Israeli Tech Startup Sold for $1 Billion; Bank of Israel Cuts Interest Rates

Israeli tech startup Oasis Security has been acquired by cybersecurity firm Cyera for $1 billion. The company, founded by veterans of the elite Unit 81, develops a platform for securing non-human identities and AI agents within organizations. This marks a significant exit in the Israeli high-tech sector.

In a separate development, Bank of Israel has lowered its benchmark interest rate for the third consecutive time, bringing it down to 1.5%. The Monetary Committee, led by Governor Amir Yaron, cited a 1.5% inflation rate and a strong shekel as reasons for the continued monetary easing. However, the bank cautioned about rising energy prices, an expanding defense budget, and persistent labor market pressures.

Meanwhile, a legal dispute has emerged involving Rami Levy and Michael Mirilashvili. Former employees of Vertical Field, an agritech company controlled by Mirilashvili, have petitioned the court to dissolve the firm. This action is linked to a $1.5 million loan, the debt for which has reportedly ballooned to approximately NIS 7 million (around $1.9 million).

In the telecommunications sector, Patrick Drahi is divesting from Hot Mobile. Regulatory approval has been granted for the transfer of control of the mobile carrier, with the deal closing at a valuation significantly lower than initial estimates. An Israeli consortium is set to take over the company's reins.

In international business news, Apple CEO Tim Cook has stepped down after 15 years, handing over a company ten times larger than when he started to his successor, John Ternus. Cook leaves behind a company facing numerous challenges that could impact its stock value. Additionally, SpaceX CEO Elon Musk projects the company will achieve $3.5 trillion in annual revenue by 2033, a more aggressive timeline than previously forecast.