Gil Shwed, CEO and founder of Check Point Software Technologies says he does not know if he would have established the cybersecurity giant in Israel today. Having long avoided commenting on political matters the tech mogul now chose to speak out, during a press conference to present his company's financial reports.
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Until today, Shwed was one of the few tech CEOs who refrained from expressing their opinions on the judicial overhaul. "The recent events are difficult for all of us and are tearing Israeli society apart. I am working to prevent that rift from infiltrating my company," he said.
“It's not easy, but it works because we keep politics out of the company. Our employees can protest and participate, but that's something we agreed on a long time ago. There were some on staff who told me, 'Thank you for allowing us to work in a pleasant environment.' That's how we can accommodate everyone. I've kept my opinions to myself for the last 30 years he said. "I wish expressing my thoughts would make an impact, but unfortunately, I know this isn’t the case.”
Shwed said he has not discussed relocation with employees and believes the company should work out of Israel and even tries to convince people who say they want to leave the county, that they should stay. “I'm proud to have convinced Israelis who had relocated abroad in some of our subsidiaries to return to Israel."
In the last quarter, Check Point marked its 30th anniversary and also reached a milestone of $30 billion in cumulative revenues. The company was established in 1993. "I’m very excited, and I think it's an emotional moment for everyone in the company," Shwed said.
Commenting on the report issued on Tuesday by the credit firm Moody's on Israel’s economy Shwed said it was certainly cause for concern. "The Israeli market is essential to us, and it’s bad when a negative rating is expected. We hope the situation will change."
He said that while politics in Israel don’t directly impact the company’s stock, it has an effect on other high-tech companies. "I know about many private companies struggling to raise funds. I expect shareholders to start asking us about our situation, but I'll know more after discussing the matter with investors."
Check Point's business performance in the second quarter wasn’t surprising. The company finished Q2 in 2023 with revenues of $589 million, which were in the middle range of revenue forecasts and represented a 3%-4% increase compared to the same quarter year-on-year. The company’s main growth, rated at 14%, came from its subscriber base, thanks mainly to its security software solutions for email, after Check Point purchased Avanan for $300 million in 2021.