THE ENDGAME PODCAST
Israel's Tech M&A Podcast - in Hebrew, with English subs.
By Zeevi Michel & Sophia Tupolev-Luz
A Hebrew podcast for Israeli startups about the path to mergers and acquisitions - and their aftermath. We go behind the scenes to look at how transactions go terribly wrong or, terrifically right.
We aim to give founders previously un-aired perspectives from the best shadow players on the buy-side, sell-side, and investors–so they can better plan for their own endgame.
Episode #005
The company is the product. Cyber, AI, M&A. Shay Michel, Merlin Ventures
Change is a constant, but in M&A, the company is always going to be the product. While AI is already influencing the pace, valuation, and strategies in mergers and acquisitions, we continue to look at the core of deal dynamics. We start by asking, why cybersecurity companies command seemingly illogical valuations at such low revenues.
The answer lies in implied value - what an acquirer believes they will be able to do with you - and what your contribution margin is going to be. That means how you impact their sales, R&D efforts, and ability to go in and quickly dominate a space.
In this episode, Sophia Tupolev-Luz and Zeevi Michel speak with cybersecurity investor Shay Michel of Merlin Ventures, who shares his experience as a founder, investor, and advisor on all sides of the M&A table. Shay’s uncommon product perspective shows us how how large tech players approach acquisitions, and how founders should think about their company's "endgame" from day one.
Episode #004
The Heart of the Deal. Founders & Truth Dynamics.
The heart of the deal. ♥️ We often say how little is in a founder's control. But this show is about how deal dynamics are very much a function of the founder, the truth, and what's in their heart.
Zeevi Michel and Sophia Tupolev-Luz look at unspoken truths, and issues of aligning employees and investors before, during, & after a transaction. How internal motivations, external messaging, and decision-making shape a startup’s endgame and what founders often overlook.
In this episode, we also cover:
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Why M&A is a taboo subject in accelerators and entrepreneurship programs.
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The 3 types of founders and how their motivations influence success or failure.
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Why early decisions, like fundraising and choosing investors, narrow or expand exit opportunities.
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Transparency and alignment with your team—and the consequences of getting it wrong.
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How employee dynamics during an M&A create challenges, from early employees to leadership teams.
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How founders should consider their endgame when making financial or strategic decisions.
Episode #003
Claims & Consequences, Josh Begner, WTW
From mistakes to misconduct, we get the data on where M&A transactions go south after closing - and why it hurts so bad for both buyers and sellers.
Taking us into the world of breaches and risk is THE guy who brought M&A insurance to Israel 5 years ago, Josh Begner of WTW, (NASDAQ: WTW).
In our latest episode, we came for the tea on the horror stories…but we were taken aback at how the most devastating risks can come in seemingly bland packages.
Josh decodes the data on M&As that spiral into lawsuits or insurance claims. Insurance, of course, is there to help clean up the mess. But as a founder, how do you prevent those terrible mistakes in the first place?
Episode #002
Skeletons. The Razor’s Edge. Deal Breakers.
M&A attorney Sim Koevary (Meitar | Law Offices) takes us into the ring on tech M&A deals that have gone spectacularly right—and disastrously wrong. From the hidden skeletons that implode transactions to the razor-thin boundaries of the playing field, Sim breaks down the unwritten rules founders need to play by.
Hosts Sophie and Zeevi chart the fragile balance of power in M&A, and how founders can leverage their legal partners to maximize shareholder value - and minimize fallout.
Behind the headlines of the high-stakes mergers and acquisitions game in Israel's tech sector, triangulating the competing interests of the buy-side, sell-side, and shareholders (including investors).
In this pilot, meet co-hosts Sophie and Zeevi while they're plotting the show and its guests: the key players who make or break deals, often working in the shadows.
Transcript | Spotify | Apple
Pilot Episode #001
Murders & Acquisitions.
Shadow Players. Competing Interests.
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about us
Zeevi Michel
The Endgame co-host / Partner, Elaia
Zeevi is a serial entrepreneur, venture capitalist, and senior corporate development executive. He built and sold two technology companies, led four tech acquisitions as a corporate development executive, and has advised dozens of startups on their M&As.
He is currently a Partner at Elaia, a European VC firm.
He founded and served as CEO of Senexx, a smart Q&A engine for enterprises that uses NLP and AI algorithms. After Gartner acquired the company, Zeevi built and led the Gartner AI Innovation Center as Managing Vice President. Previously, he co-founded and served as the CEO of TravelSuit (acquired by BCD Travel, the world’s second-largest travel management company).
Zeevi holds a Technion engineering degree in IE&M, Economics & Finance.
Sophia Tupolev-Luz
The Endgame co-host / Director, Tupolev & Co
Sophia Tupolev-Luz is a tech communications executive, a non-profit leader, and a passionate advocate for immigrant economic advancement.
In her corporate roles, she serves on technology leadership teams communicating in North America and Europe. Most recently, she was the Vice President of Communications for UserWay, a Level Access Company, the world's leading digital accessibility provider, overseeing areas like corporate, M&A comms, and retail investor relations for the company's 2024 take-private.
Sophia was an early employee at climate security startup Tomorrow.io (formerly ClimaCell), serving as communications director. She has advised dozens of tech leadership teams and their investors on communications and executed world-class programs on their behalf.
A tri-lingual, three-time immigrant, Sophia is a social entrepreneur, leading two non-profit initiatives to promote the economic inclusion of immigrants in Israel: The Economic Integration Org, focused on policy advocacy, and The Reboot Startup Nation, Israel’s grassroots community for immigrants in tech, connecting displaced professionals to jobs since 2022.
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