MILPITAS, Calif. - SolarEdge Technologies, Inc. (NASDAQ:SEDG), a company specializing in smart energy technology, has undergone changes in its board leadership, with Avery More being elected as the new Chairman of the Board of Directors. The announcement made earlier this week also included the appointment of Guy Gecht as a new board member, effective immediately.
Avery More succeeds Nadav Zafrir, who will continue to serve as a board member. More's experience in the industry and with SolarEdge is expected to provide valuable guidance during a significant period for the company. In expressing his gratitude, Zafrir highlighted More's extensive experience and familiarity with SolarEdge's business and management team.
Simultaneously, Guy Gecht joins the Board of Directors, bringing with him a wealth of experience from various technology sectors, including leadership roles and board expertise in technology, AI, and cybersecurity. Gecht's previous positions include CEO of Electronics for Imaging (EFI) and interim CEO at Logitech (NASDAQ:LOGI), as well as board service for Check Point Software (ETR:SOWGn) Technologies (NASDAQ:CHKP). Gecht will serve on SolarEdge's Audit Committee, qualifying as an Audit Committee financial expert, and will also join the Technology Committee.
Gecht's appointment follows the departure of Tal Payne, who stepped down from the board on November 5, 2024, after nearly a decade of service since the company's initial public offering in March 2015. More and Gecht both voiced their enthusiasm for their new roles and the company's future, with Gecht expressing confidence in SolarEdge's team and its potential to drive innovation in renewable energy.
SolarEdge is recognized for its contributions to solar energy technology, including its intelligent inverter solution that has changed power harvesting and management in photovoltaic systems. The company continues to innovate, addressing a variety of energy market segments with its solutions.
This board restructuring comes at a time when the demand for renewable energy solutions is increasing, and SolarEdge aims to continue its growth and innovation in this sector. The information for this article is based on a press release statement from SolarEdge Technologies, Inc.
In other recent news, Check Point Software Technologies Ltd. reported a robust third quarter in 2024, marked by a 7% year-over-year revenue increase to $635 million and a non-GAAP EPS rise of 9% to $2.25. The company's subscription revenue grew by 12%, and calculated billings increased by 6%, despite some deals being postponed to the fourth quarter. The recent acquisition of Cyberint for $186 million is set to enhance security operations capabilities, alongside the focus on the Infinity platform, which now constitutes 15% of total revenues.
Check Point Software also reported Harmony (JO:HARJ) Email surpassing $100 million in annual recurring revenue. Revenue growth was noted across the Americas, EMEA, and APAC regions, with increases of 3%, 7%, and 17% respectively. Looking forward, the company maintains a positive outlook for the fourth quarter and 2025, driven by strong demand and strategic acquisitions.
However, the company acknowledged some challenges, including an increase in operating expenses by 9% due to workforce investments and acquisitions, and revenue recognition volatility due to the flexible billing model of Infinity. Despite these challenges, the company's resilience and strategic acquisitions position it well to meet the increasing demand for cybersecurity solutions.
InvestingPro Insights
As SolarEdge Technologies undergoes changes in its board leadership, it's worth noting some key insights about Check Point Software Technologies (NASDAQ:CHKP), where new SolarEdge board member Guy Gecht previously served.
According to InvestingPro data, Check Point boasts a market capitalization of $19.1 billion USD, reflecting its significant presence in the cybersecurity industry. The company's impressive gross profit margin of 88.62% for the last twelve months as of Q3 2023 underscores its operational efficiency, which could be valuable experience for Gecht in his new role at SolarEdge.
InvestingPro Tips highlight that Check Point's management has been aggressively buying back shares, potentially indicating confidence in the company's future prospects. Additionally, the company holds more cash than debt on its balance sheet, suggesting a strong financial position. These financial management strategies could provide valuable insights for SolarEdge as it navigates its growth in the renewable energy sector.
It's worth noting that InvestingPro offers 11 additional tips for Check Point Software Technologies, providing a comprehensive analysis for investors interested in deeper insights into the company's performance and outlook.
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