Israeli software testing company Tescom Software Systems Testing Ltd has announced its intention to float on the UK Alternative Investment Market, by way of a placing. The company’s chief executive Ofer Albeck, who founded Tescom in 1990, is a former Israeli air force major, who was involved in setting up the country’s new air traffic control system. He has adapted methodologies designed for this and other defense projects to produce a complete consultancy, project management and software testing service aimed at both large corporates developing in-house systems, and manufacturers of off-the-shelf software. In Israel, both IBM Corp and Digital Equipment Corp use Tescom for software testing. Other customers include Motorola Inc, Visa International Inc and TSW International Inc. Tescom has a UK subsidiary, which currently employs about 10 people, and is working on projects such as the London Stock Exchange’s Crest system. It also has a joint venture in Germany. Revenue has trebled in the last three years, to $703,000 from $290,000. Much of its funding to date has been from Albeck himself, and from an unnamed UK trust. It is looking to raise around 3m British pounds from the placing, to fund expansion into Europe and the US East Coast. Longer-term plans are to expand to the West Coast of America and the Far East said Moti Krispal, managing director of Tescom UK Ltd. Nabarro Wells & Co, is sponsor; the placing is being handled by Shaw & Co.
