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Company Growth, Acquisitions and Access to Complementary Assets in Israel's Data Security Sector


  • Morris Teubal
  • Gil Avnimelech
  • Alon Gayego


This article analyses aspects of high-tech cluster emergence in Israel during the 1990s with focuses on the data security software industry and on strategies of very successful companies dominating such an industry. Most of the industry is concentrated in Tel Aviv and close-by Hertzliya and to a lesser extent Haifa and Jerusalem. It starts by characterizing the industry as a whole and the universe of 19 companies comprising it. It then proceeds with an in-depth analysis of the growth trajectories of very successful companies, some of which are listed in NASDAQ or have been acquired by large multinational corporations. A fast 'IPO' and a 'fast M&A' track have been identified and characterized. The analysis suggests that while globalization could be beneficial to skill intensive peripheral economies like Israel, a significant economic impact may require an appropriate balance between start-up activity and downstream production and marketing activities.

Suggested Citation

  • Morris Teubal & Gil Avnimelech & Alon Gayego, 2002. "Company Growth, Acquisitions and Access to Complementary Assets in Israel's Data Security Sector," European Planning Studies, Taylor & Francis Journals, vol. 10(8), pages 933-953, December.
  • Handle: RePEc:taf:eurpls:v:10:y:2002:i:8:p:933-953
    DOI: 10.1080/0965431022000031248

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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Andrea Szalavetz, 2003. "Peripheral participants in global production networks - changing dynamics in the transformation from industrial to intellectual capitalism," IWE Working Papers 142, Institute for World Economics - Centre for Economic and Regional Studies.
    2. Breznitz, Dan, 2007. "Industrial R&D as a national policy: Horizontal technology policies and industry-state co-evolution in the growth of the Israeli software industry," Research Policy, Elsevier, vol. 36(9), pages 1465-1482, November.
    3. Gil Avnimelech & Morris Teubal, 2004. "Venture capital start-up co-evolution and the emergence & development of Israel's new high tech cluster," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(1), pages 33-60.
    4. Cristiano Antonelli & Morris Teubal, 2010. "Venture Capitalism as a Mechanism for Knowledge Governance," Chapters, in: Riccardo Viale & Henry Etzkowitz (ed.), The Capitalization of Knowledge, chapter 3, Edward Elgar Publishing.
    5. Iftekhar Hasan & Maya Waisman, 2012. "Foreign IPOs: The Experience of Israeli Firms," Chapters, in: Kern Alexander & Rahul Dhumale (ed.), Research Handbook on International Financial Regulation, chapter 17, Edward Elgar Publishing.
    6. Cristiano Antonelli & Morris Teubal, 2007. "Venture Capitalism as a Mechanism for Knowledge Governance: the Emergence of the Markets for Knowledge Intensive Property Rights," ICER Working Papers 12-2007, ICER - International Centre for Economic Research.

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