CEO of Israeli E-commerce Group Resigns after Failed Tel Aviv IPO Attempt
Ilan Tzachi, CEO OF Zap Group, announced on Sunday his intention to resign, concluding his tenure in January 2019
Zap Group's CEO, Ilan Tzachi, announced on Sunday his intention to resign, concluding his tenure in January 2019.
A group of Hebrew-language e-commerce websites and portals, Zap is currently regarded as a dominant player in Israel’s local market. According to the group, more than 4 million individual visitors visit its sites each month.
In 2015, Apax Partners (Israel) Ltd., a subsidiary of London-based private equity firm Apax Partners Worldwide LLP, bought Zap Group for an undisclosed amount estimated to be around $37 million. Tzachi was appointed as Zap group's CEO in January 2016.
Earlier this year, Apax attempted to float the e-commerce group on the Tel Aviv Exchange but has met with criticism regarding its planned valuation. In August, Apax canceled the planned IPO.
Zap was worth $69 million at the end of 2016, according to Apax's financial reports.