Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES

a. Liens:

The Company has several liens granted to financial institutions mainly to secure various operating lease agreements in connection with its office space.

b. Lease Commitments:

The Company rents its facilities in all locations under operating leases with lease periods expiring from 2014 - 2026. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2014 – 2017.

Aggregate minimum rental commitments under non-cancelable leases as of June 30, 2014 for the upcoming years were as follows:

	Unaudited
2014	$	1,313
2015		1,962
2016		3,396
2017		2,649
2018		2,675
Thereafter		20,168
	$	32,163

Total rent expenses for the period ended June 30, 2014 and the year ended December 31, 2013 were approximately $ 1,007 and $ 1,636, respectively.

On June 18, 2014, the Company entered into an amendment of the existing lease for its New York headquarters. Pursuant to the lease amendment, the Company is leasing two more floors in addition to the floor that it already leased in such building. The lease began on June 18, 2014 for one of the additional floors and will begin for the other floor upon the completion of construction work on such floor. The initial term of the lease was extended until February 26, 2026, and the Company has an option to extend the lease for an additional five years.

c. On March 31, 2014, the Company entered into a promissory note and related security documents with Bank Leumi USA allowing the Company to borrow up to $7,000 against certain of its accounts receivable outstanding amount, based on several conditions, at an annual interest rate of the Wall Street Journal Prime Rate less 0.15%. As of June 30, 2014 that rate amounted to 3.1%. This promissory note enables the Company to engage in foreign currency hedging transactions with Bank Leumi USA to manage the Company’s exposure to foreign currency risk without restricted cash requirements. Amounts may be borrowed under the promissory note until March 31, 2015 at which time the principal sum of each such loan, together with accrued and unpaid interest payable, will become due and payable. As of June 30, 2014, the Company did not borrow any amounts under the promissory note, and, as such, no interest expense has been recorded.