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| Verisity Ltd. |
| 2041 Landings Drive, Mountain View, CA 94043 * (650) 934-6800 |
| Business Description | The company is a leading provider of proprietary technologies and software products used to efficiently verify designs of electronic systems and complex integrated circuits that are essential to the communications and other high growth segments of the electronics industry. |
| Offering Information Company has | |||
| Trading As | VRST (NASNTL) | Industry | High-Tech (SIC 7371) |
| Type of Stock Offered | Ordinary Shares | Filing Date | 9/8/2000 |
| Domestic Shares Offered | 3,335,000 | Offer Date | 3/20/2001 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $10.00 |
| Company Shares | 3,335,000 | Offer Price | $7.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.490 |
| Gross Proceeds | $23,345,000 | Selling | $0.290 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Robertson, Stephens & Company | Lead Manager | (415) 989-8500 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| S.G. Warburg & Company, Inc. | Co-manager | (212) 459-7000 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 12/31/1998 | 12/31/1999 | 6/30/1999 | 6/30/2000 | ||
| Revenues | - | - | 4.025 | 7.075 | 11.477 | 4.381 | 7.942 |
| Income from Oper. | - | - | -2.999 | -6.280 | -7.421 | -4.502 | -4.346 |
| Net Income | - | - | -2.955 | -6.492 | -7.136 | -4.337 | -4.290 |
| E.P.S | - | - | -0.960 | -1.610 | -1.340 | -0.880 | -0.650 |
| Revenue Growth (%) | - | - | 75.78 | 62.219 | 81.28 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -3.53 | -2.29 | 4.33 | ||||
| Cash Flow - Inv. | -0.84 | -0.39 | -0.34 | ||||
| Cash Flow - Fin. | 11.75 | 12.00 | -0.08 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/2000 | Financial Ratios | ||||
| Total Assets | 21.41 | Current Assets | 19.67 | Current Ratio | 1.37 |
| Total Liab. | 16.89 | Current Liab. | 14.31 | Debt Ratio | 78.85% |
| Total Equity | 4.53 | Working Cap. | 5.36 | Debt to Equity Ratio | 3.73 |
| Cash | 14.72 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including repayment of a line of credit, funding operations, working capital, capital expenditures and potential acquisitions of complementary businesses, products and technologies. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Howard, Rice, Nemerovski, Canady, Robertson, Falk |
| Bank's Law Firm | O'Melveny & Meyers |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Sequoia Capital associated entities | 12.80 | |
| Venglobal Capital Partners associated entities | 6.50 | |
| Gemini Israeli Fund LP | 5.90 | |
| Note: represents ownership of 5% or more prior to the offering. | ||