Israel's 20th flotation on London's AIM: Vigilant Technologies
19.12.05 | 14:30   By Efrat Neuman

he year 2005 has been a boon for Israeli tech companies with a yen for pounds. Vigilant Technologies is poised to be the 20th Israeli company to list on the city's AIM market. this year. Assuming it joins, it will be lifting the number of Israeli companies on AIM to about 30.

Today the Tel Aviv-based firm announced intentions to raise £10 million, or about $18 million, in its London initial public offering.

The issue prices Vigilant at $43 million (£24.3 million).

Vigilant plans, develops and manufactures intelligent solutions for the closed-circuit TV and surveillance market. The company was founded in 1999 by brothers Yoram and Ronen Sagir, who will each retain 13% of the company's stock after the offering.

Another founder, Adi Pinchas, left the company three years ago and will retain 7% of its stock after the flotation.

The European venture capital fund Syntec Capital, which invested a million dollars in Vigilant four years ago, also holds shares in the company.

Vigilant expects to achieve profits in 2005. For the year 2004 it posted a net loss of $800,000 on revenue of $6.2 million. This year it expects to achieve half a million dollars in profit on revenues of $8-9 million.

The company will be using the proceeds to expand its sales staff.

Vigilant expects to trade under the ticker symbol VGT and to start trade at 43 pence per share.

The company also announced the appointment of Sir Trevor Chinn as its chairman.

Sir Trevor also chairs the Israel-Britain business council and has chaired the British Automobile Association.