Israeli Cybersecurity Firm Findings Pursues Tel Aviv Stock Merger After $305 Million Deal Falls Through
Findings, an Israeli cybersecurity company specializing in Agentic AI for managing cyber risks, artificial intelligence, and supply chain regulations, is moving forward with a merger to list on the Tel Aviv Stock Exchange. This follows the cancellation of a previously announced $305 million acquisition by the British company Diginex in August last year. The new merger involves Findings combining with Wilk, a shell company formerly engaged in cultured milk production, at a significantly lower valuation.
Under the merger agreement, Findings shareholders will receive Wilk shares, resulting in them owning up to 85% of the combined entity. Wilk's current market value is approximately 40 million shekels, which places the merged company's valuation around 261 million shekels (about $87 million). Including options to be exercised before the merger, the total valuation approaches 300 million shekels, less than one-third of the previous deal's value. The canceled acquisition was mostly stock-based, and since then, Diginex's share price has dropped by over 95%.
Findings was founded by CEO Kobi Friedman and CTO Yonatan Perry and serves clients including government ministries, Israeli banks, and large corporations. The company operates with 26 employees across the US headquarters, and R&D centers in Israel and Poland. Its annual recurring revenue (ARR) reached $9 million recently, up from $5 million in 2025, with profitability expected by the end of 2026. Findings targets a $39 billion market growing at 35% annually and forecasts revenue growth to $12.3 million this year and $57.5 million by 2027. The company also projects a shift from a negative EBITDA of $1.1 million in 2025 to a positive EBITDA of $200,000 in 2026.
CEO Friedman previously highlighted Findings' viral growth strategy in supply chains, enabling rapid customer acquisition through network effects. The company’s pivot to a Tel Aviv stock merger reflects a strategic adjustment after the failed acquisition and market shifts affecting Diginex's valuation.
