[6] In 1968 he founded and headed Scitex Corporation (renamed Scailex Corporation in 2005), an Israel-based multi-national company that specialized in developing and manufacturing hardware and software for the graphics design, printing, and publishing markets.

[9] Arazi stepped down as CEO and president of Scitex on 1 June 1988,[10] but continued to serve as chairman of the board of directors of the company (a position to which he had been appointed on 1 May 1985) until 18 January 1989, when Robert Maxwell's Mirror Group acquired a 27% stake in the company and Maxwell was appointed chairman.

[4][12] He later became CEO of iMedia, a developer of tools for cable, satellite, and terrestrial television operators to manage compressed digital video.

[8] At the time of his death, Arazi was chairman of Seerun Ltd.[8] On the title page of the magazine Computers and Automation, January 1963, Edmund Berkeley published a picture by Efraim Arazi from 1962, coining for it the term "computer art."

[13][14] The Efi Arazi School of Computer Science is part of IDC (Interdisciplinary Center in Herzliya), Israel's first private university.