Israel-UK tech ties still booming after $114m. invested in seven years

To date, the 175 UK-Israel innovation partnerships have garnered a potential economic impact of $1.1 billion for the UK.

By
June 15, 2018 00:38
2 minute read.
Israel-UK tech ties still booming after $114m. invested in seven years

Israel's lack of public infrastructure spending excludes the country from being home to the top ten e-commerce business environments. (photo credit: NIR ELIAS / REUTERS)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Ties in technology between the United Kingdom and Israel continue to strengthen, according to the UK Israel Tech Hub, which brokered 175 partnerships worth at least $114 million (NIS 410m.) in the past seven years.

The hub connects British companies seeking to procure the latest Israeli technology with local start-ups. It also helps Israeli companies that are seeking to expand and relocate some operations abroad – a necessary step when growing in size.

Be the first to know - Join our Facebook page.


A number of British companies are relying on Israeli products in the fields of artificial intelligence, chatbots, blockchain and the “Internet of Things” – along with integrating Israeli expertise into planning for “smart cities” and “smart industries.”

To date, the 175 UK-Israel innovation partnerships have garnered a potential economic impact of $1.1 billion for the UK.

Only 54 of those deals have been publicly announced, with a total value of $114m. and an average deal size of $20.5m.

Major companies and organizations which have contracted Israeli tech firms for long-term services include banks HSBC and RBS, along with Britain’s fabled National Health Service (NHS).

Both HSBC and RBS are currently building innovation centers in Israel, and HSBC’s 6.4 million customers are protected by Israeli cybersecurity tools.



The NHS is participating in an Israeli accelerator program – named the UK Israel Dangoor Health Initiative – in which 84 companies have expressed interest joining.

“These new partnerships mean the UK is now a major destination for Israeli innovation, and Israeli innovation is now part of many areas of life in the UK,” said Britain’s Ambassador to Israel David Quarrey. “The hub has successfully connected the vibrant tech sectors in both countries throughout the years.”

Around 490 Israeli companies and 150 UK companies have worked with the hub in the last year alone.

Currently, the hub is helping broker 12 Israel-UK cybersecurity deals, along with backing initiatives in the Israeli-Arab sector, such as helping Rami Younes’s Haifa-based MindoLife close a $20m. deal.

The center’s lucrative track record hasn’t gone unnoticed, now catching the eye of policymakers back in London.

“The UK Israel Tech Hub has given aspiring British companies the opportunity to discover Israel’s world-leading innovative technology,” said UK Secretary of State for Digital, Culture, Media and Sport Matt Hancock. “Through its success, we’re now expanding the scheme to create a global network of hubs, connecting digital dynamos across the world.”

The United Kingdom and Israel enjoy robust commercial ties, with more than $7b. in annual bilateral trade.

The UK-Israel hub was set up in 2011 and focuses on connecting companies in fields ranging from retail to insurance-tech, healthcare, mobility, education- tech and cybersecurity.

Related Content

Basketball
July 20, 2018
Latest Israeli hoops protégé Deni Avdija finding his wings

By JOSHUA HALICKMAN