Co-Founder Yoav Leibovitch to remain as SatixFy’s Chairman and CFO
Business combination with Endurance Acquisition Corp. (NASDAQ: EDNC) on track to close in 2H 2022
NEW YORK & REHOVOT, Israel (SatixFy Communications Ltd. PR) — SatixFy Communications Ltd. (“SatixFy”), a developer of state-of-the-art satellite communication equipment and systems, today announced that it has appointed David Ripstein, previously CEO of RADCOM (Nasdaq: RDCM) and GreenRoad Technologies, as its new CEO, effective June 27, 2022. Mr. Ripstein will succeed Yoav Leibovitch, SatixFy’s Co-Founder, Chairman, Interim CEO and CFO, who will remain the company’s Chairman and CFO.
Mr. Ripstein is a communications industry leader with a track record of success in executing bold scale-up and turnaround strategies. He has over 21 years of experience turning exciting new technologies into saleable products, and then scaling up manufacturing of those new products to meet customer demand. As CEO of GreenRoad Technologies (2017-2022), Mr. Ripstein led a successful turnaround by directing the development of industry-first digital telematics products and a global sales approach. In parallel (2021-2022), he serves on the Board of Directors of Ceragon Networks, a pioneer in wireless broadband. Prior to GreenRoad, Mr. Ripstein was President and CEO of RADCOM (2007-2016), a publicly traded provider of network intelligence solutions for telecom operators transitioning to 5G, where he spearheaded the company’s product redirection and global sales strategies. He holds a Bachelor of Science in Electrical Engineering from the Technion Haifa Institute of Technology.
Mr. Ripstein will complement SatixFy’s already strong existing executive team, which includes Mr. Leibovitch, President Simona Gat, and Chief Technology Officer Doron Rainish.
“We are excited to welcome David, a proven leader with a deep understanding of the communications vertical and years of experience running a publicly-traded company, to lead SatixFy forward into its next phase of growth,” said Mr. Leibovitch. “Building from SatixFy’s existing strong base, David will help us realize the full potential of our technology, leveraging our momentum in the fast-growing Satcom space to build the value of our company for our shareholders.”
“I am excited by the growth potential represented by SatixFy’s step-ahead satellite communications technology, which exactly matches the needs of a broad variety of Satcom players,” commented Mr. Ripstein. “With strong demand for wide, reliable bandwidth and global access, the world needs better performance out of satellite communications – including higher speeds, more advanced payloads and wider coverage – and this requires SatixFy’s unique technologies. To take advantage of the opportunity, we will use the cash injection from the business combination transaction to launch an aggressive sales strategy, and expect to see this approach lead to strong revenue growth and profitability over time.”
On March 8, 2022, SatixFy announced that it had entered into a definitive business combination agreement with Endurance Acquisition Corp. (NASDAQ: EDNC), a publicly-traded special purpose acquisition company (SPAC) formed by an affiliate of Antarctica Capital, an international private equity firm. Upon closing of the transaction, SatixFy’s shares are expected to trade on the Nasdaq stock exchange under the ticker symbol “SATX.”
SatixFy develops end-to-end next-generation satellite communications systems, including satellite payloads, user terminals and modems, based on powerful chipsets that it develops in house.
SatixFy’s modems feature Software Defined Radio (SDR) and Electronically Steered Multi Beam Antennas (ESMA) and support advanced communications standards such as DVB-S2X and others. SatixFy’s innovative ASICs and RFICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy’s advanced VSATs and multi-beam electronically steered antenna arrays are optimized for a variety of mobile applications and services, such as LEO, MEO and GEO satellite communications systems, aero/in-flight connectivity systems, communications-on-the-move applications, satellite-enabled Internet-of-Things and machine-to-machine devices.
Founded in 2012, SatixFy is headquartered in Rehovot, Israel with additional offices in the US, UK and Bulgaria. For more information, please refer to www.SatixFy.com.
About Endurance Acquisition Corp.
Endurance Acquisition Corp. (“Endurance”) is a special purpose acquisition company formed by an affiliate of Antarctica Capital, an international private equity firm, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Endurance was founded on April 23, 2021 and is headquartered in New York, NY.