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.
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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