Blackstone has agreed to buy a majority stake in Israeli enterprise software company Priority Software at an US$800 million valuation, marking the largest deal for the alternative asset manager in the country since it opened its offices in Tel Aviv three years ago.
Priority Software’s existing investors, Fortissimo Capital and TA Associates, will maintain stakes in the business, Blackstone said in a statement on Thursday (May 16).
Israel has seen a flurry of tech deals in recent months, particularly in cybersecurity, despite its ongoing war with Hamas in Gaza. Earlier this month, buyout firm Permira bought control of Israeli fraud-protection company BioCatch in a deal giving it an enterprise valuation of US$1.3 billion, and Nvidia last month struck deals to buy two Israeli startups, Run:ai and Deci.
The investment comes as Blackstone expands its presence in the Middle East, particularly in Saudi Arabia.
Priority Software said it has 17,000 customers and more than 500 employees in Israel, the US and Belgium. BLOOMBERG
