: Google for Startups Campus Studio, Tel Aviv
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:
** This episode is in English, with English subtitles.
This episode was recorded at Google for Startups Israel
Video and sound editing by 👑 Yair Walden
About 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/
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:
** This episode is in English+Hebrew, with English-only subtitles.
Access the transcript here
Connect with Sim on LinkedIn
About 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:
Credits:
Produced by: Sophia Tupolev-Luz
Video 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-podcast
To pitch a guest or suggest a question for the show: