SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2018 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 10:- SUBSEQUENT EVENTS
On May 9, 2018, the Company signed an agreement for the purchase of substantially all of the assets and activities of Gamatronic Electronic Industries Ltd (“Gamatronic”), a company established in Israel, providing and manufacturing Uninterruptible Power Supplies (UPS) devices.
On July 1, 2018 the Company completed the acquisition of substantially all of the assets and activities of Gamatronic for approximately NIS 41 million (approximately USD 11.2 million), in cash. Asset purchase agreement also includes an earn-out provision of 50% and 33% of the business division’s net income for the first and second years following closing, respectively. Company determined that such acquisition will be accounted as a business combination in accordance with ASC 805 "Business Combinations”. Currently, management assessing the acquisition consideration, purchase price allocation and the related accounting consequences of the acquisition, which, if any, will be reflected in the third quarter interim financial statement.
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