Synel Payway M.l.l Ltd

Synel Payway M.l.l Ltd (Hebrew: סינאל מלל פייוויי בע"מ) is an Israeli public company engaged in the development, manufacturing, and marketing of software and hardware for human resource management and employee activity management. Founded in 1991 by Gabi Bognanim as "Synel Industries Ltd," the company initially focused on software solutions for workforce management in the Israeli market. It expanded internationally in 1995 with its "Time Log" software for mechanical time clocks, translated into 12 languages. Over the years, Synel developed additional products including access control systems with biometric identification (fingerprint) and comprehensive HR management solutions for organizations. The company went public on the Tel Aviv Stock Exchange in July 2000 at a market valuation of $32 million, raising approximately $9 million. In January 2005, it acquired the HR division of M.L.L Industries Software and Computers (M.L.L PayWay), which provided comprehensive HR management solutions, payroll software, and outsourcing services in payroll and payroll accounting. Initially acquiring 50% for 13.5 million shekels, it purchased the remaining 50% a year later, and the company name was changed to "Synel M.L.L Payway." The company also entered the field of student attendance control in educational institutions. Synel provides comprehensive solutions for managing the employee life cycle in organizations, including safety and physical security management, visitor management, and operates Synel Academy, an educational institution supervised by the Institute of Certified Public Accountants in Israel. Its subsidiaries include Synel Security, Synel UK, and Synel US. It also has a real estate arm, Dorsel, which focuses on income-producing commercial real estate with 11 properties across Israel totaling about 105,000 square meters. In August 2025, an agreement was signed with the controlling shareholders, including Gabi and Erez Bognanim, to sell control of the company (about 68.94%) to Axel Solutions Group Ltd for 69.5 million shekels in cash plus 23 million shekels in eight equal quarterly payments. The deal was completed on September 25, 2025. On October 27, 2025, Gabi and Erez Bognanim were dismissed from their roles. Ronen Shor was appointed acting CEO, and Udi Weintraub was appointed chairman. On January 1, 2026, Sharon Ezra was appointed CEO. In November 2025, the company reported a material error in its financial statements for 2023, 2024, and the first half of 2025, involving overstated revenues totaling about 20 million shekels.

Synel Payway M.l.l Ltd was founded in 1991 by Gabi Bognanim under the name "Synel Industries Ltd." Bognanim, who had previously worked as an employee at a software company, decided to establish his own company, raised a group of investors who invested $300,000, and invested $200,000 himself. The company developed software solutions for human resource management, initially focusing solely on the Israeli market. By the end of 1993, the company's revenues reached about one million dollars. In 1995, the company began operating in the international market and marketing its "Time Log" software, a software product for mechanical time clocks. The software was translated into 12 languages. It subsequently developed additional products, access and control systems including biometric identification (using fingerprints), and a comprehensive HR management solution for organizations. The company ended 1997 with revenues of 30 million shekels and a net profit of 3 million shekels. It ended 1999 with revenues of 50 million and a net profit of 11 million shekels. In July 2000, the company was listed on the Tel Aviv Stock Exchange at a market valuation of $32 million, raising about $9 million (about 30 million shekels). In 2001, most of the IPO proceeds were used to purchase real estate in Yokneam from the company's controlling shareholders. In February 2002, it acquired a German company for one million euros. In January 2005, it acquired a product division from M.L.L Industries Software and Computers, which was controlled by Gaon Holdings Group. The acquired activity included the human resources division of M.L.L (M.L.L PayWay), which provides comprehensive solutions and software for human resource management, payroll management software, and outsourcing services in payroll and payroll accounting. More than 1,500 organizations received these services through the division. Initially, it acquired 50% of the division for 13.5 million shekels, and a year later it acquired the remaining 50%. The company name was changed to "Synel M.L.L Payway." The company also entered the field of student attendance control in educational institutions at that time. In 2011, a dispute broke out between Avi Dotan, one of the company's early investors who held about 12% of the shares, and its controlling shareholder, Gabi Bognanim. The dispute was over the company's low market value and the high salary conditions received by Bognanim and his two sons, Eyal and Erez. Bognanim eventually agreed to purchase Dotan's shares in the company at a price reflecting a 51% premium over the market price, for about 11 million shekels. In 2014, it was revealed that an employee at the company was fired because she had small children. The employee was accidentally exposed to email correspondence between two of her supervisors on the matter and filed a lawsuit against the company. In March 2021, Erez Bognanim was appointed CEO of the company, replacing his father, Gabi Bognanim, who was appointed chief business officer. In June 2021, the company announced that "there were several vulnerabilities in the company's servers, through which it was possible to access names, ID numbers, phone numbers, and email addresses of employees of customers." In August 2025, an agreement was signed with the controlling shareholders, including Gabi and Erez Bognanim, to sell control of the company (about 68.94%) to the publicly traded Axel Solutions Group Ltd for 69.5 million shekels in cash plus 23 million shekels to be paid in eight equal quarterly payments. The deal was completed on September 25, 2025. On October 27, 2025, Gabi and Erez Bognanim were dismissed from their roles. Ronen Shor was appointed acting CEO, and Udi Weintraub was appointed chairman. On January 1, 2026, Sharon Ezra was appointed CEO. In November 2025, the company reported that a material error occurred in its financial statements for 2023, 2024, and the first half of 2025, in which the company reported overstated revenues totaling about 20 million shekels. Synel provides comprehensive solutions for managing the employee life cycle in organizations, including safety and physical security management, visitor management, and operates Synel Academy, an educational institution supervised by the Institute of Certified Public Accountants in Israel to grant a senior payroll accountant certificate and the annual provident fund training required in the field. Its subsidiaries include Synel Security, Synel UK, and Synel US. It also has a real estate subsidiary, Dorsel, which serves as the company's real estate arm, focusing on income-producing commercial real estate. The company has 11 income-producing properties nationwide, with a total area of about 105,000 square meters. The company's main properties are the office complex where Synel operates, where an additional building was constructed and leased entirely to Marvel Technologies, and 56 dunams in the northern industrial zone of Netanya, which it purchased from Ordan Industries in 2005. In April 2006, Dorsel was listed on the stock exchange, raising about 67 million shekels in shares and convertible bonds, at a valuation of about 90 million shekels. In November 2018, Dorsel sold the Ordan complex in Netanya for about 134 million shekels, after originally purchasing it for 54 million shekels in 2005.

• 2025

  Control sold to Axel Solutions Group; Gabi and Erez Bognanim dismissed; Sharon Ezra appointed CEO.

• 2021

  Erez Bognanim appointed CEO; data breach announced.

• 2014

  Lawsuit filed after employee was fired for having small children.

• 2011

  Dispute between investor Avi Dotan and controlling shareholder Gabi Bognanim resolved.

• 2006

  Dorsel subsidiary listed on the stock exchange.

• 2005

  Acquired M.L.L PayWay HR division; name changed to Synel M.L.L Payway.

• 2002

  Acquired a German company for one million euros.

• 2000

  Listed on the Tel Aviv Stock Exchange, raising about $9 million.

• 1999

  Revenues of 50 million shekels and net profit of 11 million shekels.

• 1997

  Revenues of 30 million shekels and net profit of 3 million shekels.

• 1995

  Began international operations with Time Log software.

• 1993

  Revenues reached about one million dollars.

• 1991

  Founded by Gabi Bognanim as Synel Industries Ltd.

Comprehensive HR and workforce management solutions provider for organizations.

• Time Log

  Software for mechanical time clocks, translated into 12 languages.

• M.L.L PayWay HR suite

  Comprehensive HR management and payroll software.

• Access control systems

  Systems including biometric identification using fingerprints.

• Visitor management

  Solutions for managing visitors in organizations.

• Synel Academy

  Educational institution supervised by the Institute of Certified Public Accountants in Israel.

1. 1Synel Payway M.l.l Ltd on Wikidatawikidata.org
2. 2סינאל מלל פייוויי on Hebrew Wikipediahe.wikipedia.org