Former Shin Bet Official Transforms Struggling Telecom Firm into $550M Infrastructure Leader
A once-struggling Israeli national fiber optic project, IBC, has undergone a dramatic turnaround, now valued at approximately $550 million (2.2 billion shekels) and recognized as a global leader in internet accessibility and speed. This transformation is largely attributed to the leadership of CEO Yossi Haber, who joined the company in January 2022 after a career in finance at HOT and previously in the Shin Bet security agency.
Launched in 2013 as a government initiative to deploy fiber optics over the electric company's infrastructure, IBC faced significant debt and was on the brink of bankruptcy. The turning point came in September 2020 when HOT joined as a partner, coinciding with increased fiber deployment by Bezeq, igniting a national infrastructure race. This competition has propelled Israel to 11th globally in internet speed, with nearly every home now accessible to fiber optics.
Haber, described as a hands-on manager who prefers to stay behind the scenes, credits the company's success to its dynamic market and a focused team of just 60 employees. He emphasizes that IBC operates on a wholesale model, providing the physical infrastructure for internet service providers like Cellcom, HOT, and Partner to sell to end consumers. This model, he argues, fosters competition based on quality and reliability rather than just price, differentiating it from the cellular market where aggressive price wars led to infrastructure investment issues.
Despite a legal dispute with former partner Cellcom over payment for infrastructure expansion beyond two million homes, Haber maintains a professional working relationship, highlighting the separation between legal matters and daily operations. The company recently acquired Internet Rimon's fiber infrastructure for approximately $25 million (100 million shekels) as part of its strategy to expand its reach and solidify its position. Looking ahead, IBC aims to disrupt the business market, currently dominated by Bezeq, by offering its advanced fiber network to small and medium-sized enterprises.