Lumbroso Replaces Dr. Abraham Glezerman, Cardo’s Founder
Fortissimo Capital Acquires Controlling Interest in Cardo Systems
This is a press release from Cardo Systems…
Tel-Aviv, Israel / Plano, Texas (June 25, 2019) – Cardo Systems, Ltd., the industry pioneer and global market leader in wireless communication systems for motorcyclists, today announced the appointment of Alon Lumbroso as its new Chief Executive Officer (CEO). Lumbroso succeeds Cardo’s Founder, Dr. Abraham [ Avi] Glezerman, who steps aside as CEO after 16 years at the helm of the company. Glezerman, who retains a substantial interest in the company, will also continue serving as Cardo’s Chairman of the Board. Lumbroso joins Cardo amidst a period of significant momentum and rapid growth over the last several years. In a corresponding move, Fortissimo Capital, an existing shareholder in Cardo, has now acquired a controlling stake in the company through a combination of a stock purchase and a direct investment.
“Leading a venerable motorcycle-accessory brand such as Cardo is not only a privilege, but also a great opportunity to further accelerate its remarkable growth and to bring the company’s unique value proposition to new and expanding markets. Cardo’s products, especially since introducing mesh technology in 2015, continue to alter the landscape, and I look forward to further cultivate customer loyalty and product innovation, with a strong emphasis on reliability and ease of use”, said Lumbroso.
Lumbroso brings extensive executive experience in leading and managing international companies. His career began at Scitex (later CREO) where he served for 20 years in various positions, advancing to the roles of Managing Director APAC and EMEA. Prior to joining Cardo, he served in a number of executive positions including; CEO of Dip-Tech (another Fortissimo-owned company that was sold to Ferro (Nasdaq: FERO), President of Mul-T-Lock Ltd., a subsidiary of ASSA ABLOY, a global supplier of locks and security solutions, and CEO & Director of Larotec, a developer of web-based end-to-end solutions.
“Founding Cardo, and leading the company over the last 16 years, have been one of the most fascinating and inspiring experiences of my life,” said Dr. Glezerman, the company’s Founder and Chairman. “It gives me immense satisfaction to look back at Cardo’s ground-breaking achievements – from literally inventing a new product category in 2004, to introducing the vast majority of all innovations in the motorcycle communication market. Nothing thrills me more than hearing from end-customers worldwide, how their use of Cardo products has changed and vastly improved their riding experience. I’m confident that Alon, with his experience and leadership will provide a level of vision and know-how to power Cardo’s growth and global success for years to come.”
Cardo’s partner, Fortissimo Capital, one of Israel’s most successful and respected Private Equity Funds, has previously invested in a number of technology companies and guided them to new heights, including, among others, SodaStream, Kornit Digital (Nasdaq: KRNT) and Nur Macroprinters.
“Our decision to increase our investment in Cardo is a clear vote of confidence in the company and its team,” said Yuval Cohen, Founding & Managing Partner at Fortissimo Capital. “At Fortissimo we take a unique, long-term, hands-on approach to private equity investments, working closely with our portfolio companies to help them achieve their full potential. In Cardo Systems, we found the right ingredients for continuous success. With Alon Lumbroso, one of our most seasoned portfolio company CEOs on board, we believe Cardo is optimally positioned for its next growth stage.”
For more information about Cardo Systems, please visit www.cardosystems.com.