Findings eyes TASE listing after $305m exit collapses

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Israeli cybersecurity company Findings signed a memorandum of understanding last August to be acquired by UK compliance solutions company Diginex (Nasdaq: DGNX) for $305 million. But the deal eventually fell through and now Findings is promoting a merger into a Tel Aviv Stock Exchange (TASE) shell at a significantly lower valuation than the acquisition which was canceled.

Diginex buys Israeli cybersecurity co Findings for $305m

Findings defines itself as an independent AI agentic platform for managing cybersecurity risks, AI and regulation in enterprise supply chains. Findings was founded by CEO Kobi Friedman and CTO Jonatan Perry. The company’s customers include government ministries, Israeli banks and large enterprises.

The company is now seeking to merge into Wilk Technologies (TASE: WILK), a company that previously produced cultured milk. According to the agreement between them, Wilk shares will be allocated to Findings shareholders in such a way that after the merger is completed, Findings shareholders will hold up to 85% of the company. Wilk's current market value is about NIS 40 million, so after allocating shares to Findings, the value of the merged company will be about NIS 261 million (about $87 million). Together with a component of options that are supposed to be exercised by the time of the merger, the valuation will approach NIS 300 million.

This is less than a third of the valuation that Findings aspired to last year. On the other hand, the consideration in the canceled deal was mostly (88%) in shares, and since then Diginex’s stock has fallen over 95%.

According to a presentation published by Findings this week, the company's annual recurring revenue (ARR) is $9 million, up from $5 million in 2025, and it expects to be profitable by the end of 2026.

A market of about $40 billion

Findings is a relatively small company, with 26 employees, spread across three countries: headquarters in the US, R&D in Israel and Poland. Findings is currently targeting a market worth about $38.9 billion, which is growing by about 35% annually. Its forecasts for the future are very rosy: it expects to grow to $12.3 million in revenue this year and to $57.5 million in 2027. At the same time, EBITDA, which was negative at $1.1 million in 2025, is forecast to be positive at about $200,000 this year.

Published by Globes, Israel business news - en.globes.co.il - on July 16, 2026.