The Israeli cyber company Topin, which deals with the management of cyber security policy and automation of corporate communication networks, announced this evening (Thursday) that it has embarked on a process of cutbacks. As part of the move, 55 employees were fired, which make up about 10% of the number of employees, out of the number of those fired, 25 are the company’s employees in Israel. Also, the company announced last April its intention to be sold to an American investment company in exchange for 570 million dollars, and the current move reduces the number of salespeople in preparation for the completion of the deal.
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The acquiring company, Turn/River Capital, focuses on investing in software-based companies. According to the purchase agreement, it will pay $13 per share in cash for Topin, a price lower than the share price in Topin’s initial public offering in 2019, which was then $14. Today Tofin’s share is trading at a price of $12.3, and since the opening of trading it has jumped by 0.08%. At its peak, the company traded at a value of about one billion dollars and at $30.5 per share.
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It should be noted that Tupin reported a 22% increase in revenues in the first quarter of the year, but losses increased by a third and reached 15.5 million dollars. Its market value is 472 million dollars, which represents an extremely low revenue multiplier of 3.5.