Israeli HR Tech Firm Pilat Plans Canadian IPO Via SPAC Merger
Translated & summarized from Globes by baba
Israeli HR tech firm Pilat is set to list on Canada's TSX Ventures exchange via a reverse merger by mid-2027, aiming to raise $6 million CAD and achieve a valuation of $52 million CAD. The company, which reported $6.3 million in revenue and $1.25 million in EBITDA in 2025, will use the listing to expand its AI-driven employee assessment technology internationally. Pilat's EVA system, already in use by major Israeli organizations, has shown a high correlation with expert evaluations.
The story in 6 lines · by baba
- Israeli HR tech firm Pilat plans to list on Canada's TSX Ventures exchange by mid-2027 via a reverse merger.
- The company aims to raise $6 million CAD and expects a post-merger valuation of $52 million CAD.
- Pilat reported $6.3 million in revenue and $1.25 million in EBITDA in 2025.
- The firm's AI assessment system, EVA, is used by the IDF, Mizrahi Bank, and Israel Post.
- The listing is intended to facilitate international expansion, particularly in North America.
- Pilat was founded in 1974 and is chaired by Zohar Maimon.
Israeli human resources technology company Pilat is preparing to list on the TSX Ventures exchange in Canada through a reverse merger, with the process expected to conclude in the first half of 2027. The company aims to raise approximately $6 million CAD (about $12.9 million shekels) in the deal. Pilat is anticipated to begin trading at a valuation of around $52 million CAD (approximately $112 million shekels) before additional transaction components are factored in. The transaction is being facilitated by EXITEAM, an investment firm that assists Israeli tech companies in listing in Canada and is itself undergoing a merger to become a public entity on the Canadian exchange.
Pilat reported revenues of about $6.3 million and EBITDA of approximately $1.25 million in 2025. Concurrently, the company has developed an AI system named EVA for candidate assessment. According to Pilat, its technology division generated $360,000 in revenue in 2025, with user and candidate numbers increasing more than fivefold. The company states that EVA's results, when compared to assessments by senior occupational psychologists, showed a correlation of 0.89. This AI system is currently used by organizations including the IDF, Mizrahi Bank, the Israel Electric Corporation, and Israel Post.
The planned listing on the Canadian exchange is part of Pilat's strategy to expand its technological operations internationally, particularly in North America. The company intends to broaden EVA's application beyond recruitment to include evaluating existing employees, identifying management potential, and assessing job fit. Pilat's goal is to position itself as a provider of decision-making infrastructure throughout an employee's lifecycle, leveraging its extensive data accumulated over years of operation. Founded in 1974, Pilat's client base includes banks, academic institutions, various commercial companies, and government entities. The TSX Ventures exchange has previously attracted several Israeli companies, typically smaller firms, distinguishing it from the main TSX exchange.
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