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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Attunity Ltd. - Ordinary Shares | NASDAQ:ATTU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.42 | 23.00 | 23.51 | 0 | 01:00:00 |
☐ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2016
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
|
☐ |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report _________
|
Title of Each Class
|
Name of Each Exchange on which Registered
|
Ordinary Shares,
NIS 0.4 par value per share
|
The NASDAQ Stock Market LLC |
Ordinary Share Bonus Rights
|
The NASDAQ Stock Market LLC
|
☒
|
U.S. GAAP
|
☐
|
International Financial Reporting Standards as issued by the International Accounting Standards Board
|
☐
|
Other
|
Page
|
|
F-2
|
|
F-4 - F-5
|
|
F-6
|
|
F-7
|
|
F-8 - F-9
|
|
F-10 - F-11
|
|
F-12 - F-36
|
Tel-Aviv, Israel
|
/s/ KOST FORER GABBAY & KASIERER
|
March 1, 2017
|
A Member of Ernst & Young Global
|
Tel-Aviv, Israel
|
/s/ KOST FORER GABBAY & KASIERER
|
March 1, 2017
|
A Member of Ernst & Young Global
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
9,166
|
$
|
12,522
|
||||
Trade receivables (net of allowance for doubtful accounts of $15 at December 31, 2016 and 2015)
|
7,031
|
4,524
|
||||||
Other accounts receivable and prepaid expenses
|
663
|
639
|
||||||
Total
current assets
|
16,860
|
17,685
|
||||||
Severance pay fund
|
3,770
|
3,513
|
||||||
Property and equipment, net
|
1,214
|
1,260
|
||||||
Intangible assets, net
|
2,778
|
9,272
|
||||||
Goodwill
|
30,929
|
30,844
|
||||||
Deferred taxes
|
2,248
|
415
|
||||||
Other assets
|
155
|
169
|
||||||
Total
long-term assets
|
41,094
|
45,473
|
||||||
Total
assets
|
$
|
57,954
|
$
|
63,158
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
375
|
$
|
664
|
||||
Payment obligation related to acquisitions
|
271
|
2,204
|
||||||
Deferred revenues
|
10,676
|
9,354
|
||||||
Employees and payroll accruals
|
4,741
|
4,012
|
||||||
Accrued expenses and other current liabilities
|
2,021
|
1,248
|
||||||
Total
current liabilities
|
18,084
|
17,482
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Deferred revenues
|
1,438
|
1,348
|
||||||
Liability presented at fair value
|
512
|
719
|
||||||
Payment obligation related to acquisitions
|
-
|
254
|
||||||
Accrued severance pay
|
5,027
|
4,746
|
||||||
Other liabilities
|
277
|
318
|
||||||
Total
long-term liabilities
|
7,254
|
7,385
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Share capital - Ordinary shares of NIS 0.4 par value -
|
||||||||
Authorized: 32,500,000 shares at December 31, 2016 and 2015; Issued and outstanding 16,841,238 shares at December 31, 2016 and 16,406,243 shares at December 31, 2015
|
1,921
|
1,876
|
||||||
Additional paid-in capital
|
149,685
|
144,836
|
||||||
Accumulated other comprehensive loss
|
(1,013
|
)
|
(1,137
|
)
|
||||
Accumulated deficit
|
(117,977
|
)
|
(107,284
|
)
|
||||
Total
shareholders' equity
|
32,616
|
38,291
|
||||||
Total
liabilities and shareholders' equity
|
$
|
57,954
|
$
|
63,158
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Revenues:
|
||||||||||||
Software licenses
|
$
|
28,653
|
$
|
26,568
|
$
|
20,128
|
||||||
Maintenance and services
|
25,841
|
21,600
|
15,524
|
|||||||||
Total revenues
|
54,494
|
48,168
|
35,652
|
|||||||||
Operating expenses:
|
||||||||||||
Cost of software licenses
|
2,143
|
2,518
|
890
|
|||||||||
Cost of maintenance and services
|
6,637
|
4,760
|
2,431
|
|||||||||
Research and development
|
13,283
|
11,139
|
9,316
|
|||||||||
Selling and marketing
|
35,089
|
27,381
|
19,136
|
|||||||||
General and administrative
|
4,594
|
4,857
|
3,944
|
|||||||||
Impairment of intangible assets
|
4,122
|
-
|
-
|
|||||||||
Total operating expenses
|
65,868
|
50,655
|
35,717
|
|||||||||
Operating loss
|
(11,374
|
)
|
(2,487
|
)
|
(65
|
)
|
||||||
Financial expenses, net
|
(54
|
)
|
(576
|
)
|
(893
|
)
|
||||||
Loss before taxes on income
|
(11,428
|
)
|
(3,063
|
)
|
(958
|
)
|
||||||
Income tax benefit (taxes on income)
|
735
|
(546
|
)
|
(734
|
)
|
|||||||
Net loss
|
$
|
(10,693
|
)
|
$
|
(3,609
|
)
|
$
|
(1,692
|
)
|
|||
Basic and diluted net loss per share
|
$
|
(0.64
|
)
|
$
|
(0.22
|
)
|
$
|
(0.11
|
)
|
|||
Weighted average number of shares used in computing basic and diluted net loss per share
|
16,739
|
16,183
|
15,024
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Net loss
|
$
|
(10,693
|
)
|
$
|
(3,609
|
)
|
$
|
(1,692
|
)
|
|||
Other comprehensive income (loss):
|
||||||||||||
Cash flow hedges:
|
||||||||||||
Changes in unrealized (losses) gains
|
76
|
(64
|
)
|
-
|
||||||||
Reclassification adjustments for (gains) losses included in net loss
|
(24
|
)
|
6
|
-
|
||||||||
Net change
|
52
|
(58
|
)
|
-
|
||||||||
Foreign currency translation adjustment
|
72
|
(208
|
)
|
(250
|
)
|
|||||||
Net change in accumulated comprehensive loss
|
124
|
(266
|
)
|
(250
|
)
|
|||||||
Comprehensive loss
|
$
|
(10,569
|
)
|
$
|
(3,875
|
)
|
$
|
(1,942
|
)
|
Additional
|
Receipt
|
Other
|
Total
|
|||||||||||||||||||||||||
Ordinary Shares
|
paid-in
|
on account
|
Comprehensive
|
Accumulated
|
shareholders'
|
|||||||||||||||||||||||
Number
|
Amount
|
capital
|
of shares
|
Loss
|
deficit
|
Equity
|
||||||||||||||||||||||
Balance as of January 1, 2014
|
14,527,292
|
1,677
|
130,944
|
81
|
(621
|
)
|
(101,983
|
)
|
30,098
|
|||||||||||||||||||
Exercise of warrants and stock options
|
619,082
|
70
|
818
|
-
|
-
|
-
|
888
|
|||||||||||||||||||||
Tax benefit related to exercise of stock options
|
-
|
-
|
121
|
-
|
-
|
-
|
121
|
|||||||||||||||||||||
Share -based compensation
|
-
|
-
|
1,489
|
-
|
-
|
-
|
1,489
|
|||||||||||||||||||||
Receipt on account of shares
|
167,842
|
19
|
62
|
(81
|
)
|
-
|
-
|
-
|
||||||||||||||||||||
Issuance of shares related to Hayes acquisition
|
61,500
|
6
|
497
|
-
|
-
|
-
|
503
|
|||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
(250
|
)
|
-
|
(250
|
)
|
|||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(1,692
|
)
|
(1,692
|
)
|
|||||||||||||||||||
Balance as of December 31, 2014
|
15,375,716
|
1,772
|
133,931
|
-
|
(871
|
)
|
(103,675
|
)
|
31,157
|
|||||||||||||||||||
Exercise of warrants and stock options
|
434,477
|
45
|
1,119
|
-
|
-
|
-
|
1,164
|
|||||||||||||||||||||
Share-based compensation
|
-
|
-
|
2,827
|
-
|
-
|
-
|
2,827
|
|||||||||||||||||||||
Issuance of shares related to Appfluent acquisition, including retention plan paid in shares
|
596,050
|
59
|
5,488
|
-
|
-
|
-
|
5,547
|
|||||||||||||||||||||
Holdback shares to secure indemnity claims
|
-
|
-
|
1,253
|
-
|
-
|
-
|
1,253
|
|||||||||||||||||||||
Tax benefit related to exercise of stock options
|
-
|
-
|
218
|
-
|
-
|
-
|
218
|
|||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
(266
|
)
|
(266
|
)
|
||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(3,609
|
)
|
(3,609
|
)
|
|||||||||||||||||||
Balance as of December 31, 2015
|
16,406,243
|
$
|
1,876
|
$
|
144,836
|
-
|
$
|
(1,137
|
)
|
$
|
(107,284
|
)
|
$
|
38,291
|
Additional
|
Other
|
Total
|
||||||||||||||||||||||
Ordinary Shares
|
paid-in
|
Comprehensive
|
Accumulated
|
shareholders'
|
||||||||||||||||||||
Number
|
Amount
|
capital
|
Loss
|
deficit
|
Equity
|
|||||||||||||||||||
Balance as of January 1, 2016
|
16,406,243
|
$
|
1,876
|
$
|
144,836
|
$
|
(1,137
|
)
|
$
|
(107,284
|
)
|
$
|
38,291
|
|||||||||||
Exercise of stock options and vesting of RSUs
|
182,313
|
19
|
270
|
-
|
-
|
289
|
||||||||||||||||||
Share-based compensation
|
-
|
-
|
3,880
|
-
|
-
|
3,880
|
||||||||||||||||||
Issuance of shares related to retention plan associated with acquisition and other share-based compensation
|
76,616
|
8
|
664
|
-
|
-
|
672
|
||||||||||||||||||
Issuance of shares related to BIReady acquisition
|
31,895
|
3
|
221
|
-
|
-
|
224
|
||||||||||||||||||
Issuance of holdback shares to secure indemnity claims
|
144,171
|
15
|
(15
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Tax deficiencies related to exercise of stock options
|
-
|
-
|
(171
|
)
|
-
|
-
|
(171
|
)
|
||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
124
|
-
|
124
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(10,693
|
)
|
(10,693
|
)
|
||||||||||||||||
Balance as of December 31, 2016
|
16,841,238
|
1,921
|
149,685
|
(1,013
|
)
|
(117,977
|
)
|
32,616
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$
|
(10,693
|
)
|
$
|
(3,609
|
)
|
$
|
(1,692
|
)
|
|||
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||
Depreciation
|
493
|
411
|
345
|
|||||||||
Share-based compensation
|
3,880
|
2,827
|
1,489
|
|||||||||
Retention plan associated with acquisition and other compensation in shares
|
370
|
502
|
-
|
|||||||||
Impairment of intangible assets
|
4,122
|
-
|
-
|
|||||||||
Amortization of intangible assets
|
2,372
|
2,862
|
1,215
|
|||||||||
Accretion of payment obligations related to acquisitions
|
(8
|
)
|
477
|
682
|
||||||||
Change in fair value of payment obligations
|
35
|
(2,067
|
)
|
-
|
||||||||
Change in:
|
||||||||||||
Accrued severance pay, net
|
24
|
184
|
(46
|
)
|
||||||||
Trade receivables
|
(2,544
|
)
|
1,512
|
(767
|
)
|
|||||||
Other accounts receivable and prepaid expenses
|
(29
|
)
|
(364
|
)
|
265
|
|||||||
Other long-term assets
|
14
|
(174
|
)
|
(1
|
)
|
|||||||
Trade payables
|
(279
|
)
|
343
|
(136
|
)
|
|||||||
Deferred revenues
|
1,570
|
2,533
|
1,674
|
|||||||||
Employees and payroll accruals
|
1,101
|
635
|
(187
|
)
|
||||||||
Accrued expenses and other current liabilities
|
594
|
(202
|
)
|
782
|
||||||||
Liability presented at fair value and other long-term liabilities
|
(185
|
)
|
(91
|
)
|
(187
|
)
|
||||||
Tax deficiencies (benefit) related to exercise of stock options
|
171
|
(218
|
)
|
(121
|
)
|
|||||||
Change in deferred taxes, net
|
(1,833
|
)
|
(641
|
)
|
(224
|
)
|
||||||
Net cash provided by (used in) operating activities
|
(825
|
)
|
4,920
|
3,091
|
||||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of property and equipment
|
(456
|
)
|
(625
|
)
|
(446
|
)
|
||||||
Decrease (increase) in restricted cash
|
-
|
430
|
(430
|
)
|
||||||||
Cash paid in connection with acquisition, net of acquired cash (Note 3)
|
-
|
(10,402
|
)
|
(748
|
)
|
|||||||
Net cash used in investing activities
|
(456
|
)
|
(10,597
|
)
|
(1,624
|
)
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from exercise of warrants and options
|
289
|
1,164
|
888
|
|||||||||
Payment of contingent consideration
|
(1,990
|
)
|
(2,054
|
)
|
-
|
|||||||
Tax benefit (deficiencies) related to exercise of stock options
|
(171
|
)
|
218
|
121
|
||||||||
Net cash provided by (used in) financing activities
|
(1,872
|
)
|
(672
|
)
|
1,009
|
|||||||
Foreign currency translation adjustments on cash and cash equivalents
|
(203
|
)
|
(88
|
)
|
2
|
|||||||
Increase (decrease) in cash and cash equivalents
|
(3,356
|
)
|
(6,437
|
)
|
2,478
|
|||||||
Cash and cash equivalents at the beginning of the year
|
12,522
|
18,959
|
16,481
|
|||||||||
Cash and cash equivalents at the end of the year
|
$
|
9,166
|
$
|
12,522
|
$
|
18,959
|
||||||
Supplemental disclosure of cash flow activities:
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Income taxes
|
$
|
653
|
$
|
1,558
|
$
|
500
|
||||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||||||
Issuance of shares related to acquisition
|
$
|
224
|
$
|
6,600
|
$
|
503
|
NOTE 1:- |
GENERAL
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES
|
a. |
Use of estimates:
|
b. |
Reclassifications:
|
c. |
Financial statements in U.S. dollars ("dollars"):
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
d. |
Principles of consolidation:
|
e. |
Cash equivalents:
|
f. |
Property and equipment, net:
|
Percentage
|
|
Computers and peripheral equipment
|
20 – 33 (mainly 33)
|
Office furniture and equipment
|
10 – 20 (mainly 15)
|
Leasehold improvements
|
Over the shorter of the related lease period or the life of the asset
|
g. |
Goodwill and other intangible assets:
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
h. |
Impairment of long-lived assets and intangible assets subject to amortization:
|
i. |
Business combinations:
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
j. |
Research and development costs:
|
k. |
Income taxes:
|
l. |
Revenue recognition:
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
m. |
Cost of Revenues:
|
n. |
Concentrations of credit risks:
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
o. |
Accounting for share-based compensation
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
Year ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Dividend yield
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||
Expected volatility
|
53
|
%
|
52
|
%
|
61
|
%
|
||||||
Risk-free interest
|
1.82
|
%
|
1.29
|
%
|
1.24
|
%
|
||||||
Expected life (in years)
|
5.3
|
4
|
4
|
p. |
Derivatives and hedging:
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
q. |
Basic and diluted net loss per share:
|
r. |
Severance pay:
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
s. |
Fair value of financial instruments:
|
Level 1 - |
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.
|
Level 2 - |
Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
|
Level 3 - |
Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
t. |
Comprehensive income:
|
Unrealized
gains (losses)
on cash flow
hedges
|
Foreign
currency
translation
adjustment
|
Total
|
||||||||||
Beginning balance
|
$
|
(58
|
)
|
$
|
(1,079
|
)
|
$
|
(1,137
|
)
|
|||
Other comprehensive gain before reclassifications
|
76
|
72
|
148
|
|||||||||
Amounts reclassified from accumulated other comprehensive loss into earnings
|
(24
|
)
|
-
|
(24
|
)
|
|||||||
Net current period other comprehensive
|
52
|
72
|
124
|
|||||||||
Ending balance
|
$
|
(6
|
)
|
$
|
(1,007
|
)
|
$
|
(1,013
|
)
|
u. |
Impact of recently issued accounting standard not yet adopted:
|
1. |
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") No. 2016-02, "Leases". The updated standard aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. This update is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods; early adoption is permitted and modified retrospective application is required. The Company is in the process of evaluating this guidance to determine the impact it will have on its consolidated financial statements.
|
2. |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), which amends the existing accounting standards for revenue recognition. The FASB has recently issued several amendments to the standard, including clarification on accounting for licenses of intellectual property and identifying performance obligations. The new revenue recognition standard will be effective for the Company in the first quarter of 2018, with the option to adopt it in the first quarter of 2017.
|
The new standard also permits two methods of adoption: retrospectively to each prior reporting period presented (the so-called "full retrospective method"), or retrospectively with the cumulative effect of initially applying the new standard recognized at the date of initial application (the so-called "modified retrospective method"). The Company is currently evaluating the timing and method of adoption of the new revenue standard and also the impact that the standard will have on its consolidated financial statements and related disclosures.
|
NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|
3. |
In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230)", which amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and is applied retrospectively. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact that this ASU will have on its consolidated financial statements.
|
4. |
In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions, which include the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and forfeiture rate calculations. The Company will adopt this ASU on its effective date of January 1, 2017. The Company is currently evaluating the impact that this guidance will have on its consolidated
financial statements.
|
5. |
In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates the requirement to measure the implied fair value of goodwill by assigning the fair value of a reporting unit to all assets and liabilities within that unit (the “Step 2 test”) from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited by the amount of goodwill in that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. This new standard should be applied on a prospective basis and the nature of and reason for the change in accounting principle should be disclosed upon transition. The amendments in this update should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements and the timing of adoption.
|
6. |
In 2016, the Company adopted ASU No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern" ("ASU 2014-15"), that provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 does not have an impact on the Company's consolidated financial statements.
|
NOTE 3:- |
ACQUISITIONS
|
a. |
On March 18, 2015 (in this clause (a), the "Closing Date"), the Company completed, through the Company's wholly owned subsidiary, Attunity Inc., the acquisition of 100% of the shares of Appfluent Technology, Inc., a Delaware corporation ("Appfluent"), a U.S.-based provider of data usage analytics for Big Data environments, including data warehousing and Hadoop. Under the acquisition agreement, the total consideration is composed as follows:
|
- |
$10,997 in cash paid on the Closing date, of which $1,100 was held in escrow for one year following the Closing Date.
|
- |
726,033 ordinary shares of the Company for total fair value of $6,600, out of which 581,862 shares were issued on the Closing Date and 144,171 shares were held-back to secure indemnity claims and were issued on September 19, 2016. The held-back shares were recorded as equity at fair market value of $1,253, taking into account, among other things, the market restrictions on these shares.
|
- |
Milestone-based contingent payments in a total of up to $31,500, payable in 2016 and 2017. The milestone-based contingent payments were based on the Company's revenues recognized from sales of Appfluent products in the period between the Closing Date and December 31, 2015 and during 2016. These milestone-based contingent payments were measured at fair value at the Closing Date in the amount of $1,616. At the end of 2015, the Company recorded a net gain of $1,826 as a reversal of this previously accrued milestone-based contingent payment since the forecast of sales of Appfluent products for 2016 was lower than the revenue target required to be met in order to earn the milestone-based contingent payment. Such gain is included in selling and marketing expenses in the consolidated statement of operation for the year ended December 31, 2015.
|
NOTE 3:- |
ACQUISITIONS (Cont.)
|
During 2015, the Company paid $300 in cash and issued 14,188 ordinary shares of the Company for total fair value of $200. During 2016, the Company paid $900 in cash and issued 68,616 ordinary shares of the Company for total fair value of $600. Compensation costs recognized in 2016 and 2015 were $744 and $1,256 respectively.
|
b. |
On November 14, 2014 (in this clause (b), the "Closing Date"), the Company acquired the technology and certain related assets of BIReady B.V., a Netherlands-based developer of data warehouse automation technology, for EUR 600,000 (approximately $748) in cash, 31,895 ordinary shares of the Company for total fair value of $224, which have been held-back to secure indemnity claims and were issued in February 2016, and an earn-out potential of up to EUR 300,000 (approximately $374) in cash over 2015 and 2016. In connection with this contingent payment consideration, the Company initially recorded at the Closing Date, an estimated liability of $300 ($271 and $292 as of December 31, 2016 and 2015, respectively). The Company paid $48 of the contingent consideration during the year ended December 31, 2016. The total purchase price was allocated to core technology based on its estimated fair value in the amount of $ 1,272, which is amortized on a straight line basis over 5 years.
|
c. |
On December 18, 2013 (in this clause (c), the "Closing Date"), the Company completed, through the Company's wholly owned subsidiary, Attunity Inc., the acquisition of 100% of the shares of Hayes Technology Group, Inc. ("Hayes"), a U.S.-based provider of data replication software solutions for SAP environments. The total consideration was composed as follows:
|
- |
$ 4,500 in cash paid on the Closing Date;
|
- |
185,000 ordinary shares of the Company for total fair value of $ 1,547, out of which 123,500 shares were issued on Closing Date and 61,500 shares were held-back to secure indemnity claims and were issued on December 18, 2014. The held-back shares were recorded at fair market value of $ 503 under purchase obligations and were classified to equity upon issuance of the shares; and
|
- |
Milestone-based contingent payments in a total of up to $ 4,200, out of which up to $ 2,100 is payable in 2015 and up to $ 2,100 is payable in 2016. Contingent payment consideration was measured at fair value at the Closing Date and recorded as a liability on the balance sheet in the amount of $ 3,251 ($0 and $1,942 as of December 31, 2016 and 2015, respectively). The Company paid $1,942 and $2,054 of the contingent consideration during the years ended 2016 and 2015, respectively. Changes in fair value of contingent liability in the amount of ($35) and $241 are included in selling and marketing expenses in the consolidated statement of operation for year ended December 31, 2016 and 2015, respectively.
|
NOTE 4:- |
FAIR VALUE MEASUREMENTS
|
NOTE 4:- |
FAIR VALUE MEASUREMENTS (Cont.)
|
December 31, 2016
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Contingent consideration related to acquisitions
|
$
|
-
|
$
|
-
|
$
|
271
|
$
|
271
|
||||||||
Foreign exchange contracts
|
-
|
7
|
-
|
7
|
||||||||||||
Liability presented at fair value
|
-
|
-
|
512
|
512
|
||||||||||||
Total liabilities
|
$
|
-
|
$
|
7
|
$
|
783
|
$
|
790
|
December 31, 2015
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Contingent consideration related to acquisitions
|
$
|
-
|
$
|
-
|
$
|
2,458
|
$
|
2,458
|
||||||||
Foreign exchange contracts
|
-
|
62
|
-
|
62
|
||||||||||||
Liability presented at fair value
|
-
|
-
|
719
|
719
|
||||||||||||
Total liabilities
|
$
|
-
|
$
|
62
|
$
|
3,177
|
$
|
3,239
|
Total fair value as of January 1, 2016
|
$
|
3,177
|
||
Cash settlements
|
(1,990
|
)
|
||
Shares settlements
|
(224
|
)
|
||
Revaluation of liability presented at fair value
|
(207
|
)
|
||
Accretion of contingent payment obligations
|
(8
|
)
|
||
Change in fair value of payment obligations
|
35
|
|||
Total fair value as of December 31, 2016
|
$
|
783
|
NOTE 5:- |
PROPERTY AND EQUIPMENT, NET
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Cost:
|
||||||||
Computers and peripheral equipment
|
$
|
2,203
|
$
|
1,880
|
||||
Office furniture and equipment
|
531
|
444
|
||||||
Leasehold improvements
|
473
|
453
|
||||||
3,207
|
2,777
|
|||||||
Accumulated depreciation
|
1,993
|
1,517
|
||||||
Property and equipment, net
|
$
|
1,214
|
$
|
1,260
|
NOTE 6:- |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
|
a. |
Goodwill:
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Goodwill, beginning of year
|
$
|
30,844
|
$
|
17,467
|
||||
Revaluation related to foreign currency exchange differences
|
85
|
(207
|
)
|
|||||
Acquisition of Appfluent
|
-
|
13,584
|
||||||
Goodwill, end of year
|
$
|
30,929
|
$
|
30,844
|
NOTE 6:- |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Cont.)
|
b. |
Other intangible assets, net:
|
Weighted average
amortization
period
|
December 31,
|
||||||||||
(years)
|
2016
|
2015
|
|||||||||
Original amount:
|
|||||||||||
Core technology
|
4.74
|
$
|
13,384
|
$
|
13,384
|
||||||
Customers relationship
|
5.84
|
1,981
|
1,981
|
||||||||
Non-competition agreement
|
4
|
224
|
224
|
||||||||
15,589
|
15,589
|
||||||||||
Accumulated amortization:
|
|||||||||||
Core technology
|
6,977
|
4,834
|
|||||||||
Customers relationship
|
1,544
|
1,371
|
|||||||||
Non-competition agreement
|
168
|
112
|
|||||||||
8,689
|
6,317
|
||||||||||
Impairment of intangible assets
|
4,122
|
-
|
|||||||||
Other Intangible assets ,net:
|
|||||||||||
Core technology
|
2,488
|
8,550
|
|||||||||
Customers relationship
|
234
|
610
|
|||||||||
Non-competition agreement
|
56
|
112
|
|||||||||
$
|
2,778
|
$
|
9,272
|
NOTE 7:- |
LIABILITY PRESENTED AT FAIR VALUE
|
NOTE 8:- |
CHARGES (ASSETS PLEDGED)
|
NOTE 9:- |
COMMITMENTS AND CONTINGENT LIABILITIES
|
a. |
Lease commitments:
|
Year ended December 31,
|
Operating
Leases
|
|||
2017
|
$
|
1,668
|
||
2018
|
1,220
|
|||
2019
|
786
|
|||
2020 and after
|
676
|
|||
$
|
4,350
|
b. |
Rent expenses under facilities operating leases for the years ended December 31, 2016, 2015 and 2014 were $ 1,541, $ 1,346 and $ 1,146, respectively.
|
NOTE 10:- |
SHAREHOLDERS' EQUITY
|
a. |
The ordinary shares confer upon the holders the right to receive notice to participate and vote in general meetings of the Company, and the right to receive dividends, if declared.
|
b. |
Equity Incentive Plans:
|
NOTE 10:- |
SHAREHOLDERS' EQUITY (Cont.)
|
Year ended
December 31, 2016
|
||||||||||||||||
Number
of options
(thousands)
|
Weighted average
exercise
price
(per share)
|
Weighted- average
remaining
contractual term
(in years)
|
Aggregate
intrinsic
value (*)
|
|||||||||||||
Outstanding at beginning of year
|
1,975
|
$
|
8.95
|
3.98
|
$
|
5,118
|
||||||||||
Granted
|
212
|
7.27
|
||||||||||||||
Exercised
|
(108
|
)
|
2.67
|
|||||||||||||
Forfeited
|
(176
|
)
|
11.33
|
|||||||||||||
Outstanding at end of year
|
1,903
|
$
|
8.90
|
3.35
|
$
|
1,136
|
||||||||||
Exercisable at end of year
|
1,324
|
$
|
8.43
|
2.72
|
$
|
1,092
|
||||||||||
Vested and expected to vest at end of year
|
1,852
|
$
|
8.89
|
3.30
|
$
|
1,130
|
(*) |
Calculation of aggregate intrinsic value for options outstanding and exercisable is based on the share price of the Company’s ordinary shares as of December 31, 2016 which was $6.0 per share.
|
NOTE 10:- |
SHAREHOLDERS' EQUITY (Cont.)
|
Outstanding
|
Exercisable
|
|||||||||||||||||||||||
Exercise price
|
Number
outstanding
(thousands)
|
Weighted average
remaining
contractual
life
(years)
|
Weighted
average
exercise
price
|
Number
exercisable
(thousands)
|
Weighted average
remaining
contractual
life
(years)
|
Weighted
average
exercise
price
|
||||||||||||||||||
$
|
$
|
$
|
||||||||||||||||||||||
$1.48 - $5.68
|
478
|
2.25
|
3.62
|
346
|
0.82
|
2.84
|
||||||||||||||||||
$5.72-$10.03
|
482
|
3.31
|
8.72
|
394
|
3.17
|
8.75
|
||||||||||||||||||
$10.06 - $11.32
|
576
|
3.56
|
10.86
|
430
|
3.33
|
10.97
|
||||||||||||||||||
$11.38 - $14.68
|
367
|
4.48
|
12.92
|
154
|
4.13
|
12.98
|
||||||||||||||||||
1,903
|
3.35
|
$
|
8.90
|
1,324
|
2.72
|
$
|
8.43
|
Number
of RSUs
(thousands)
|
Weighted average
grant-date
fair value
|
|||||||
Outstanding at January 1, 2016
|
225
|
$
|
14.68
|
|||||
Granted
|
318
|
8.05
|
||||||
Vested
|
(74
|
)
|
14.68
|
|||||
Forfeited
|
(33
|
)
|
11.42
|
|||||
Non-vested at December 31, 2016
|
436
|
$
|
10.09
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cost of maintenance and services
|
$
|
148
|
$
|
-
|
$
|
-
|
||||||
Research and development
|
1,098
|
842
|
440
|
|||||||||
Selling and marketing
|
2,011
|
1,766
|
636
|
|||||||||
General and administrative
|
993
|
721
|
413
|
|||||||||
Total share-based compensation
|
$
|
4,250
|
$
|
3,329
|
$
|
1,489
|
NOTE 10:- |
SHAREHOLDERS' EQUITY (Cont.)
|
c. |
Warrants:
|
NOTE 11:- |
INCOME TAXES
|
a. |
Taxes on income (income tax benefits) are comprised as follows:
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Deferred tax benefit
|
$
|
(1,989
|
)
|
$
|
(777
|
)
|
$
|
(224
|
)
|
|||
Current taxes
|
1,254
|
1,323
|
958
|
|||||||||
(735
|
)
|
$
|
546
|
$
|
734
|
|||||||
Domestic
|
285
|
$
|
209
|
$
|
140
|
|||||||
Foreign
|
(1,020
|
)
|
337
|
594
|
||||||||
(735
|
)
|
$
|
546
|
$
|
734
|
|||||||
Domestic taxes:
|
||||||||||||
Current
|
285
|
$
|
209
|
$
|
140
|
|||||||
Deferred
|
-
|
-
|
-
|
|||||||||
285
|
209
|
140
|
||||||||||
Foreign taxes:
|
||||||||||||
Current
|
969
|
1,114
|
818
|
|||||||||
Deferred
|
(1,989
|
)
|
(777
|
)
|
(224
|
)
|
||||||
(1,020
|
)
|
337
|
594
|
|||||||||
Income taxes (income tax benefits)
|
$
|
(735
|
)
|
$
|
546
|
$
|
734
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Domestic
|
$
|
(9,749
|
)
|
$
|
(4,624
|
)
|
$
|
(2,540
|
)
|
|||
Foreign
|
(1,679
|
)
|
1,561
|
1,582
|
||||||||
$
|
(11,428
|
)
|
$
|
(3,063
|
)
|
$
|
(958
|
)
|
NOTE 11:- |
INCOME TAXES (Cont.)
|
b. |
A reconciliation between the theoretical tax expense, assuming all income is taxed at the statutory tax rate applicable to income of the Company and the actual tax expense as reported in the statement of operations is as follows:
|
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Loss before taxes, as reported in the consolidated statements of income
|
$
|
(11,428
|
)
|
$
|
(3,063
|
)
|
$
|
(958
|
)
|
|||
Statutory tax rate
|
25.0
|
%
|
26.5
|
%
|
26.5
|
%
|
||||||
Theoretical tax benefit on the above amount at the Israeli statutory tax rate
|
$
|
(2,857
|
)
|
$
|
(812
|
)
|
$
|
(254
|
)
|
|||
State taxes and tax adjustment in respect of different tax rate of foreign subsidiaries
|
(236
|
)
|
307
|
112
|
||||||||
Non-deductible expenses and other permanent differences
|
526
|
(26
|
)
|
496
|
||||||||
Losses and timing differences for which valuation allowance was provided
|
1,949
|
861
|
288
|
|||||||||
Utilization of tax losses for which valuation allowance was provided for in prior years
|
(334
|
)
|
(14
|
)
|
(52
|
)
|
||||||
Withholding taxes
|
96
|
209
|
175
|
|||||||||
Other
|
121
|
21
|
(31
|
)
|
||||||||
Actual taxes on income (income tax benefit)
|
$
|
(735
|
)
|
$
|
546
|
$
|
734
|
c. |
Israeli taxation:
|
d. |
Income taxes of non-Israeli subsidiaries:
|
NOTE 11:- |
INCOME TAXES (Cont.)
|
e. |
Deferred taxes:
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Net operating loss carry forwards
|
$
|
12,979
|
$
|
14,110
|
||||
Research and development expenses
|
2,312
|
2,242
|
||||||
Employee related accruals
|
409
|
441
|
||||||
Deferred revenue and other
|
1,248
|
1,012
|
||||||
Total deferred tax asset before valuation allowance
|
16,948
|
17,805
|
||||||
Less - valuation allowance
|
(14,481
|
)
|
(15,045
|
)
|
||||
Deferred tax asset
|
2,467
|
2,760
|
||||||
Deferred tax liability - Intangible assets and other
|
(219
|
)
|
(2,345
|
)
|
||||
Deferred tax assets, net
|
$
|
2,248
|
$
|
415
|
||||
Domestic:
|
$
|
-
|
$
|
-
|
||||
Foreign:
|
$
|
2,248
|
$
|
415
|
NOTE 11:- |
INCOME TAXES (Cont.)
|
f. |
Accounting for uncertainty in income taxes:
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Opening balance
|
$
|
191
|
$
|
93
|
||||
Additions for prior years' tax position
|
103
|
-
|
||||||
Additions related to the current year
|
96
|
113
|
||||||
Reduction of prior years' tax position due to lapse of statute of limitation
|
-
|
(15
|
)
|
|||||
Closing balance
|
$
|
390
|
$
|
191
|
||||
Included in accrued expenses and other current liabilities
|
$
|
182
|
$
|
40
|
||||
Included in other long term liabilities
|
$
|
208
|
$
|
151
|
NOTE 12:- |
ENTITY-WIDE DISCLOSURES
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
North America
|
$
|
38,769
|
$
|
36,236
|
$
|
25,993
|
||||||
Europe
|
11,342
|
7,795
|
6,085
|
|||||||||
APAC
|
3,337
|
2,838
|
2,227
|
|||||||||
Israel
|
535
|
662
|
817
|
|||||||||
Other
|
511
|
637
|
530
|
|||||||||
$
|
54,494
|
$
|
48,168
|
$
|
35,652
|
NOTE 13:- |
FINANCIAL EXPENSE, NET
|
Year ended
December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Financial income:
|
||||||||||||
Interest
|
$
|
-
|
$
|
(3
|
)
|
$
|
(19
|
)
|
||||
Revaluation of liability presented at fair value
|
(207
|
)
|
(187
|
)
|
(187
|
)
|
||||||
Accretion of payment obligations related to acquisitions
|
(35
|
)
|
-
|
-
|
||||||||
Hedging
|
(3
|
)
|
-
|
-
|
||||||||
(245
|
)
|
(190
|
)
|
(206
|
)
|
|||||||
Financial expenses:
|
||||||||||||
Interest and bank charges
|
130
|
103
|
124
|
|||||||||
Hedging
|
-
|
30
|
201
|
|||||||||
Exchange rate differences, net
|
142
|
156
|
92
|
|||||||||
Accretion of payment obligations related to acquisitions
|
27
|
477
|
682
|
|||||||||
299
|
766
|
1,099
|
||||||||||
$
|
54
|
$
|
576
|
$
|
893
|
Exhibit
|
Description
|
1.1
|
Memorandum of Association of the Registrant, as amended and restated
¶
(1)
|
1.2
|
Amended and Restated Articles of Association of the Registrant (2)
|
1.3
|
Bonus Rights Agreement, dated as of June 7, 2016, between the Registrant and American Stock Transfer & Trust Company, LLC (3)
|
2.1
|
Specimen of Ordinary Share Certificate (4)
|
4.3
|
2001 Stock Option Plan, as amended (5)
|
4.4
|
2003 Israeli Stock Option Plan, as amended (6)
|
4.5
|
Loan Agreement dated January 31, 2007 among the Registrant and Plenus Technologies Ltd.; Form of First and Second Warrants to purchase Ordinary Shares issued by the Registrant to Plenus; Floating Charge Agreement dated January 31, 2007 among the Registrant, Plenus and its affiliates; and Fixed Charge Agreement dated January 31, 2007 among the Registrant, Plenus and its affiliates (7), as amended by Amendment to the Loan Agreement and Charge Agreements, dated March 30, 2009 (8), and by Amendment No. 2 to the Loan Agreement and Charge Agreements, dated September 4, 2011 (9)
|
4.6
|
Form of Indemnification Letter (10)
|
4.7
|
Change Data Capture OEM Agreement, dated as of December 14, 2010, by and between Attunity Inc. and Microsoft Corporation (11)
|
4.8
|
2012 Stock Incentive Plan (12)
|
4.9
|
Compensation Policy for Executive Officers and Directors, as amended (13)
|
4.10
|
Agreement and Plan of Merger, dated as of March 5, 2015, by and among the Registrant, Attunity Inc., Appfluent Technology, Inc. and the other signatories thereto (14)
|
4.11
|
Registration Rights Agreement, dated as of March 18, 2015, by and among the Registrant and the other signatories thereto (15)
|
8
|
List of Subsidiaries of the Registrant*
|
12.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended**
|
12.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended**
|
13.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350***
|
13.2
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350***
|
15.1
|
Consent of Kost Forer Gabbay & Kasierer, a Member of Ernst & Young Global**
|
101
|
The following financial information from the Registrant's Annual Report on Form 20-F for the year ended December 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statement of Comprehensive Income (Loss); (iv) Statements of Changes in Shareholders' Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail*
|
(1) |
Filed as Exhibit 3.1 to the Registrant's Registration Statement on Form F-3, filed with the SEC on September 27, 2012, and incorporated herein by reference.
|
(2) |
Filed as Exhibit 3.2 to the Registrant's Registration Statement on Form F-3, filed with the SEC on September 27, 2012, and incorporated herein by reference.
|
(3) |
Filed as Exhibit 99.2 to the Registrant's Report of Foreign Private Issuer on Form 6-K submitted to the SEC on June 8, 2016, and incorporated herein by reference
|
( 4) |
Filed as Exhibit 4.1 to the Registrant's Registration Statement on Form F-3, filed with the SEC on September 27, 2012, and incorporated herein by reference.
|
( 5) |
Filed as Exhibit 4.3 to the Registrant's Registration Statement on Form S-8, filed with the SEC on January 26, 2005, and incorporated herein by reference. The 2001 Stock Option Plan was amended in the annual general meetings of the Registrant's shareholders in December 2005 and December 2006, as reflected in Item 3 of the Registrant's Proxy Statement filed on Report of Foreign Private Issuer on Form 6-K submitted to the SEC on November 29, 2005, and in Item 2 of the Registrant's Proxy Statement filed on Report of Foreign Private Issuer on Form 6-K submitted to the SEC on November 22, 2006, which are incorporated herein by reference.
|
( 6) |
Filed as Exhibit 4.4 to the Registrant's Registration Statement on Form S-8, filed with the SEC on January 26, 2005, and incorporated herein by reference. The 2003 Israeli Stock Option Plan was amended in the annual general meetings of the Registrant's shareholders in December 2005 and December 2006, as reflected in Item 3 of the Registrant's Proxy Statement filed on Report of Foreign Private Issuer on Form 6-K submitted to the SEC on November 29, 2005, and in Item 2 of the Registrant's Proxy Statement filed on Report of Foreign Private Issuer on Form 6-K submitted to the SEC on November 22, 2006, which are incorporated herein by reference.
|
( 7) |
Filed as Exhibits 4.1, 4.2, 4.3, 4.4 and 4.5, respectively, to the Registrant's Report of Foreign Private Issuer on Form 6-K submitted to the SEC on February 6, 2007, and incorporated herein by reference.
|
( 8) |
Filed as Exhibit 4.6 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2008, and incorporated herein by reference.
|
( 9) |
Filed as Exhibit 4.6 to the Registrant's Annual Report on Form 20-F/A for the year ended December 31, 2011, and incorporated herein by reference.
|
( 10) |
Filed as Appendix B to the Registrant's Proxy Statement filed on Report of Foreign Private Issuer on Form 6-K submitted to the SEC on November 14, 2011, and incorporated herein by reference.
|
( 11) |
Filed as Exhibit 4.10 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2010, and incorporated herein by reference.
|
( 12) |
Filed as Appendix A to the Registrant's Proxy Statement filed on Report of Foreign Private Issuer on Form 6-K submitted to the SEC on November 20, 2012, and incorporated herein by reference.
|
( 13) |
Filed as Exhibit 4.9 to the Registrant's Annual Report on Form 20-F/A for the year ended December 31, 2015, and incorporated herein by reference.
|
( 14) |
Filed as Exhibit 4.11 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014, and incorporated herein by reference.
|
( 15) |
Filed as Exhibit 4.12 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014, and incorporated herein by reference.
|
¶
|
Translated from Hebrew
|
* |
Previously Filed.
|
** |
Filed herewith.
|
*** |
Furnished herewith.
|
1 Year Attunity Chart |
1 Month Attunity Chart |
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