Elta Systems is acquiring 50% of the Eltam subsidiary of the MalamTeam group for NIS 42 million

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by Ifi Reporter Category:Financial Mar 30, 2019

Elta Systems, a subsidiary and division of Israel Aircraft Industries, is acquiring 50% of the Eltam subsidiary of the MalamTeam group for NIS 42 million. The acquisition represents a step in the implementation of IAI's strategy to enter the IDF maintenance and outsourcing market in areas rich in technological equipment.
Altal, which will now be managed by Elta and MalamTeam, specializes in providing training and training services, as well as integration and maintenance services for designated products, government agencies, defense industries and various institutions. Altal's activity includes providing end-to-end services for projects based on advanced technologies, which are tailored to the needs of its customers. Altal was acquired by MalamTeam in the years 2011-2013 for a total consideration of NIS 60 million. Altal's revenues grew from NIS 74 million in 2014 to NIS 110 million in 2018, excluding Alcatel's IT activity, which was split into a new company called 4cast at the end of 2018.
Elta Systems is a subsidiary of the aerospace industry and one of the world's leading companies in the development and production of radar and a range of military electronics systems and products. The division operates as a military system based on electromagnetic sensors and information technologies. The Division's products are designed and suitable for all military branches, especially for intelligence, patrol and observation purposes, early warning and control, protection and defense, acquisition of targets and fire control.
MalamTeam is the largest and leading IT services group in Israel, providing a range of end-to-end computing solutions in the field of information technology, while meeting international quality, service and professional standards. The group has over 30 years experience in the establishment, implementation and integration of information systems, and employs more than 3,300 experts in a variety of information technologies deployed on the company's sites and customers throughout the country. In addition, Malam has subsidiaries that specialize in unique technologies and solutions that complement the Group's main areas of activity.
Yoav Turgeman, CEO of Elta Systems and VP Air Industry, said, "The acquisition of 50% of the shares of Altal constitutes a strategic investment for Elta in the maintenance of complex technological systems in the IDF and the Ministry of Defense. The service and maintenance we provide, and Altal will help implement our strategy in this respect. "
Shlomo Eisenberg, Chairman of MalamTeam, said, "We are excited about the partnership between Elta as part of IAI and Altal as a framework for developing capabilities in the field of strengthening complex technological systems and outsourcing."
Completion of the transaction is subject to a number of preconditions, including receipt of the regulatory approvals.

photo: Alon Ron

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