Skylock and Beesense develop tools for the IDF and other militaries to detect drone and UAV threats; they are merging into the public shell of Technoplus Ventures. In an interview with Bizportal, the company’s CEO says: “Our backlog is at an all-time high. Our systems save lives on the ground.”
Haim Ben Hakun | April 20, 2025
Skylock and Beesense, part of Tomer Avnon’s group, are moving forward with their merger into the public shell company Technoplus Ventures, revealing combined revenues of NIS 82.5 million in 2024—with an ambitious growth target of nearly 60% in 2025, amid record demand in the defense industry. The 2024 operating profit was NIS 16 million, expected to grow significantly in 2025—as revenue growth often leads to even greater growth in profits.
Technoplus is currently valued at around NIS 40 million. It plans to raise up to NIS 10 million, followed by a future convertible capital raise of NIS 50 million. Sixty percent of the shares will be allocated to Skylock and Beesense shareholders. This translates to a post-merger market cap of approximately NIS 125–130 million, based on current stock prices. Given the company’s growth forecast, these are not bad numbers. In an interview with Aviad Matza, CEO of Skylock, he discusses the company’s vision, growth plans, and its close cooperation with the IDF during the current conflict—where its products are being used to detect enemy drones.
How do you plan to achieve 60% growth?
“First of all, the global defense market is at a peak right now. Demand is at an all-time high across almost every continent. What’s happening in the Middle East and Europe is directly impacting demand in other regions, especially Asia and Africa. Skylock already has a broad global presence, with a distribution network in about 40 countries, placing us in a strong position during this defense boom—where counter-drone protection has become a critical need. Today, everyone understands that.
Beesense has become deeply embedded in the operational side of customer missions, offering highly flexible solutions. Moreover, because demand rises with global instability, we’re also at a peak in terms of order backlog: as we enter Q2, our backlog is at 50% capacity—an important figure—with expectations to reach 70%. And that’s even before Q4, when many governments approve their defense budgets.”
What will happen when the wars end? You project long-term growth of 22%—can that hold?
“Yes. Where we stand now is still very early-stage. In both markets—counter-drone and border defense—we’ve only scratched the surface of the potential. That’s why I consider our growth forecast conservative. In addition, our customers’ annual budgets are growing year over year—not exponentially, but steadily—and once we secure a long-term customer, we secure a meaningful piece of the pie. Our mission now is to break into more international markets.
Reality also shows that more countries are waking up—mainly as a result of the Russia-Ukraine war. The West is asking what will happen if China acts, and in Africa, inter-state conflicts are ongoing. So demand continues.”
Are drones also a tool used by terror and criminal organizations?
“Absolutely. Just last weekend, there was a report on Israeli crime organizations receiving training in Colombia on assembling explosive drones. The answer is a resounding yes. The technology is so cheap and simple that it’s accessible to almost anyone. Those watching what’s happening in Russia and Ukraine understand how drones are becoming cheaper and as accurate as guided missiles—available to almost anyone.”
The defense budget grew significantly last year, but your orders from the Ministry of Defense declined. Why?
“In Beesense, orders are actually growing. This year, our orders from the Ministry of Defense are expected to nearly double—which is important to clarify. With Skylock, the trend is the opposite, and we’re happy about that. We’re diversifying and receiving more orders from other clients—we don’t want to rely too heavily on one customer, even if it’s the Ministry of Defense.”
It’s worth noting that in 2023, the Ministry of Defense was a major client—55% of Skylock’s revenue came from it. In 2024, that figure dropped to about one-third.
Do your systems really save soldiers’ lives in the field?
“I can’t even begin to describe how much. We have evidence of multiple lives saved at the beginning of the war thanks to our technology. Our systems have saved lives more than once. I can point to several cases where we prevented significant hostile activity against our forces. And it’s not just in Israel—we receive weekly reports from Ukraine and other undisclosed countries on successful interceptions carried out by our systems.”
Skylock works closely with special forces units to improve and refine its systems to serve soldiers in the field. That said, it is ultimately the Ministry of Defense that decides whether to approve or reject procurement offers—not individual budget departments in the military units. In some units, purchases are made independently by their own procurement departments, without direct involvement from the Ministry.
Is this an investment opportunity? What are the risks?
There is clear growth potential in multiple areas. The markets in which Skylock and Beesense operate are growing and likely to continue doing so. According to Skylock’s reports, the market is expected to grow by an average of 22% per year through 2032. Within these markets, there is still room to grow market share—something Matza emphasized—which should lead to increased net profit.
Even when comparing the company’s valuation to other defense stocks, there’s room for appreciation. Skylock’s future P/E post-merger, based on Technoplus’s current share price, stands at 8–9, while P/E ratios in the defense sector often reach double that.
Still, caution is advised. Tomer Avnon, the controlling shareholder, only recently emerged from bankruptcy, with the war essentially saving him. Although the company is profitable, the big question is whether we’re simply witnessing a positive cycle that may end in the coming years. One must also consider rising expenses, such as executive salaries and the costs associated with being a publicly traded company.
Bottom line: According to the data, the company seems to be heading in the right direction—but it must deliver on its forecasts.
On the company’s stock market entry, Matza concluded:
“We decided to enter the market in a very modest way. This is our third consecutive year of significant growth. And yes—ultimately, the burden of proof is on us. I hope the market will respond accordingly and properly value our conservative entry price—as well as our growth forecasts.”
