Hanover completes acquisition of Israeli incubator
Strong technology mergers and acquisitions benefit both companies. Regardless of the reasoning behind the M&A activity, with the right amount of planning and even assistance from investment banking firms, an opportunity can be found that will push both businesses forward while also aligning them for mutual goals.
One month ago, Hanover Portfolio Acquisitions signed a letter of intent to acquire the The Aviva Companies Corporation, an Israeli technology incubator. While based in Texas, Aviva focuses on the transfer and commercialization of intellectual property developed primarily in Israel. The acquisition has since been completed.
According to Luzzatto & Luzzatto, one of the largest patent law firms in Israel, the country ranks in the top 20 of nations in patent registration, with a majority of its patents being in the biotechnology, pharmaceuticals, telecommunications and semiconductors spaces.
"Aviva has identified leading and disruptive technologies that have been sourced and developed from some of the brightest minds in the State of Israel," Hanover Chairman and CEO Alan Collier said in the press release. "Combining our resources with Aviva's relationships presents an exciting opportunity to rapidly commercialize Israeli-developed technologies through our licensing, joint venture and direct investment platform."
Josef Garcia, president and CEO of The Aviva Companies, said in a statement from last month that his company thought that its collective capacities are complementary to Hanover's. Additionally, the strategic goals of each are aligned, as Aviva develops and commercializes disruptive IP technologies.
Over the last few years, Aviva has focused on developing and cultivating its relationships within Israel's IT sector, according to a more recent press release. Specifically, the company has been working within the technology departments of the top Israeli universities and high-ranking Israeli academic institutions.