Google Introduces New Certification Requirements for Financial Services Advertisers

Technology & eCommerce Regulation in the Spotlight Google has recently announced the upcoming updates of its Financial Products and Services policy and verification process which aim to clarify the scope and requirements to allow the advertisements of financial services. Under the new advertised identity verification process, advertisers will be required to submit legal information (e.g. […]

The OECD Reaches Agreement on the Two-Pillar Solution

Dear friends, clients and colleagues, The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (the IF) issued a statement yesterday (July 1, 2021) that it has agreed on a two-Pillar solution to address the challenges arising from the digitalization of the economy.  The statement can be found here. So far, 130 IF countries, including Israel, out […]

European Commission Adopts UK Adequacy Decisions

Technology & eCommerce Regulation in the Spotlight The European Commission has formally adopted two United Kingdom adequacy decisions under the General Data Protection Regulation (“GDPR“) and the Law Enforcement Directive (“LED“). The adoption of the adequacy decision means, in practice, that the transfer of personal data from the EU to the UK can continue freely, […]

“Technology progresses faster than the law”

A public offering of Coinbase, the US crypto exchange, together with the growing interest in Crypto assets by investors may accelerate the adoption of this field into the economic mainstream. But as things currently stand, there remains a grey area between technological progress and regulatory rules. This gap can be challenging to navigate for those […]

Herzog represented the entrepreneurs Liron Azrielant and Daniel Roditi, in the formation of a new venture capital fund for Meron Capital

We recently represented the talented entrepreneurs, Liron Azrielant and Daniel Roditi, in the formation of a new venture capital fund for Meron Capital. The fund is focused in pre seed and seed investments, primarily in the fields of cyber, fintech, DevOps and digital health. Our partners, Tal Dror Schwimmer and Michal Lavi, along with their associate Gal Sasson, led the […]

Our client Glassbox has raised $100M in its IPO on the Tel Aviv Stock Exchange

Our client, Israeli software startup Glassbox, has raised $100M in its IPO on the Tel Aviv Stock Exchange, at a half-billion dollar valuation. Glassbox provides its customers with an analytics platform for web and mobile applications that tracks end user activity and provides insight on how to improve and streamline the services they offer. As the pandemic […]

The Ragnar fund has made its first investment.

The Ragnar fund, a new crossover fund that was founded by the partners of the Alpha Funds Group and which is mandated to invest in companies before they go public, has made its first investment. The fund has invested in Pulsenmore, a company that manufactures and sells ultrasound devices that can be used by expectant […]

The Committees on Digital Asset Trading and Clearing Settlement Platforms and Supervised Investments in Digital Asset

Dear clients and colleagues, The Israeli Securities Authority (“ISA”) Chairwoman, Anat Guetta, appoints two Committees – the Digital Asset Trading and Clearing Settlement Platforms (“DAT”) Committee and the Supervised Investments in Digital Assets. The DAT Committee, which will be headed by ISA’s chief economist Ilan Gildin, will study and analyze the features of digital asset […]

Colorado Introduces New State Privacy Law

Technology & eCommerce Regulation in the Spotlight The Colorado legislature unanimously passed a new and comprehensive privacy act – the Colorado Privacy Act (“Act“), making Colorado the third US state – after California and Virginia – to enact a broad consumer data privacy law. The Act seeks to give Colorado residents (“consumers“) more control over […]

Client Update – Israel and the UAE Sign Tax Treaty

Dear Clients, Colleagues and Friends, On May 31, 2021, Israel and the United Arab Emirates (“UAE“) signed their first-ever bilateral tax treaty (the “Treaty”). The purpose of the Treaty is to eliminate double taxation with respect to taxes on income, without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance. The Treaty […]

European Commission Adopts New Set of Standard Contractual Clauses

Technology & eCommerce Regulation in the Spotlight The European Commission (EC) has announced the adoption of two sets of new Standard Contractual Clauses (SCCs) bringing the contractual data transfer mechanism in line with the General Data Protection Regulation (“GDPR”) and the ruling of the European Court of Justice (“ECJ“) on the “Schrems II” case (see […]

Crypto Regulatory Updates

Dear clients and friends, We are pleased to highlight below some key regulatory developments related to the regulation of cryptocurrencies and cryptoassets in various jurisdictions from the recent weeks. We will be happy to further review and elaborate on each of these updates, their implications and any other questions you may have.   Kind regards, […]

Our client Cynerio has raised $30M in its second funding round

Our client, Israeli cyber startup Cynerio, has raised $30M in its second funding round. Cynerio develops tools to manage and secure medical devices that run IoT technology. The funding round was led by ALIVE fund with participation from existing investors. Our partner Yair Geva and associate Lior Katz have been working with the company from day one. For the article […]

The Israeli business sector is taking the initiative in the fight against climate change

The Israeli business sector is taking the initiative in the fight against climate change.  A group of companies has come together to form Israel’s first carbon offsets platform. Carbon offsetting platforms are becoming common worldwide as corporations take action toward carbon neutrality. Our partner and head of the environment and climate change department, Dr. Ruth Dagan, is one of […]

Partner Ariel Yosefi’s insights regarding the current crypto regulatory crossroads

Partner Ariel Yosefi ,head of Herzog’s Technology & eCommerce Regulation department, shared with MONDATO his personal insights regarding the current crypto regulatory crossroads. “Operators will look for ways to operate cross-jurisdictionally. They will look to be established in a particular section that will make it easier to operate for them, and from that jurisdiction, they […]

Herzog represented the Japanese insurance giant Mitsui Sumitomo Insurance

As part of our efforts to support collaborations between Japanese and Israeli companies, we are excited to update that we have represented the Japanese insurance giant, Mitsui Sumitomo Insurance, in a deal to invest $36 million in the Israeli vehicle cybersecurity startup, Upstream Security. This deal represents the opening of the C funding round for […]

Easing of Workplace Restrictions

Dear Clients and Colleagues, In light of the decline in Covid-19 infection rates, the Special Authorities to Handle Covid-19 Regulations (Temporary Order) (Restriction of Activities and Additional Instructions), 2020, by virtue of which various restrictions were imposed during the past year, as well as rules referred to as “Purple Seal” and “Green Status”, expired at […]

Our client Zeekit was acquired by the retail giant Walmart

Our client, an Israeli fashion technology startup, Zeekit Online Shopping, was acquired by the retail giant, Walmart. Zeekit, a female-founded startup that combines fashion and technology through its dynamic virtual fitting room platform. The technology allows consumers to virtually “try on” clothing when shopping online, using real-time image processing, computer vision, deep learning, and other […]

Our client Retailors completed an IPO on the Tel Aviv Stock Exchange

Our client, Retailors, a subsidiary of Fox-Wiesel, completed an IPO on the Tel Aviv Stock Exchange. The Retailors IPO has broken records, as within only one hour, the demands were in a volume that could have completed the entire offering. Retailors has raised NIS 572 million at a value of NIS 1.8 billion from investors from Israel […]

Our client Forter has completed its Series F round

Our client, Forter, has completed its Series F round and raised $300M at a valuation of $3B. The company, which works to prevent fraud on eCommerce platforms, previously raised $125M at a $1.3B valuation just six months ago. The company’s solution services over a billion consumers around the world. This funding round was led by […]

Israeli EnergyTech All-Stars 2021

What happens when you have 10 Energy Tech Pitches, live on-stage, and the right investors? -! A physical event in Tel Aviv & an online interactive event via Hopin, where anyone around the world can speak with top founders. When registering, participants that are in Israel will receive an email that will allow them to […]

The ISA has formulated principles and terms for initial public offerings of SPACs in Israel

Dear clients and colleagues, Recently, the Israel Securities Authority (“ISA”) published a list of principles and terms for the initial public offering of Special Purpose Acquisition Companies (“SPAC”). This is in light of the increasing global trend of SPACs initial public offerings. The ISA has examined this issue during the past year, and has conducted […]

Unprecedented Annulment of an ICSID Award for Improper Constitution of the Tribunal

Partner Saar Pauker and associate Benny Winston’s article regarding the Eiser v Spain case was recently published at the Journal of World Investment & Trade. The ad hoc Committee in Eiser Infrastructure Limited and Energía Solar Luxembourg SÀRL v Kingdom of Spain, annulled a unanimous ICSID award in its entirety, inter alia, on the ground that the tribunal […]

Altshuler Shaham and Psagot Merger gets the greenlight

We are happy to update you that Israel’s Competition Commissioner has approved the merger transaction between Altshuler Shaham and Psagot Investment House.  In February, Altshuler Shaham had agreed to acquire Psagot from Apax Partners for 910M NIS, but the deal required regulatory approval. Our partner, and head of our Antitrust and Competition Department, Talya Solomon and associate […]

Herzog Represented Wix

Wix.com, one of the largest web development and design platforms in the world, has acquired Rise.ai, which offers customer re-engagement solutions, such as gift cards, loyalty programs, rewards, and more. Wix will use this acquisition to add additional tools it offers to e-commerce websites on the platform. Our partners Hanan Haviv and Dana Zur Neumann, […]

Herzog represented Nayax in its IPO on the Tel Aviv Stock Exchange

The Nayax IPO is the largest ever technology IPO by both deal size and market cap on the Tel Aviv Stock Exchange, and is the second largest TASE IPO in the last 10 years. Nayax, founded in 2005, is a global leader in digital, cashless, connected payments and commerce solutions primarily focused on unattended retail. […]

Our client Simplex has been acquired by Nuvei

Israeli start-up, Simplex, which offers secure and simple payment services for buying and selling Cryptocurrencies, has been acquired by Nuvei. The Israeli company was sold for $250M and will become part of the services that the Canadian company offers its clients. Our partners, Yair Geva and Yuval Zilber, their associate Lior Katz and intern Ruth Sanders, represented Simplex in this deal. For further reading >> […]

Herzog represented the fintech company Rapyd

The FinTech company, Rapyd , has signed a major agreement worth about a quarter of a billion dollars to lease 13,500 square meters in the Azrieli Triangle tower and another 14,000 square meters in the Azrieli Spiral tower, which is under construction expected to open in 2026. The deal was signed following a great growth in Rapyd’s business, which translated into $400M […]

Herzog represented WeWork in the transaction to transfer all of its assets and operations in Israel to AMPA group

WeWork has changed its operating model in Israel to a franchise. Herzog represented WeWork in the transaction to transfer all of its assets and operations in Israel (including 14 locations) to AMPA group, which will operate those assets under a license, in consideration for royalty payments. This was a complicated deal that required participation of multiple departments within […]