Firm Profile > Pearl Cohen Zedek Latzer Baratz > Tel Aviv, Israel

Pearl Cohen Zedek Latzer Baratz
Azrieli Sarona Tower, 121 Menachem Begin Road
53rd floor
Tel Aviv, 6701203

Intellectual property: disputes Tier 1

Pearl Cohen Zedek Latzer Baratz has one of the largest IP teams in Israel and, with an on-the-ground presence in New York and London, is also one of the few firms in the market with office locations abroad, thus offering a seamless platform for the enforcement of IP rights in key global jurisdictions. Headed by senior partner Yossi Markovich, the IP litigation team is a key player in patent revocation proceedings in Israel. Dor Cohen-Zedek heads the trade marks, designs and enforcement group, and is instructed by a litany of domestic and international brands. Also recommended is Haim Ravia, who specialises in cyber, privacy and internet law, and also leads the copyright and open source software practice.

Practice head(s):


Flexible and provide pragmatic easy-to-understand advice that can be quickly used in execution.’

Combination of international expertise, knowledge, excellence, dedication and flexibility.

Highly skilled in this niche area on a global level.

Ability to change their mind in real-time based on litigation dynamics.

Key clients

Bayer Healthcare

Diehl Defence

KG Dexcel Pharma Technologies


Dimerix Bioscience


Speedo Holdings

Klil Industries


Healthcare and life sciences Tier 2

Pearl Cohen Zedek Latzer Baratz’s practice is significantly weighted towards IP matters, in line with its signature strength. The firm manages the patent portfolios of a string of leading industry players, including Bayer Healthcare and Sanofi. In addition, it is well versed in advising life sciences and healthcare clients on finance, securities and M&A transactions. Group co-head Mark Cohen splits his time between Israel and the US, and focuses on patent prosecution and licensing. Corporate and licensing specialist Yael Baratz jointly heads the department.

Practice head(s):

Key clients

Opko Health Ltd.

Sanofi S.A.

Orgenesis Inc.

Bayer AG

Vertex Pharmaceuticals

SciVac Ltd.

Chiasma Inc.

KAHR Medical Ltd.

Endymed Medical Ltd.

XL Therapeutics Ltd.

FuturX Ltd.

MBcure Ltd.

Hera Med Ltd.

Vidac Pharma Ltd.

Immune Pharmaceuticals

Omnix Medical Ltd.

Merck Serono

University of Pennsylvania


Medivie Theraputic

Optimal Plus

Estar Medical

Ayala Pharmaceuticals

LDS, Lyotropic Delivery Systems

Biondvax Pharmaceuticals Ltd.

Panaxia Pharmaceutical Industries Ltd

Amoon Fund

BGN Ltd.

Pfizer Inc.

Dexcel Pharma

Aspect Imaging

CSL Behring

Maccabi Health Services

Hi-tech and start-ups Tier 2

Pearl Cohen Zedek Latzer Baratz has an established reputation in Israel's IP legal market, and is also a strong performer in the country's healthcare and life sciences, fintech and venture capital space; however, what makes the firm especially unique in the market is its international office network. Indeed, with offices in the US and Europe, clients 'benefit from the availability of the firm's expertise, experience and prices in these territories in addition to Israel'. Key figures in the practice group include Atir Jaffe, who specialises in private equity investing, M&A and IP-related issues in the media, telecoms, and medical devices sectors; Guy Lachmann, who leads the firm's Japan practice as well as the Germany practice; Yael Baratz, who chairs the corporate and licensing group; and Hili Rashkovan, who has a range of experience in IP transactions, fundraising and M&A.


This firm has offices in the US and Europe and we benefit from availability of their expertise, experience and prices in these territories in addition to Israel.

The team is very responsive and ready to adapt themselves to their customers needs and schedule. They are always available to discuss issues and topic about the inventions and applications.

We thoroughly recommend Guy Lachmann and his team at Pearl Cohen. The team’s particular strength was that they were excellent at achieving a quick turnaround on all of our legal matters to help keep the company dynamic and moving towards success.

The main advantage of the lawyers and other patent attorneys we work with, is their availability and that they are hassle free in all aspects. They welcome all and any work we provide, meet schedules with every task, and provide results and not excuses.’

Without a doubt, the combination of the team’s rare legal abilities and their extensive experience with the various areas relevant to our activities, enables them to serve our intense needs, that include tight schedules and complex thinking outside the box.

We feel fortunate to have met such top-quality attorneys who always have a focused solution for every legal issue, in a swift and effective manner.

Key clients


Hill-Rom Holdings


Singular Labs

Cyarx Technologies (Siemplify)

Kzen Networks


Diehl Defence GmbH & Co.


Intellectual property: commercial/transactions Tier 2

A well-known name in the Israeli IP market, Pearl Cohen Zedek Latzer Baratz provides comprehensive IP legal support to clients in the areas of biotech, healthcare, pharmaceuticals, software, and autonomous driving. Headed by highly rated senior partner Yael Baratz, the firm's corporate and licensing group is one of Israel's largest dedicated transactional IP teams. The practice group has noted expertise in cross-border commercial agreements, which it handles as part of its wider strategic IP service including portfolio development and patent prosecution. Mark Cohen heads the life sciences practice, and Hili Rashkovan handles commercial transactions for clients in a variety of sectors including software, IT, medical devices and clean-tech.

Practice head(s):

Key clients

OPKO Health


High Performance Optics

Quality by Vision

aMoon Fund

83North Fund

EMC Corporation

Prilenia Neurotherapeutics

Galimedix Therapeutics


Ayala Pharmaceuticals

Capital markets Tier 3

Pearl Cohen Zedek Latzer Baratz is a popular choice for clients in the medical cannabis field, where it advises numerous companies on investment rounds, private placements, mergers, acquisitions and public offerings on the Tase. The group is also active in advising clients in the real estate sector on private placements, shareholding sales and public rights offerings. Practice head Ilan Gerzi has particular expertise in dual listings of public companies, and in acting for medical cannabis companies on IPOs on the Tase. The capital markets practice added eight lawyers in 2018/19, including senior associates Aliza Gabizon and Mark Hamilton.

Practice head(s):

Key clients

Panaxia Pharmaceutical Industries Israel Ltd. and Herodiom Investments Ltd.

Together Pharma

Tefen Industrial Engineering and Management and Systems Analysis Ltd.

Oren Investments Ltd.

Intercure Ltd.

Tefen Industrial Engineering and Management and Systems Analysis Ltd.

Cannomed Medical Cannabis Industries Ltd.

Avrot Industries Ltd.

A.L.D Advanced Logistics Development Limited

Employment Tier 3

Pearl Cohen Zedek Latzer Baratz’s firm-wide emphasis on the hi-tech and life sciences sectors translates into a strong representation of Israeli and multinational technology companies in labour and employment matters, including CA Technologies Israel, Ormat Technologies and Aspect Imaging. The group advises on a wide range of traditional employment matters, such as employment agreements, terminations and collective negotiations. It also has experience in non-compete covenants, confidentiality matters and option plans. Group head Kalia Klein handles both non-contentious matters and litigation.

Practice head(s):

Key clients

Yankowitz y Building & Development Ltd

CA Technologies Israel Ltd.

Bait Balev Ltd.

Hilti (Israel) Ltd.

Ormat Technologies Inc.

Stratsys Ltd.

Aspect Imaging Ltd.

Brand Industries Ltd.

Align Technology

Babcom Centers

Edmond De Rothschild Bank

Lev Group Media

Hilton Tel Aviv

Ceasarstone Ltd.


Utilis Israel Ltd.


Micro-Swiss Ltd.



Safecharge International



Investment and venture capital funds Tier 3

Pearl Cohen Zedek Latzer Baratz's angel investing and venture capital fund formation practice provides a full range of structuring, taxation, and transactional advice to fund managers and investors. The fund practice is an integral component of the firm's hi-tech offering, and thus, in addition to its start-up investment practice, the team has experience in forming venture capital funds focused on a variety of tech sub-sectors, including agri-tech, food-tech, mobility, and healthcare, among other sectors. Atir Jaffe is the name to note for VC fund formation, and Yael Baratz and Mark Cohen are key figures in the corporate and hi-tech practice. Yael Shimon-Many is also recommended.

Practice head(s):


They have a very good a d experienced team that can deliver. They will give you  a door-to-door service, from the get go to the final execution of the deal. Always efficient and exceptionally professional.

Yael Shimon-Many is the lawyer you want to have with you on tough deals. She knows every detail of the deal and she is both very nice and very tough.

Key clients


CERTUS Port Automation

Beyond Mobility Ventures

aMoon Velocity

COPIA Agro & Food Technologies Fund

Anna Ventures fund

mPharma Data

Keshet Broadcasting


AP Partners

Tax Tier 3

Pearl Cohen Zedek Latzer Baratz's tax department is frequently instructed by companies requiring tax structuring advice concerning corporate transactions, such as M&A, involving the sale of IP and subsequent exposure to capital gains tax. The firm also has expertise handling VAT disputes and acting for international clients in a variety of corporate restructuring processes, including buy-outs and divestments, which entail significant tax implications. Team lead Henriette Fuchs has experience in international tax structuring in terms of inbound and outbound transactions, and indirect tax.

Practice head(s):

Other key lawyers:


‘Excellent consultants on international taxation and VAT issues.’

Key clients

ISS Global A/S EMEA Ltd/Inc

General Electric

Impresa Pizzarotti & Co SpA

ForAfric – Mill group

Big Shopping Centers Ltd

GigaWatt Global Coop

Datorama Ltd

BioTime  / Cellcure

Plasticon Europe BV

Implisit Ltd

Bonobot Technologies Ltd


Gevasol Holdings BV

XCD Exceed Ltd

WBO group

CEE Hotels group

Eydenberg group

Big Shopping Centers

Picafuel Ltd

Virtu Financial Services

Wolverine Asset Management

Greycroft Fund



Lely International NV

Ocean Data Ltd

TIIN Capital B.V. – Dutch Sec. Fund

Heramed Ltd

AppsVillage Ltd

OrelTech GmbH

NFT Inc & NFT Ltd

Commercial, corporate and M&A Tier 4

Pearl Cohen Zedek Latzer Baratz is distinguished by its cross-border focus, which is supported by multiple foreign desks as well as its four international offices in Boston, London, Los Angeles and New York. The firm draws upon its leading IP client base to specialise in advising IP-rich companies on corporate and M&A matters, particularly those in the technology, life sciences and telecoms sectors. Yael Baratz chairs a department that also includes hi-tech specialist Atir Jaffe, Yossi Weinstock and Hili Rashkovan, who has a strong background in IP transactions.

Practice head(s):

Key clients

Lightricks Ltd.

Medi-Tate Ltd.

Hill-Rom Holdings, Inc.

Unbotify Ltd.

Keshet Broadcasting Ltd.

Quality by Vision Ltd.

Orgenesis Inc.

BioTime Inc.

aMoon Fund, 83North Fund, EMC Corporation

Cyarx Technologies Ltd.

Real estate and construction Tier 4

Pearl Cohen Zedek Latzer Baratz frequently handles real estate sales, acquisitions and assists with submissions concerning affordable housing bids. In addition, the team advises clients on all aspects of evacuation-reconstruction projects, and medium to large-scale commercial projects. Benjamin Baratz has considerable expertise in litigation proceedings, in addition to extensive knowledge of asset sales, and mixed-use real estate projects. Sagit Shahmoon advises construction companies, developers and entrepreneurs on construction agreements, secured lending, land registration and combination deals.

Practice head(s):

Other key lawyers:

Key clients

A.I America Israel Investment Ltd.

Etz HaShaked Ltd.

BST Construction Ltd.

Reich – Shahar Ltd.

Luzon A. Assets & Investments Ltd.

BLD Group Real-Estate Ltd.

Wynn Rothschild Ltd.

Ramot Office Ltd.

Intellectual property: filing/prosecution

Pearl Cohen Zedek Latzer Baratz's IP team has an exceptional reputation in the areas of medical devices, biotech and pharmaceuticals, and also handles patent prosecution and portfolio management for clients in the aerospace and defence sector. Founder and managing partner Zeev Pearl has wide-ranging experience of worldwide IP strategy, including proceedings before the USPTO. In addition to the firm's patent work, Dor Cohen Zedek leads the firm's trade mark, designs and enforcement practice and is instructed by a huge variety of multinationals, Israeli IP-based companies, and tech-transfer offices, which she advises on trade mark prosecution, filing, and strategy. Another contact in the team is senior partner Mark Cohen, who heads the life sciences department.

Practice head(s):


A real pleasure to work with this team.

Mark Cohen is always responsive to emails and requests for calls, no matter what time zone I am in.

The team is responsive and available around the clock. They are smart as well; great to work with.

Key clients


OPKO Health




Yeda R&D Co.


Elbit Systems

Vayyar Imaging

BAE Systems

The firm: Pearl Cohen Zedek Latzer Baratz (“Pearl Cohen”) is an international law and patent firm with offices in Israel (Tel-Aviv, Haifa), the United States (New York, Los Angeles, Boston), and the United Kingdom (London).  Due to the firm’s unique global presence, it has an extraordinary reputation dealing with cross-border issues in the areas of commercial law (Hi-tech transactions, capital markets, M&A, taxation), litigation, and intellectual property, a field in which the firm is considered to be the leading and most distinguished in Israel.

The firm represents businesses, technology-oriented companies, and investors from both local and international markets, including Fortune 500 and small-cap emerging companies, startups and entrepreneurs, companies traded on Israeli and worldwide stock markets, academic research institutions, and government-related entities. Our international team strive to remain at the cutting edge of our specialist areas of expertise by providing our clients with innovative resolutions to legal problems. Our knowledge and experience across a broad range of legal issues uniquely positions us to offer tailor-made legal and professional solutions to clients that combine numerous practice areas and industries across multiple jurisdictions.

The Pearl Cohen Advantage: Full Service Global Firm: Our professionals constitute one global team. We collaborate seamlessly to bring the highest level of service and experience to our clients, who benefit from our professionals’ diverse backgrounds and intimate knowledge of cutting-edge technologies. We are dedicated to helping our clients thrive in today’s business environment.

Department Name Email Telephone
IP Litigation Nathaniel Agou
Employment and Benefits, US Business Immigration Francine Alfandary
Patents Yoav Alkalay
Corporate and Licensing Adar Altman
Commercial Litigation, Real Estate Benjamin Baratz
Corporate and M&A, Licensing Yael Baratz
Patents, Designs and Intellectual Property Litigation Yosi Barkai
Corporate Lior Baruch
Capital Markets Maria Berkovits
Corporate and Commercial Litigation Galit Bonet
Trademarks and Designs Todd Braverman
Russia and CIS, Ibero-America Meny Broid
Corporate and Licensing Yitzchak Chamudot
Intellectual Property and Patents Mark S. Cohen
Trademarks and Designs Dor Cohen Zedek
IP Nachman Cohen Zedek
US Business Immigration Ari Farkas
Patents Brenda Flockhart-Shanks
Patents & Designs Idan Frydman
Tax Henriette Fuchs
Corporate Finance and Securities Ilan Gerzi
Infrastructure and Project Finance Ittai Gross
Tax Dr. Oz Halabi
Internet, Cyber & Copyright Dotan Hammer
Corporate, M&A, Capital Markets and Securities, and Commercial Litigation Yohai Hurvitz
Hi-Tech, Venture Capital and Private Equity Atir Jaffe
Hi-Tech Oded Kadosh
Internet, Cyber & Copyright Tal Kaplan
Employment and Labor Group Kalia Klein
Life Sciences Richard Korn
Hi-Tech Guy Lachmann
Corporate, M&A, and Corporate Finance & Securities Maya Lakstein
Corporate and M&A, Venture Capital and Private Equity Doron Latzer
Patent Litigation David Loewenstein
Trademarks, Litigation and Designs Anat Mandel
IP Litigation Yossi Markovich
Patents Brendan Mee
Patent Litigation and Post Grant Proceedings Daniel J Melman
Corporate and Commercial Guy Milhalter
Russia and CIS, Ibero-America Anna Moshe
Copyrights Veronica Munoz
Patent Netta Nashilevich
Corporate and Licensing Michael B Nussbaum
Life Sciences Jonathan Passner
Intellectual Property and Patents Zeev Pearl
Corporate and Licensing Inbal Perlstein-Mandelbaum
Patents, Designs, Patent Litigation and Post Grant Proceedings Caleb Pollack
Life Sciences Craig Puckett
Licensing Hili Rashkovan
Copyrights Haim Ravia
Patent, Patent Litigation, and U.S. Patent Office Litigation Nathan D Renov
Commercial Litigation Tal Rotman
Commercial Amir Sadeh
Corporate and Employment Sagit Sazgar
Real Estate Sagit Shahmoon
Hi-Tech Yael Shimon-Many
Corporate Keren Shmueli
Patent Litigation and Post Grant Proceedings Clyde Shuman
Patents, Trademarks, Copyrights and Designs Groups Doron Sieradzki
Hi-Tech, Corporate, Securities and Commercial Hadar Solomon
Corporate and Licensing Joel Stein
Corporate Litigation Karin Vishinsky
Corporate Finance & Securities Benjamin Waltuch
Patent and Intellectual Property Assaf Weiler
Corporate and Licensing Yossi Weinstock
Intellectual Property Morey B Wildes
Antitrust and Competition Tzahi I Yagur
IP Litigation Guy Yonay
Capital Markets and Securities Nir Zohar
Photo Name Position Profile
 Nathaniel Agou  photo Nathaniel Agou Nathaniel has extensive experience in dispute resolution, with an emphasis on intellectual…
 Francine Alfandary  photo Francine Alfandary Francine has significant experience in mergers and acquisitions, financing rounds, joint ventures,…
 Yoav Alkaly  photo Yoav Alkaly For more than 15 years Yoav has been advising clients on various…
 Adar Altman  photo Adar Altman She joined the Corporate Group as an associate upon completing her internship…
 Israel Bachar  photo Israel Bachar Partner
 Benjamin Baratz  photo Benjamin Baratz Benjamin Baratz is a Senior Partner and Chair of the Israel Business…
 Yael Baratz  photo Yael Baratz Yael Baratz is a Senior Partner and Chair of the Corporate &…
 Yosi Barkai  photo Yosi Barkai Yosi’s practice focuses on patent drafting and prosecution in various fields of…
 Lior Baruch  photo Lior Baruch Lior Baruch is a Partner in the Corporate Group of Pearl Cohen’s…
 Maria Berkovits  photo Maria Berkovits Maria Berkovits is a Partner in the Capital Markets and Securities Group…
 Barak Bing  photo Barak Bing Partner
 Galit Bonet  photo Galit Bonet Galit has 30 years of experience in corporate and commercial law, intellectual…
 Todd Braveman  photo Todd Braveman Todd’s practice primarily focuses on achieving client business objectives in connection with…
 Meny Broid  photo Meny Broid Meny’s main areas of expertise consist of commercial and corporate law, agency…
 Yitzchak Chamudot  photo Yitzchak Chamudot Yitzhak Chamudot is a Partner of the Corporate and Licensing Group in…
 Mark S. Cohen  photo Mark S. Cohen Mark’s practice focuses on patent prosecution in the pharmaceutical, chemical, biological, and…
 Dor Cohen Zedek  photo Dor Cohen Zedek Dor’s clients include a variety of multinational companies, as well as Israeli…
 Nachman  Cohen Zedek   photo Nachman  Cohen Zedek  Nachman is the son of the late S. Cohen Zedek who established…
 Michal Dagan  photo Michal Dagan Michal’s practice focuses on civil and commercial litigation and corporate and commercial…
 Ari Farkas  photo Ari Farkas Ari advises clients on business immigration matters as well as employment authorization…
 Brenda Flockhart-Shanks  photo Brenda Flockhart-Shanks Her areas of concentration include patent prosecution, licensing, patent validity and infringement…
 Idan Frydman  photo Idan Frydman Idan advises multinational clients, alongside local companies, in various fields of technologies,…
 Henriette Fuchs  photo Henriette Fuchs Henriette Fuchs is Senior Partner at Pearl Cohen’s Tel Aviv office and…
 Aliza Gabizon Gilboa  photo Aliza Gabizon Gilboa Partner
 Ilan Gerzi  photo Ilan Gerzi Ilan Gerzi is a Senior Partner at Pearl Cohen’s Tel Aviv Office…
 Ittai Gross  photo Ittai Gross Ittai’s practice focuses on infrastructure projects (PPP, BOT, PFI projects etc.), in…
Dr Oz Halabi  photo Dr Oz Halabi Oz is a highly experienced tax attorney engaging primarily in US domestic…
 Dotan Hammer  photo Dotan Hammer Dotan’s practices include software and website licenses and user agreements, digital (electronic)…
 Yohai Hurvitz  photo Yohai Hurvitz Yohai is highly experienced in M&A and commercial transactions and his main…
 Atir Jaffe  photo Atir Jaffe With almost 20 years’ experience, Atir’s practice focuses on hi-tech, media, communication…
 Oded Kadosh  photo Oded Kadosh Oded has a diverse transactional, corporate and commercial counseling practice with an…
Mr Tal Kaplan  photo Mr Tal Kaplan Tal’s practice includes commercial litigation specifically in copyright infringement issues, domain names and…
 Omer Kelner  photo Omer Kelner Partner
Ms Kalia Klein  photo Ms Kalia Klein Relying on her 20 years of legal experience, Kalia and her group…
 Richard Korn  photo Richard Korn With over twenty years of patent practice, Richard has acquired expertise in…
 Guy Lachmann  photo Guy Lachmann Guy’s practice focuses on hi-tech, venture capital, mergers and acquisitions, corporate and…
 Maya Lakstein  photo Maya Lakstein Maya has extensive experience of more than seventeen years in M&A and…
 Doron Latzer  photo Doron Latzer Doron has over 24 years of commercial and corporate law experience working…
 Abishag Levy  photo Abishag Levy Abishag represents Israeli and international clients in Trademark prosecution and enforcement proceedings in…
 Dr. Hao Li   photo Dr. Hao Li  Dr. Hao’s practice focuses on U.S. and foreign patent preparation and prosecution…
 David Loewenstein  photo David Loewenstein He has over 25 years of patent and intellectual property litigation experience…
 Anat Mandel  photo Anat Mandel Anat represents Israeli and international clients in litigation and enforcement proceedings in…
 Yossi Markovich  photo Yossi Markovich Yossi specializes in dispute resolution, with an emphasis on intellectual property litigation.…
 Brendan Mee  photo Brendan Mee A Chemical Engineer, and former Patent Examiner at the U.S. Patent and…
 Daniel J. Melman  photo Daniel J. Melman He is an experienced intellectual property litigation and trial attorney, with a…
 Guy Mihalter  photo Guy Mihalter Prior to joining Pearl Cohen, Guy ran a solo practice in Washington,…
 Anna Moshe  photo Anna Moshe Anna Moshe is a Senior Partner and Chair of the Russian and…
 Veronica M. Munoz  photo Veronica M. Munoz
 Netta Nashilevich  photo Netta Nashilevich Netta has more than 15 years of extensive experience representing international clients…
 Inbal Navot-Eisenthal  photo Inbal Navot-Eisenthal  Inbal has over 10 years of experience in handling various intellectual property…
 Michael B. Nussbaum  photo Michael B. Nussbaum Michael Nussbaum is a Partner in the Corporate and Licensing Group in…
 Darie Ofek  photo Darie Ofek Darie has expertise in a multitude of domestic and international transactions. He…
 Michel Ohayon  photo Michel Ohayon Michel is Senior Counsel in the Corporate and Capital Markets Group at…
 Jonathan M. Passner  photo Jonathan M. Passner His practice focuses on patent matters in the areas of biotechnology, medical…
 Zeev Pearl  photo Zeev Pearl Zeev’s multifaceted practice includes the representation of global companies protecting and enforcing…
 Inbal Perlstein-Mandelbaum  photo Inbal Perlstein-Mandelbaum Inbal Perlstein-Mandelbaum is a Partner in the Corporate and Licensing Groups of…
 Caleb Pollak  photo Caleb Pollak He manages and prosecutes utility and design patent matters for large and…
 Craig Puckett  photo Craig Puckett He has substantial experience counseling clients on developing their worldwide patent portfolio…
 Hili Rashkovan  photo Hili Rashkovan Hili Rashkovan is a Partner in the Corporate and Licensing Group of…
 Haim Ravia  photo Haim Ravia As such, he deals extensively with cyber and Internet law, privacy and…
 Nathan D. Renov  photo Nathan D. Renov Nathan advises clients in all aspects of intellectual property (IP) protection, and…
 Michal Rom  photo Michal Rom Michal specializes mainly in the clinical trial and licensing fields and handles…
 Tal Ron  photo Tal Ron Partner
 Tal Rotman  photo Tal Rotman Tal is a highly seasoned and uniquely diversified attorney with extensive experience…
 Amir Sadeh  photo Amir Sadeh Amir counsels corporate clients on a variety of commercial, corporate and strategic…
 Sagit Sazgar  photo Sagit Sazgar Sagit Sazgar is a Partner in the Employment Group in Pearl Cohen’s…
 Sagit Shahmoon  photo Sagit Shahmoon Sagit Shahmoon is a Partner at Pearl Cohen’s Real Estate Group. Sagit’s…
 Yael Shimon-Many  photo Yael Shimon-Many Yael’s practice focuses on private equity investments, M&A transactions and intellectual property…
 Keren Shmueli  photo Keren Shmueli Keren engages in a diverse corporate practice encompassing a broad range of…
 Clyde Shuman  photo Clyde Shuman Clyde has been litigating intellectual property disputes for over 20 years. He…
 Doron Sieradzki  photo Doron Sieradzki Doron Sieradzki is a Partner in the Patents, Trademarks, Copyrights, Designs, and…
 Neil Smollet  photo Neil Smollet Partner
 Ilana Soloducho Kashmir  photo Ilana Soloducho Kashmir Partner
 Hadar Solomon photo Hadar Solomon Hadar Solomon is a Partner in the Hi-Tech, Corporate, Securities and Commercial…
 Joel Stein  photo Joel Stein Joel (Jody) Stein is a Partner in the Corporate and Licensing Group…
 Micha Tollman  photo Micha Tollman Partner
 Tamar Van Der Boom, Ph.D.  photo Tamar Van Der Boom, Ph.D. Senior Patent Agent/Attorney
 Kelly Virdee-Crofts  photo Kelly Virdee-Crofts Kelly Virdee-Crofts is a Senior Patent Attorney at Pearl Cohen’s London office…
 Karin Vishinsky  photo Karin Vishinsky Karin Vishinsky is a Partner in the Corporate Litigation Group in Pearl…
 Benjamin Waltuch  photo Benjamin Waltuch His practice focuses on domestic and cross-border transactions including each of the…
 Assaf Weiler  photo Assaf Weiler He is a Solicitor of the Senior Courts of England & Wales…
 Yossi Weinstock  photo Yossi Weinstock Yossi Weinstock is a Partner in the Corporate and Licensing Group of…
 Morey B. Wildes  photo Morey B. Wildes orey’s focus is counseling clients seeking patent, trademark and trade secret rights.…
 Tzahi I. Yagur  photo Tzahi I. Yagur Tzahi represents leading Israeli and international groups in issues related to monopolies,…
 Guy Yonay  photo Guy Yonay Guy focuses his practice on patent litigation and adversarial proceedings before the…
 Nir Zohar  photo Nir Zohar Nir represents private and public companies in a wide array of aspects…
 Amit Zomer  photo Amit Zomer Partner
Number of lawyers : 200
Other offices : Boston
Other offices : Haifa
Other offices : London
Other offices : Los Angeles
Other offices : New York
Other offices : Tel Aviv


Pursuing and advancing its reputation as the “Start-Up Nation”, in 2017, the State of Israel continued to emphasize innovation at the forefront of its culture and business environment. The international Bloomberg Innovation Index of 2017 ranked Israel as the 10th largest country of innovation. More than ever, Israel offers countless investment opportunities for global and domestic strategic partners, private equity and venture capital firms. Individuals can also invest in Israel as angel investors, as limited partners in venture capital funds focusing on Israeli investment, through crowd funding and public offerings around the globe.

This prosperity of  Israel’s Start-Up Nation is reflected by the record sums invested in local innovation-driven companies and the increased sum-per-transaction across multiple industry segments, from cyber security and AI to biotechnology and medical devices.

In tandem, garnering such success demands of local companies and law-firms to carefully consider the manner in which they protect their key assets, primarily their talent and intellectual property. This article explores recent trends in the Israeli High-Tech industry and details its existing complexities and challenges.


Israel’s extensive and prosperous innovation industry has long been attributed to the country’s cultural focus on innovation and out-of-the-box thinking. Bill Gates has been quoted saying that there is a greater concentration of talented hi-tech manpower in Israel in comparison to other countries, almost to the extent of Silicon Valley. The industry began domestically as a strong base for research and development in information technologies and later spread globally. Large multinational companies have established R&D hubs in Israel including, in the ICT sector alone, Apple, Cisco, Google, IBM, Intel, Motorola and Microsoft. For example, a large part of the Windows NT operating system developed by Microsoft and the Pentium MMX Chip technology were designed for Microsoft and Intel, respectively, at their R&D facilities in Israel. More recently, European, Chinese, Korean and now Japanese companies have increased their interest in Israeli technologies as well.

Israeli scientists developed the cell phone, flash drives, voicemail, voice over IP, real-time Internet messaging, a pill-sized swallow-able camera, Waze, Wix, expandable Stent and drip-irrigation, among a long list of other innovations that have impacted the people around the world. Key Israeli industries include (1) life sciences, pharmaceuticals, medical devices and improved medical processes (e-health), (2) cyber security, (3) tech, telecom and media and (4) defense.

According to the IVC research center, in 2017, Israeli high-tech companies raised $5.24 billion across 620 transactions, reflecting an increase of 9% from 2016 during which $4.83 billion were raised across 673 transactions. Moreover, in 2017 the total transaction value for exits of Israeli companies reached $23 billion and included two mega-exits, which each exceeded $1 billion. Discounting the two mega-exists, the total transaction value in 2017 was $6.6 billion, reflecting an increase of 19% from 2016.

Since the 1980s, more than 250 Israeli related companies have been listed for trading in the U.S. and currently 84 Israeli companies are listed on the NASDAQ, 5 are listed on the NYSE, and 6 are listed on the AMEX. Israel has the greatest number of listed companies in the U.S. after China. Over the last 5 years, more than 500 Israeli companies have been acquired. The expanding list of Israeli companies that have been acquired or gone public, have the effect of increasing the appetite of VC and other investors scouting for the right Israeli companies to invest in.

These numbers become more impressive as you realize that Israel’s population is only 8.5 million people and its land mass is approximately the size of the State of New Jersey, one of the smaller US states.

Over recent years, the tendency of listing Israeli companies in the U.S. and other foreign markets has continued to grow, whereas the number of publicly listed Israeli companies on the Tel Aviv Stock Exchange has decreased. This trend is not only attributed to the attractiveness of the foreign markets for Israeli companies and start-ups, but also due to the small and limited local Israeli market.

In an attempt to reverse this trend, the Israeli Securities Authority, has promoted over the past two years extensive and somewhat dramatic legislation and regulations, all aimed to ease the strict regulation that applies to Israeli listed companies, and to attract Israeli companies back to the local capital market.  Among the recent legislative amendments are the exemption for small cap companies from filing quarterly reports and requiring only semi-annual reports instead, the approval of filing reports in English instead of Hebrew for certain companies contemplating listing in foreign capital markets in the future and waiving certain disclosures, thus allowing the companies to prepare shorter and more concise public reports.

The low interest rates prevailing in the Israeli capital market during the recent years has attracted many companies, both Israeli and foreign, to issue traded debentures on the Tel Aviv Stock Exchange. During recent years, many foreign real estate companies, such as Brookland Upreal Limited, Moinian Limited, KBS SOR (BVI) holdings Ltd. and others, usually with real estate in the U.S. and Canada, have issued debentures in Israel and have raised vast amounts of capital on the Israeli market. Given the current low interest rate, the most common trade product over these past few years has been bonds, whereas equity raises are less common and in a smaller volume.

Early stage funds and other investors from outside of Israel are increasingly trying to find the right Israeli companies to invest in. Because of the smaller size of early stage investments, these investors had not historically targeted the Israeli market.   In addition, we are witnessing a change of mind-set in the typical terms of early-stage engagement and investment in these technology-based companies. These trends are typical of mature companies and are reminiscent of behaviors currently impacting Silicon Valley tech companies. In essence, new approaches are aimed at increasing the legal protection for founders. Competition increases with VC funds for the opportunity to invest in more successful companies and promising entrepreneurs and as such the pendulum has begun to swing back towards the founders in the weight of rights offered to investors. These patterns also appear in earlier stages of the companies’ lifecycle and are slowly developing to become customary in the local ecosystem. These are contractual features aimed at creating a friendlier environment for companies and entrepreneurs, reflecting the adoption of a more moderate, pro-founder perspective by investors.


According to the IVC, Israeli high-tech companies raised $4.83 billion during 2016 and $5.24 billion during 2017, which are new records since the investment statistics started being kept. These sums represent an increase of approximately 270% from the total investments in 2012, approximately 220% from the 2013 figures, approximately 150% from the sums invested in 2014 and 120% of the 2015 investment amounts. These are certainly incredible figures, which show the attractiveness of the Israeli High-tech sector. Presumably, some of these investments will bear fruit over the next few years leading to a further increase in M&A transactions and IPOs of Israeli companies .

Investment from 2016 and 2017 show more investments from the Far East, specifically, by Chinese investment funds and strategic investors. The first Chinese company investment into an Israeli technological company took place in 2010. Today, Chinese investors and Chinese companies that invest in Israel are commonplace, while recent Chinese foreign-investment regulations have been enacted to encourage strategic and technology-related investments over pure financial equity holdings.

In addition, Israeli infrastructure projects and investments continue to increase, as Israel has discovered gas reserves off its shores and modernizes its aging highways, public transportation, ports and other national infrastructures. The increased participation of multinational conglomerates in Israeli infrastructure tenders, has a healthy side-effect of contributing to the globalized interest of investing in Israeli industries and technologies. In the field of energy, several projects are underway, employing renewable energy technologies including solar, thermos-solar, pumped storage and the like.

Company Acceleration

Along with the above, we have witnessed the enormous expansion of the economic environment in which Israeli technology companies operate. In recent years, dozens of accelerators, incubators, shared work spaces and similar ventures have emerged in the local ecosystem which are sponsored by Israeli hospitals, universities, municipal authorities, tech giants such as Samsung, Microsoft, IBM, Intel and others. They are aimed at meeting the market’s growing needs by giving more attention to entrepreneurs and their startup ventures.

The local incubators, accelerators and hubs offer early-stage startups critical mentorship, tools and resources that help entrepreneurs flourish. Examples in Israel range from Japanese market-oriented incubators such as The Samurai House; to BizTEC, an accelerator that assists the Technion’s (Israel leading engineering university) students and graduates in bringing their ideas to by using the university’s resources to speed up pre-seed and seed companies’ trajectory and success.

Deal Structure Trends

Valuing stock at early stages has proven to be problematic as it does not always reflect and accurately predict the company’s future scalability while delaying the process of procuring investment. Thus, the current trend in Israel is that investors and companies alike are turning to use agreements that enable them to postpone such early valuation, such as a convertible loan agreement or Simple Agreement for Future Equity (AKA “SAFE”), based on which lenders may elect, in the future, to convert the loan amount they provided into equity at a considerable discount. The end goal of this investment strategy is that companies may procure financing at an early stage without committing to a specific premature or miscalculated valuation.
The Israeli high-tech financing ecosystem has completely adopted the Silicon Valley terminology in describing the development stage that a company has reached by reference to the series of preferred stock that has most recently been issued. Silicon Valley standards have migrated as far as Israel and have been commonly used as part of local fundraising transactions. These involve, for instance, the almost complete shift to non-participating preferred stock as part of structuring startup company liquidation preferences and the adoption of more founder-friendly approaches by VC investors, aimed on strengthening founder motivation and incentives. Similarly, we have also witnessed abundant early-stage pre-seed funding activity during 2017. More companies raise money in the pre-seed funding stage which in turn yields greater valuations for Series A funding and considerably larger deal volumes.

Unconventional methods of funding are becoming more common in the local Israeli startup scene, and Israel is by far today in the forefront of the global blockchain and crypto-currency activity. The tokenization and ICO trend is gaining more and more momentum, albeit growing concerns by regulators and a somewhat fragile legal basis for operation. Local securities laws make it very challenging for Israeli companies to tokenize their technology and sell such tokens to the general public. Nevertheless, many local companies chose other friendlier jurisdictions for these operations, all based on novel Israeli technology and local research and development.

M&A trends

In the last few years, Israel has seen many more acquisitions of Israeli companies or control of Israeli Companies by Asian companies, in a market which was traditionally dominant by US investors. In addition, the number of acquisitions of Israeli companies by other Israeli companies has continued to rise. 2017 reflected an all-time high of M&A activity with some phenomenal acquisitions of Israeli companies by foreign giants (most notably the acquisition of Mobileye by Intel for an approximate amount of US$ 15 billion). Finally, Israeli companies are increasingly seen expanding – specifically in sales – by the acquisition of foreign companies. Proposals are under discussion allowing for simplification of tax deferred mergers, split-offs and acquisitions.

Tax and other incentives for investment in Israel

The Law for the Encouragement of Capital Investment provides for various tax incentives to attract capital to Israel and to encourage economic initiative and investments of foreign and local capital. In many cases, capital gains generated from the sale of securities by a non-Israeli shareholder may be exempt from Israeli tax and the tax rate on dividends will often be governed by a tax treaty for lower rates. In addition, Israeli companies may be entitled to government grants and tax rates that can be as low as 10%. Finally, there are binational grant programs such as the Israel-U.S. Binational Industrial Research and Development fund where Israeli and American companies cooperate on R&D, manufacturing, marketing and sale.

Non-Israel Venture Capital Funds

Israel provides (through an individual tax ruling) VC funds with tax incentives to encourage investment by non-Israeli partners in Israeli or Israeli-related ventures. For the most part, and subject to several requirements (e.g., number of investors in the fund and the amount the fund, foreign partners in a VC fund will be tax-exempt on capital gains derived by the Fund and other income will be taxed at a preferential rate provided by an applicable tax treaty (to the extent applicable). Additionally, even when a fund operates in Israel through an office located in Israel (which may result in the constitution of a permanent establishment), Israel provides the non-Israeli partners with tax and filing exemptions.

Angels’ Law

Acknowledging the impact of the high-tech industry on the Israeli economy and the challenges start-up companies face in raising seed investments, Israel adopted a unique tax incentive law applicable to seed investors (the Angels’ Law). Pursuant to the Angels’ law, investors that purchase stock of an Israeli company, which is a research and development company, are entitled to deduct the amount of their investment in such company as an ordinary deduction (which can provide a 48% tax saving). Under the Angels’ Law there are several requirements to be eligible for the tax incentive, most of which relates to the operation of the company in the field of research and development.

A Few Tips

Israeli Corporate law is similar, from a legal point of view, in many ways to US law but there are a several facts to be aware of when contemplating your first Israeli transaction:

  1. Israeli private companies are required to file certain information with the Israeli Companies registrar which information is available online for a nominal fee. This information includes the articles of association, identity of directors, identity of shareholders (including their respective holdings) and any liens on the assets of the company. While not all companies’ have fulfilled their obligation to update the Companies Registrar, this registry might be the first place to start.
  2. Often technology-based companies have received governmental R&D funding. The governmental funding was supplied in order to encourage both R&D and manufacturing in Israel which can entail certain payments or penalties to the government if the government-funded intellectual property transferred outside of Israel.
  3. Public Israeli companies often have one shareholder or a group of shareholders that hold more than 50% of the voting shares of the Company. This can result in an easier method of acquiring control. Traditionally, Israelis are known to be tough negotiators but make good partners after the deal is finalized.
  4. The Israeli work-week is Sunday through Thursday and most businesses are closed on Friday and Saturday.

Intellectual Property Considerations

The rapid growth of the innovation driven industry is interconnected with the need for protection of intellectual property. Therefore, securing intellectual property has become an integral part of securing and ensuring success and the Israeli legal system has a well-structured outline and the robust laws to do so.

Intellectual property rights in Israel are protected through both statutory and common law systems, many of which are based on early British Mandatory law. Today, Israeli case law has become a source of nuance and modernization in terms of intellectual property, as legislation has been amended throughout the years to meet new developments. That said, international law practices, e.g. in the US and Europe, still have an impact on Israeli legislation and case outcomes.

Recent Trends – IP Ownership

Under the Patents Law, an invention made by an employee as a result of his employment and during the period of employment belongs to the employer, unless the parties have agreed otherwise.

Recently, joint ventures between universities, hospitals, the Israel Defense Forces, big tech companies’ employees and start-up companies have become popular. Nevertheless, typically it is the institution, rather than its employees, who owns the Intellectual Property, except where there is an explicit agreement that determines otherwise. Thus, the clash between the desire of significant institutions’ employees  to collaborate with start-ups companies and their lack of ability to own and assign the IP developed by them can create disputes and uncertainty.

Accordingly, many disputes at present involve the question of ownership, whether the invention is a “service invention” (thus property of the employer) or whether the invention is the property of the inventor. It is a question to be decided in view of the circumstances and often depends upon the contractual arrangement. Case-law highlights the importance of determining ownership of an invention at an early stage and documenting ownership in writing.

Indeed, the difficulty of disputes over intellectual property with such powerful and large institutions has resulted in researchers leaving academia and finding work in the high-tech sector or forming their own ventures instead. Universities have even responded with the creation of entities that deal exclusively with technology created at the university to commercialize this technology and bring a stream of revenue to such university.
Israeli IP-related legislation is progressing in accordance with trends in innovation, both in theory and in practice, yet the complexity of ownership issues remains. Accordingly, local cooperation with academia, governmental bodies and such other significant institutions should be treated with caution due to IP ownership considerations. Nevertheless, the State of Israel encourages entrepreneurs to engage with domestic companies and local firms to commercialize IP on a global scale.


Overall, the Israeli market is one that is constantly changing and reacting to the global environment, most specifically to technology and venture-funding epicenters such as Silicon Valley. The existent early-stage activity highlights a switch of approach from the “family and friends” funding to more sophisticated tier-one players, small VC funds and modern fundraising platforms such as crowd funding. This increases the supply of available funds for entrepreneurs and improves the potential performance of local start-ups. These trends also show the willingness of entrepreneurs to prolong the venture’s early stage as much as possible, in order to reach the crucial fundraising stage at a higher valuation with business and technological readiness and maturity.

Undoubtedly, the Israeli market offers a tremendous number of investment opportunities.  Successful investing  requires investors to structure and identify the suitable deal and early-stage involvement. The networking ecosystem in Israel is well developed with conferences, meetups and networking parties.  It is recommended to visit Israel to experience the buzz and take part in the Startup Nation.

Final Remarks

With mass amounts of innovation and record-breaking success in Israel’s various tech sectors, there are business considerations and legal matters that must be addressed. Being a responsible investor requires a deep understanding of when and how to get involved and under what terms and conditions. Often times this means using the right deal structure, such as investing through convertible securities in order to expedite early-stage growth in a more accurate way or embedding modern liquidation preference models for larger financing rounds.

In order to achieve strong returns in the Israeli high-tech industry, one must intertwine the business and the legal considerations, engage with the right individuals and companies while making sure that the Company invested in has rigorously protected their crown-jewels, their technology and the related intellectual property rights.