BRG to buy NSO counter-drone unit Convexum for $29m

• Published date: 04 August 2022
• Publication title: Globes (Rishon LeZion, Israel)

According to the new agreement, BRG, through the Noal Fund that it controls, will acquire the company from the trustee Adv. Ori Gaon, for $29 million including $9 million in medium-term financing for the company, partly from cash in the counter-drone company, $7.5 million to the company's creditors, injecting $11.5 million cash into the company and a $1.25 million fee for Adv. Gaon

In the trustee's request to approve the deal, details of offers from Convexum that were not accepted have been revealed. Qumra venture capital $16 million to buy the startup and keep 80% of its employees while Fortissimo Fund submitted a bid of $24 million.

Under the agreement signed, Noal has committed to keep all...