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."
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.
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