IncrediMail to change name to Perion Interactive

CEO Joseph Mandelbaum told "Globes": We intend to become a company with many products, which are not necessary related to e-mail.

IncrediMail Ltd. (Nasdaq:MAIL: TASE:MAIL) will change its name to Perion Interactive Inc., according to the summons for a shareholders' meeting, published on Thursday. The meeting will held in late October.

In an interview with "Globes" two months ago, IncrediMail CEO Joseph Mandelbaum said, "IncrediMail was the right name when we were a one-product company for e-mail users. But we intend to become a company with many products, which are not necessary related to e-mail. The name IncrediMail is no longer relevant.

Mandelbaum said, "We will choose a name that reflects the company's new vision - to make our digital life easier and friendlier with a portfolio of productive applications. I googled the word 'productivity' to look for translations and it gave 'perion' in Hebrew. I spelled it out in English letters."

IncrediMail closed its $25 million acquisition of US photo-sharing company Smilebox Inc. at the end of August in order to reduce its dependency on Google Inc. (Nasdaq: GOOG) as its source of income.

Earlier this month, IncrediMail secured a $20 million credit line - $12 million from Bank Leumi (TASE: LUMI) and $8 million from First International Bank of Israel (TASE: FTIN) - to increase its liquidity for more acquisitions. The company had $31 million in cash at the end of June.

IncrediMail's share price fell 1.5% on Nasdaq on Friday to $5.28, giving a market cap of NIS 51 million, and fell 1.9% by early afternoon on the TASE today to NIS 18.98.

Published by Globes [online], Israel business news - www.globes-online.com - on September 18, 2011

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

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