The company bought 70% of the social network site at a company value of NIS 22-28 million.
Global Networks Ltd. has acquired 70% of social network website Hevre from Machshava Ltd. and has an option on the rest of the company. The amount of the deal was not disclosed buy was reportedly for NIS 15-20 million, giving a company value of NIS 22-28 million.
Global Networks said that they plan to invest NIS 5 million in the company over the coming year in order to position the company’s website and to develop new ones.
Global Networks sets up and manages websites for the general public. The company owns dating and other social network sites. “Hevre”, founded in 2002, was Israel’s first social network site.
Published by Globes [online], Israel business news - www.globes.co.il - on October 17, 2007
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