ConduIT in talks to buy toolbar developer Wibiya

Toolbar software co ConduIT itself is reportedly in talks to be sold at a value of over $1 billion.

Even as toolbar software developer ConduIT Ltd. is rumored to be in talks to be sold at a value of over $1 billion, the company is in advanced negotiations to acquire social toolbar applications developer Wibiya Ltd. for a few tens of millions of dollars.

Dror Ceder, Daniel Tal and Avi Smila founded Wibiya in 2008. Partners include Oren Zeev, former Bank Hapoalim chairman Shlomo Nehama, and high-tech guru Yossi Vardi.

ConduIT said in response that it does not comment on rumors. It was reported in the past that the company was in talks with several parties to be acquired at a company value of several hundred million dollars. The company has raised $10 million from Benchmark Capital, Yozma Venture Capital, and private investors over the years.

ConduIT CEO Ronen Shilo, CTO Dror Erez, and COO Gabi Bilczyk founded the company in 2005. The company's solution is related to toolbar development environment, and it has worked with Google Inc. (Nasdaq: GOOG). The company recently switched to reply on infrastructure provided by Microsoft's (Nasdaq: MSFT) Bing search engine. The company's revenue reported exceeds $200 million a year.

ConduIT's software creates web browser toolbars, which enable any user, including small companies, to created a personalized toolbar.

Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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