AFCV Holdings acquired the web answers company for $127 million in April.
After acquiring Answers.com in April, AFCV Holdings is now implementing mass layoffs in the company, including downsizing at all levels, from senior managers down to the most junior. "Calcalist" reports that Answers.com has already fired 45 out of its 65 employees in Israel.
Two and a half months ago, Answers.com, whose offices are in Jerusalem, was acquired by AFCV for $127 million, at a value of $10.50 per share.
Answers.com operates a social network website that is based on answers and questions. It has more than 50 million registered users, and continues to grow: the ten millionth answer was posted recently (the number has since passed twelve million.) Answers.com has launched a free iPhone application, as well as a trivia game based on questions and answers from the website. In addition, the company has launched a service that answers questions using video clips.
Published by Globes [online], Israel business news - www.globes-online.com - on June 28, 2011
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