When Israeli amusement park technology company Ponvom and Israel Acquisitions Corporation announced their agreed-upon merger last month, it was not only a landmark moment for the business world, but also a powerful message to the rest of the world. Ta. “Israel is very open for business.”
Pomvom develops photo and video solutions for some of the world’s most popular theme park and attraction operators, including Warner Bros., Six Flags, and Merlin Entertainment, and was co-founded in 2015 by Yehuda Minković .
The company will merge with Izhar Shay’s Israel Acquisitions Corp (ISRL) for a total capitalization of $125 million. Once the transaction is completed later this year, the combined company will be delisted from the Tel Aviv Stock Exchange (TASE) and traded exclusively on Nasdaq.
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In the first joint interview between Mr. Minkovic and Mr. Shea since news of the merger broke, Mr. Shea, whose son Yaron was killed by Hamas on October 7 while serving in the Israel Defense Forces, said: Jewish news: “While this has been one of the most important positive news stories in the Israeli tech ecosystem in the last month and has been received with great excitement, there is an ulterior meaning to this news, which is The thing is that Israel is very open to “work.”
“This is a clear message to the world that Israeli business continues despite the geopolitical conflicts and significant challenges we are experiencing. , which reflects an entrepreneurial spirit.”
Izhar Shay, Israel Acquisition Company (ISRL)
Israel Acquisitions Corp. is a special purpose acquisition company (SPAC), a publicly traded “shell” company formed solely for the purpose of acquiring or merging with existing companies. Founded last year by a group of entrepreneurs led by former Israeli Minister of Science and Technology Shea, it listed on New York’s Nasdaq and raised $143 million amid high demand. The cash raised was used to invest in promising Israeli technology companies.
Cue Pomvom – Acronym for “Picture of Me, Video of Me.” The company uses his AI image recognition technology to connect guests’ own photos and videos taken in real-time with cameras in parks and venues. Visitors can view and purchase them via the theme park app on their mobile phones.
The Tel Aviv-based startup partners with some of the world’s most popular tourist attractions. There are 17 of these in the UK, including Peppa Pig World, Thorpe Park, Alton Towers, Legoland, Warner Bros. Harry Potter Studios, Madame Tussauds and the London Eye. The number of partner locations is expected to increase to 47 locations by the end of 2024, a 23% increase from the current 38 locations.
Yehuda Minkovic, Co-Founder and CEO of Pomvom Photo: Daniel Elor
Do we need Pomvom now that most people have cameras on their phones? CEO Minkovic says: “We often get caught up in this trade-off between the two and have to stop what we’re doing to take a photo.
“We live in a world of ‘it either happens or it doesn’t happen,’ and what these attractions tell us is that those precious moments exist. That’s why we have huge The industry still exists.”
The pandemic has significantly accelerated the digitalization of theme parks and amusement experiences. “If you think about Legoland or Warner Bros. Studio Tour today, almost 100 percent of visitors book online and download the attraction’s app before they go,” Minkovic said. “What we are offering is perfectly aligned with today’s customer digital experience and will help theme parks engage with their customers in a more seamless way.”
Pomvom counts Warner Bros. Studio Tour London – The Making of Harry Potter among its partners
During the 2020 pandemic, Pomvom acquired Picsolve, a leading digital content capture partner for top attraction sites. This was a bold move given that large parts of the tourism, hospitality and leisure industry were closed.
“I think it was a combination of the rudeness of Israelis and the courage of young entrepreneurs. But we saw an opportunity and believe it was the right decision, allowing us to work with the best parks and attractions. Ta.”
very. Last year, Pomvom entered into a partnership with American theme park giant Six Flags. Reportedly the largest deal in the company’s history, the deal has an estimated annual revenue of $21 million and solidifies the company’s entry into the U.S. market, a focus of Pomvom’s expansion plans.
“Delisting from TASE to Nasdaq is part of that,” says Minkovic, who spent eight years at Deloitte before founding Ponvom.
Ponvom shares on the Tel Aviv Stock Exchange rose more than 30% after news of the merger was announced. This agreement is a sign of great confidence in the Israeli market against a difficult background.
“We are proud to be an Israeli company and a global company,” Minkovic said. “We have many people who have been called up to the Reserves, their families and people who have lost loved ones, and our role is to continue.
“War and terrorism are not only hurting people, they are also going to damage the economy. The message that business continues to grow is a message to the world that we will never break. This is Tel Aviv, It’s something that every individual at Pomvom is a part of, whether they live in London, New York or not.”
He added: “What we’re seeing now is focused on Israel, but it’s not an Israeli issue or a Jewish issue.
“There are times in life when you can’t just sit on the sidelines, and this is one of those times. Anyone who lives in the ‘normal world’ knows that what happened on October 7th is unacceptable and that it takes courage. I think you know that holding on is part of proving it.
“I don’t know how long it will take, but I know that everything will be better once the war is over.
“An important part of this victory is the fact that we remain strong, not just as a business in Ponvom, but as part of the broader economy.”
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