Charlie Federman, managing director of Israeli-focused venture capital firm BRM Group, says he does not expect an initial public offering (IPO) for Israeli Internet security firm Whale Communications anytime soon. Whale, registered in New Jersey but with research and development headquartered in Israel, had $23 million in backing from BRM and Goldman Sachs in its first round of financing in 2000.

“I would not anticipate seeing a Whale public offering in the near future,” Federman tells Reuters, while noting that virtually no technology companies were going public right now as the sector struggles to recapture its luster in the aftermath of the Nasdaq‘s 39-percent drop in 2000.

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