US home design platform Houzz has acquired Israeli interior design management software developer IvyMark. No financial details were disclosed but sources close to the deal believe that Houzz will be paying $30-40 million for IvyMark.
If so this will be a profitable exit for IvyMark's investors. The company has raised only $2.9 million to day from Pitango Venture Capital, NFX and Disruptive VC.
Headquartered in New York and with offices in Tel Aviv and San Francisco, IvyMark was founded in 2016 by Alexandra Schinasi and Lee Rotenberg. The company has 17 employees at its Tel Aviv development center.
IvyMark has developed business management software for interior design firms. The platform streamlines and automates a firm’s workflow and business operations including procurement, client billing, vendor purchasing, and time-tracking. This ensures that the entire project lifecycle, including profit and loss reporting, are all managed in one easy-to-use application. IvyMark has built a thriving community around its platform, including an online forum, trade magazine, educational webinars, and member meetups across the US.
Based in Palo Alto, California, Houzz was founded by Israelis Alon Cohen and Adi Tartako and has raised over $600 million to date. The company has a small R&D facility in Tel Aviv but following the acquisition IvyMark has leased a floor in the Azrieli Sarona tower from June with room for 130 employees and is embarking on an aggressive recruitment drive.
Cohen said, “IvyMark has built an incredible platform and team that align with our mission of providing the best experience for home renovation and design, by helping design professionals manage their business. We are excited to bring the power of IvyMark’s software and community to more professionals.”
Houzz has more than 1.5 million active home renovation and design professionals in over 65 categories -- including more than 200,000 designers worldwide -- use Houzz to showcase their work, build their brands and reach new clients. The addition of IvyMark’s platform will enable Houzz to also provide home professionals with tools that will help them run their businesses more efficiently, effectively and profitably.
“Houzz will allow us to continue on our mission of modernizing the way interior designers do business, while introducing Ivy to a massive audience and opening the door to new opportunities,” added Schinasi.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2018
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