E-business co Plimus sold for $115m

Israeli e-business company Plimus Inc. has been acquired by Boston-based private equity fund Great Hill Partners for $115 million, its first Israeli investment.
Two months ago, Plimus Israel CEO Eldad Ben Tora told "Globes", "We expect major financial events at the company." He said that the focus was not on an exit, but behind the scenes there were talks with Great Hill Partners, which has a portfolio worth $2.5 billion, including several online payment and e-commerce companies.
Plimus was founded in 2001 by Tomer Herzog and Danny Kleinberg, who are no longer with the company. The company's e-commerce and payment clearance platform is designed for companies that sell digital products, such as software, games, and content.
Plimus posted a net profit of $20 million on $200 million revenue in 2010, 40% growth over 2009. Plimus is headquartered in Silicon Valley, California and has an R&D center in Herzliya where 60 of its 100 employees work. According to IVC, the company will report $280 million in sales in 2011. The company was financed from equity until 2008, when it raised $18 million from Susquehanna Growth Equity.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2011

No comments: