Israeli cloud tech specialist Ethernity Networks in £45m AIM float

An Israeli tech company which helps manage heavy internet traffic is listing on AIM this week with a £45 million float.

Ethernity Networks is assembling the final pieces of its listing, which is expected to be on Thursday. It is raising £15 million of new money, valuing the firm at £45 million.

Arden Partners, the small-cap broker chaired by entrepreneur Luke Johnson, is advising on the float.

Ethernity was founded in 2004 by David Levi, founder of Broadlight, a semiconductor company bought by Broadcom in 2012 for $230 million (£180 million).

Its technology helps boost the performance of networks on the cloud. “To understand what we do is difficult, but to understand the opportunity is easy because operators want to move in this direction,” Levi said.