(AIM:PIA) today announced that it has agreed to sell
to the Israeli company Taga Electronic Components. Pilat has revamped its strategy to focus on high-yield business with international potential, and to shed its local businesses.
Renaissance, which distributes third-party software in Israel, is directly owned by Pilat subsidiary (87%) PF1 Systems. PF1 bought Renaissance at year-end 1999.
Pilat develops software and consults on human resources and management. After selling Renaissance, it plans to focus on software solutions for human resources management, and for the management of digital television broadcasts.
The deal is expected to generate NIS 10 million for PF1. On completion of the deal at the end of January 2001, Renaissance will pay repay PF1 NIS 5 million in respect of some of the loans it received from PF1.
Pilat has an alliance with
(NYSE:BSY) to develop digital broadcast management software. Pilat is also establishing an Internet venture that will provide content, community and commerce services.