Perion Network Picks Up SweetIM
The $40M deal for the Israeli Internet company wraps up an auction process, in which Babylon Ltd. also placed a bid
Tel Aviv-based Perion Network Ltd. (Nasdaq:PERI) agreed to purchase SweetIM Technologies Ltd., an Israeli Internet company, for $41 million.
SweetIM, which does business as SweetPacks, provides downloadable applications and other content. The Ra'anana Israel-based target had been on the auction block, with Perion reportedly competing with Babylon Ltd. (TASE:BBYL), a rival software firm. SweetIM's CEO Nadav Goshen once served as vice president of Yehuda, Israel-based Babylon.
SweetPacks generated $29.7 million in revenue over a 12-month period, as of Sept. 30, an 89 percent spike from 2011 revenues of $15.7 million. The company also reported $9 million in Ebitda, 50 percent more than what it accumulated in 2011.
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