SOURCE: Gary L. Fischer Consulting

November 15, 2014 19:47 ET

Gary L. Fischer Helps Wilocity M&A

SAN JOSE, CA--(Marketwired - November 15, 2014) - "Helping Others Succeed," a business consulting practice operated by Gary L. Fischer, announced today that Mr. Fischer was engaged to assist Wilocity during their acquisition by Qualcomm. Mr. Fischer signed on immediately after the Terms Sheet was concluded and was asked to guide Wilocity through the due diligence process and "cross the finish line" when the transaction was actually funded. The process took about four months. This was Fischer's second transaction where Qualcomm was the acquiring company.

Wilocity, a venture backed startup, is based in Israel but has sales and executive offices in Silicon Valley. A week after beginning the process Fischer and the Wilocity co-founder and CEO, Tal Tamir, headed for Israel and an all hands meeting attended by approximately 30 people working on the transaction. About half were Wilocity employees and half were Qualcomm employees, including several senior executives championing the acquisition.

Because of the multi-national aspect of the deal, Wilocity utilized both an Israeli-based law firm and a US-based law firm. SASK, based in Tel Aviv, has represented Wilocity for many years. On the US side, Wilson Sonsini was retained to represent the startup. "Both law firms are tier one firms and both did well in the process. Things took a bit longer because we needed to make sure that both of our law firms were in sync," explained Fischer. "On my arrival in Israel, I went immediately to the SASK offices to meet their team, not even stopping at the hotel to freshen up. We all worked well together and that is not always the case with two high powered law firms representing the same client! I kept urging all parties to speed things along, reminding them that Wilocity resides in one of the most volatile regions in the world. As it turned out, we were literally on the threshold of funding when the recent war broke out. In fact, one of the SASK lawyers was called up for military duty and was not available to work on the final steps and details!"

As explained in the Qualcomm announcement, Wilocity is a leader in 60 GHz wireless chipsets based on the IEEE 802.11ad standard, also known as WiGig® technology. With the integration of WiGig into its mobile platforms Qualcomm will enable mobile devices to provide near-instantaneous access to the cloud, allowing for greater cellular network offload. WiGig will play an important role in Qualcomm's strategy to address consumers' increasingly sophisticated smartphone, tablet and computing requirements to support applications -- such as immediate streaming of 4K video and high throughput peer-to-peer communication to enable the next generation of social interactions between users sharing content.

Fischer also became the point of contact during the transaction between Wilocity and their shareholders, keeping them updated on the status and tracking their timely response when signatures were required. He also worked directly with Wilson Sonsini's expert in filing for Harts Scott Rodino approval by the US government. Similarly he was the lead in the preparation of documents for the 280g filing with the US government and again worked closely with the Wilson Sonsini partner who specializes in these areas. "The 280g disclosures are sensitive and one of my roles was to explain it to the Wilocity executive staff and guide them through it." Beneath some of the specific processes were the countless details and responses required by Qualcomm. "In this deal we were responding to a sophisticated and thorough due diligence process, developed by one of the most successful acquirers in high tech. It can be overwhelming for a small company and my job was to keep them on track and get across the finish line."

The international aspect of the transaction added a layer of complexity. "Fortunately I was able to go to Israel early in the process and meet the team face-to-face. This paid off in the following months. The whole process is like a marathon except that in a marathon the runners already know how long and hard it will be. Startups think this is going to be a 6K jog. One by one the executives and support staff 'wake up' and that is when they begin to understand why the investment banking firm urged that I be engaged."

"I consider it a privilege to help others and certainly value helping the Wilocity team," stated Fischer. "One of the high points in my career is to be at the heartbeat of win-win, life changing transactions. Helping Tal and the Wilocity team is one of those high points."

Gary L. Fischer, based in Silicon Valley, has worked extensively in Asia and Europe. He has taken two companies public, led three public secondary offerings and has been involved in numerous private financings of equity and debt. He has solid experience in M&A, including the sale in 2009 of eRide where he began serving as CFO in 2005. He continued as a part time CFO with eRide after the acquisition and began his consulting business. Helping Others Succeed provides CFO consulting services, organizational development, executive coaching, M&A hands-on due diligence, M&A closings and other business and financial projects. He receives high marks for his achievements but prides himself at being "hands on" (he still changes the oil in his car!). Prior to eRide Mr. Fischer joined ISSI in 1993, took it public in 1995 and subsequently was appointed President and COO of the company. Mr. Fischer's complete bio is listed on LinkedIn. Contact Gary L. Fischer at GaryLFischer@gmail.com or 408-981-7953.

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