Conduit Ltd. has confirmed that an investment fund advised by JP Morgan Asset Management has agreed to acquire a 7% stake in the company for $100 million, reflecting a company value of $1.3 billion. Conduit founders, chairman and CEO Ronen Shilo, Dror Erez and Gaby Bilzyk, will keep their controlling interests in the company.
The seller of the stake is Yozma Venture Capital.
Ronen said, “Our partnership with JP Morgan Asset Management is validation of the power of our suite of engagement products. As our constantly connected world continues to evolve, the ways that we engage our users must change with it. The next few months will be some of the most important in the history of Conduit, and we’re thrilled to have partners like JP Morgan Asset Management as our company continues to grow."
JP Morgan Asset Management managing director Robert Cousin said, "We recognize the company’s demonstrated ability to supply innovative products enabling web publishers to continually engage with their users across multiple platforms."
Published by Globes [online], Israel business news - www.globes-online.com - on April 15, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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