Investors Eyeing Impacts To Israeli Tech Industry: Reports
Amid the wide-ranging impacts in Israel from the devastating attacks this weekend, there is also the potential for disruptions for the country’s tech companies, reports said.
Investors are keeping an eye on potential impacts to Israel’s tech industry, including a number of cybersecurity vendors with a major presence in the country, following the attacks that left hundreds dead or abducted over the weekend, according to reports.
The attacks on Israeli soil by Hamas, a Palestinian group that the U.S. has termed a terrorist organization, killed more than 700, according to the latest tally. Reports say that more than 100, including both soldiers and civilians, were abducted into Gaza. In response, Israel has launched airstrikes in Gaza and has formally declared war against Hamas.
While the Hamas attacks were focused on southern Israel, reports say that rockets from Gaza were fired as far as Tel Aviv and Jerusalem. Reports say the rocket strikes damaged at least two buildings in Tel Aviv while leaving several people injured.
According to a Reuters report, investors and analysts believe the attacks may lead to disruptions for the tech industry in Israel, which is centered around Tel Aviv and specializes in R&D. Major U.S.-based tech companies including Microsoft, Google, Apple, Intel and IBM have operations in Israel, according to the report.
Over the weekend, HPE CEO Antonio Neri took to X, formerly known as Twitter, to say that the attacks were “unjustified and inexcusable” and that all of the company’s Israel-based employees were safe. “HPE is confirming the safety of our team members and their families in Israel and will support them during this time. Our thoughts remain with all victims and their loved ones.”
The attack by Hamas on Israeli civilians is unjustified and inexcusable. @HPE is confirming the safety of our team members and their families in Israel and will support them during this time. Our thoughts remain with all victims and their loved ones.
— Antonio Neri (@AntonioNeri_HPE) October 7, 2023
Tel Aviv is also a major focal point for the global cybersecurity industry, with many of the biggest players as well as scores of startups operating there. Israeli entrepreneurs have founded companies including Check Point, Palo Alto Networks, CyberArk, SentinelOne, Cato Networks, Snyk, Wiz, Orca Security and many more.
Seeking Alpha cited the attacks while pointing out stock price declines for Check Point, which was down 2 percent to $134.12 a share, and CyberArk, down 3 percent to $162.11 a share, on Monday.