The company value for the offering is almost $50 million.
Internet consultancy services provider Kasamba Inc. is back on track for an IPO on the Tel Aviv Stock Exchange (TASE) at a company value of almost $50 million
Kasamba president Arthur Fuhrer and CEO Inon Axel founded the company in 2000, and received early financing from Ari and Aharon Shaked and Ron and Shay Ben-Yitzhak, the controlling shareholders of 888 Holding plc (LSE:888).
The Shaked brothers later returned their shares to Kasamba’s founders on the condition that if the company went public within five years, they could buy back 45% of the company for NIS 1. 18 months ago, Kasamba decided to try to go public on the TASE and the Shaked brothers notified the company that they would exercise their option.
The parties have now reached an agreement, under which the Shaked and Ben-Yitzhak brothers will receive 3% of Kasamba’s share capital for $1. The Shaked and Ben-Yitzhak brothers apparently want to get back something of their investment in the company.
Published by Globes [online], Israel business news - www.globes.co.il - on January 7, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006