Chen Manzur, partner at Goldfarb, Gross, Seligman, is one of Israel’s leading M&A attorneys going on 18 years, hundreds of deals, and billions closed. Chen takes us into the minds of major Tier-1 North American acquirers on deals to acquire Israeli companies, many of whom he has represented. We get into what founders today need to know to not get left behind in a maturing market. This episode is in Hebrew with English-only subtitles.Inside:

• How Tier-1 strategic acquirers see Israeli companies
• How not to get crushed by the serial acquirer's M&A machine
• Why Delaware won’t always save you from Israeli tax
• Handling Innovation Authority's strings with foreign buyers
• LOIs aren’t just formalities, they’re leverage
• Raising the bar on Israeli-on-Israeli deals

Commandment 1: 50-50 co-founders? There’s always an alpha in the room.
Commandment 2: You only get one shot to get your house in order on Day Zero.
Commandment 3: The Israeli tax man is watching, even when you're in Delaware.
Commandment 4: Strings always come attached.
Commandment 5: Detailed LOI or die.
Commandment 6: No misdemeanors on blue and white deals.
Commandment 7: The devil in the details – careful with those first customer contracts.
Commandment 8: 99 problems but dead equity shouldn’t be one.
Commandment 9: It’s all about the Benjamins — and someone’s going to pay for your tax exposures.
Commandment 10: If you don’t know, now you know — your endgame starts on Day One.

About:

Israel's Tech M&A Show, by Zeevi Michel and Sophia Tupolev, delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions — and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

To give founders new perspectives from the buy-side, sell-side, and investors — so they can better plan for their own endgame.

Produced by: Sophia Tupolev

Location: Google for Startups Campus Studio, Tel Aviv

Audio and video editing: Tomer Frishman

10 minutes on 10 exits in June 2025 (~$500M in deal volume, plus one $3B mega-deal). A quick chat looking back at the most notable moments in the last month's popping tech M&A scene in Israel. We cover a bunch of fintech deals like Xero x Melio, Tipalti x Statement, two deals by Cyera, a second acquisition by Wix of Base44, and an immigrant-owned Israeli acquirer of popular B2C app Yango Deli.

With hosts ⁠⁠⁠Sophia Tupolev-Luz⁠⁠⁠ and ⁠⁠⁠Zeevi Michel⁠⁠⁠.

⁠⁠⁠Subscribe to executive summaries for founders⁠⁠⁠

⁠⁠⁠Follow us on LinkedIn⁠⁠⁠

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

Everyone knows his work — he literally writes the annual Exits Report at PwC — but few know what he actually does for founders and deals, behind the scenes. Meet Yaron Weizenbluth, Partner & Head of Assurance at PwC Israel, who has quietly advised, audited, and signed off on hundreds of tech transactions and IPOs over the past two decades.

In this episode, hear about fatal founder mistakes, the power of informal relationship building in the advisory world, navigating the tension between what’s best for the founder vs. what’s best for the company.

Inside:

- What founders get wrong about personal vs. corporate tax exposure

- The reverse pyramid: why early-stage startups need senior advisors, not juniors- Due diligence - who should and shouldn’t work on it

- Questions of positioning the company to acquirers by using your advisors.

- Why the data room is “a meat grinder” — and how to come out whole

Navigate the show:

(0:00) Show intro

(03:15) How Yaron became “Mr. Exits Report”

(05:30) The media’s distortion of tech: hype cycles, fear cycles, and the real economy underneath.

(11:46) Are we screwed? Startup formation trends and optimism in hard times

(15:44) Fewer, better startups

(19:00) What Big Four advisors actually do

(27:50) Fatal mistakes: IP structure, personal tax exposure, and founder blind spots.

(30:22) Trusted advisors and informal relationships: building them before the retainer.

(35:20) Maturity and global mindset: where Israeli founders still lag.

(40:03) Data rooms are meat grinders: what founders must plan from day one.

(44:05) Should founders join every M&A meeting?

(49:08) Israeli vs. U.S. acquirers: checklist culture, trust, and flexibility.

(53:04) Who should run due diligence? (1:03:05) Yaron’s personal endgame

With hosts ⁠⁠Sophia Tupolev-Luz⁠⁠ and ⁠⁠Zeevi Michel⁠⁠.This episode is in Hebrew with English-only subtitles.

Transcript here: https://docs.google.com/document/d/1ZjfLuF59kWcN0sTt2uY_RtEiiY7JjGZlk2BFcFBriH0/edit?usp=sharing

⁠⁠Subscribe to executive summaries for founders⁠⁠

⁠⁠Follow us on LinkedIn⁠⁠

About:Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

Produced by: Sophia Tupolev-Luz

Location: Google for Startups Campus Studio, Tel Aviv

Audio and video editing: Tomer Frishman

12 minutes on 12 exits in May 2025 (at least $365M disclosed in M&A). Mostly strategics making moves, one blockbuster IPO and one unexpected move in the capital markets. A quick chat on the month's tech M&A.

With hosts ⁠⁠Sophia Tupolev-Luz⁠⁠ and ⁠⁠Zeevi Michel⁠⁠.

⁠⁠Subscribe to executive summaries for founders⁠⁠

⁠⁠Follow us on LinkedIn⁠⁠

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

23 deals in 2025 so far. Startups snapping up others. PE... Still Bueller? A quick chat on this year's deal making so far, trash talking about the first half's deals in Israel tech M&A.

Navigate the episode:

(00:00) Show intro

(00:29) Recap of Recent Deals

(01:28) Types of Acquisitions and Buyers

(06:21) Undisclosed Deal Sizes and Their Implications

(10:47) Current Deal Volume and Market Momentum

(14:10) Breakdown of Acquirers in 2025 including Startups

(16:32) Private Equity's Role in the Market

With hosts ⁠Sophia Tupolev-Luz⁠ and ⁠Zeevi Michel⁠.

⁠Subscribe to executive summaries for founders⁠

⁠Follow us on LinkedIn⁠

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

He's the ultimate guy in finance. Hear from the VC that once launched Goldman Sachs in Israel, doing 17 years of M&A there as an investment banker: Amit Pilowsky then low-key started a tier-1 growth fund (Key1 Capital), backing the likes of SuperPlay (a $700M exit). Today, he's also got a hot new defense fund, Ace Capital Partners. 

If you’re an Israeli startup founder, you want to hear what Amit has to say on how to get acquired with grace. Plus, the window for startups to become acquirers now, and his take on private equity in the Israeli tech ecosystem. 

Inside:

• Getting on the acquirer radar – what investment bankers can do for founders, even informally (!)
• When startups should consider outbound M&A—and how to fund it
• The pros and cons of private equity firms as acquirers of Israeli startups and how startups can connect with these financial buyers.
• What investment bankers actually do, why they won’t take 90% of deals, and why founders should care

Navigate the show:

(00:00) Show intro

(02:05) The role of investment bankers for startups

(07:25) Engaging with investment bankers

(09:43) Building brand awareness in front of acquirers

(12:33) Investment banker landscape

(16:30) Investment banker business model

(28:30) Value provided by investment bankers

(32:23) Outbound M&A by startups

(47:54) Mistakes in startup-on-startup acquisitions

(56:33) The case for private equity in Israel

With hosts Sophia Tupolev-Luz and Zeevi Michel.

This episode is in Hebrew with English-only subtitles.

Transcript here.

Get Amit’s writing for founders considering outbound M&A: https://www.key1capital.com/blog

Subscribe to executive summaries for founders

Follow us on LinkedIn

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

Produced by: Sophia Tupolev-Luz

Location: Google for Startups Campus Studio, Tel Aviv

He’s been in venture longer than some founders have been alive: The OG, ⁠Modi Rosen⁠, of Magma, with 30 exits in his portfolio, including as the very first investor in Waze. Modi tells founders he won’t always be nice, but he’ll always be fair.

(Hebrew w/English-only subtitles)

English ⁠Transcript⁠⁠

About:

Israel’s tech M&A show with ⁠Sophia Tupolev Luz⁠ and ⁠Zeevi Michel⁠ delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

To comment on our work, ⁠⁠follow our page⁠⁠.

Need more? Subscribe for free to our ⁠executive summaries⁠ for founders and startup leadership teams.

⁠

Produced by: Sophia Tupolev-Luz

Video and sound editing by: Yair Walden

Location provided by: Google for Startups Campus Studio, Tel Aviv

(Hebrew w/English-only subtitles)

This is the role founders know the least about - but has the most influence on your deal. Learn how these elusive executives at acquirers find your company, evaluate you, and make or break your deal. 

So: what makes a company rise to the top of an acquirer’s list?

Michael Calev, a corp dev exec and former investment banker, takes us through strategic fit —how well you align with an acquirer’s growth objectives, tech roadmap, and long-term market positioning. That means appearing on their radar early, knowing what they look for, and avoiding common missteps that turn deals cold.

In this episode, Sophia Tupolev-Luz and Zeevi Michel dive into the world of corporate development, breaking down the mechanics of M&A, the unspoken rules of the game, and how founders can play it to their advantage.

In this episode, we cover:

+ The art of getting on an acquirer’s radar—and staying there

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

 To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

To comment on our work, ⁠⁠follow our page⁠⁠.

Need more? Subscribe for free to our⁠ executive summaries⁠ for founders and startup leadership teams.

⁠Transcript file

Produced by: Sophia Tupolev-Luz

Video and sound editing by: Yair Walden

Location: Google for Startups Campus Studio, Tel Aviv

Change is a constant, but in M&A, the target company is always going to be the product. AI is already influencing the pace, valuation, and strategies in mergers and acquisitions, and we keep looking at the core of deal dynamics.

So: why do cybersecurity companies command seemingly illogical valuations at such low revenues?

The answer lies in implied value - what an acquirer believes they will be able to do with you - and what your contribution margin is going to be. That means how you impact their sales, R&D efforts, and ability to go in and quickly dominate a space. 

In this episode, Sophia Tupolev-Luz and Zeevi Michel speak with cybersecurity investor Shay Michel of Merlin Ventures, who shares his experience as a founder, investor, and advisor on all sides of the M&A table. Shay’s uncommon product perspective shows us how large tech players approach acquisitions, and how founders should think about their company's "endgame" from day one.

In this episode, we cover:

• The counterintuitive valuations in cybersecurity.
• Strategic motives behind acquisitions by large tech firms
• Understanding implied value and contribution margins
• AI influence on M&A's pace, valuation, and strategies
• The importance of deep technological moats and expertise
• Impact of U.S. regulatory standards on market entry, risk, and M&A
• Strategies for founders to align with potential acquirers from day one.

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal:

 To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

To comment on our work, ⁠follow our page⁠.

Need more? Subscribe for free to our executive summaries for founders and startup leadership teams.

Transcript file

Produced by: Sophia Tupolev-Luz

Video and sound editing by: Yair Walden

Location: Google for Startups Campus Studio, Tel Aviv

The deal dynamics founders rarely talk about—how internal motivations, external messaging, and decision-making shape their startup’s endgame.

👇 This episode is in Hebrew, with English subtitles.

In this episode, Sophia Tupolev-Luz and Zeevi Michel tackle taboo topics, from the unspoken truths founders face to the challenges of aligning employees and investors during a transaction. We explore what founders often overlook when building a company and preparing for the endgame.

In this episode, we cover:

• Why M&A is a taboo subject in accelerators and entrepreneurship programs.
• The three types of founders and how their motivations influence success or failure.
• Why early decisions, like fundraising and choosing investors, narrow or expand exit opportunities.
• The importance of transparency and alignment with your team—and the consequences of misalignment.
• How employee dynamics during an M&A create challenges, from early employees to leadership teams.
• Why founders should always consider their endgame when making financial or strategic decisions.

About:

Israel’s tech M&A show delivers unfiltered conversations with key players from the startup lifecycle. This is a podcast for startups about the path to mergers and acquisitions—and their aftermath. We’re here to go behind the scenes to look at how transactions go terribly wrong or terrifically right.

Our goal: To give founders new perspectives from the buy-side, sell-side, and investors—so they can better plan for their own endgame.

To comment on our work, follow our page.

Transcript here

Produced by: Sophia Tupolev-Luz
Video and sound editing by: Yair Walden
Location: Google for Startups Campus Studio, Tel Aviv