Software AG (DAX: SOW), a European developer of service-oriented architecture (SOA) software systems announced yesterday that it had acquired the controlling interest in Israeli IT company SPL Software, from the Silverboim Group, owned by Zvi Barinboim. Silverboim will continue to hold 20% of SPL and company CEO Eran Elroy will continue in his post following the change in ownership. The deal reflects a company value for SPL of NIS 330 million.
Over the last two years, Barinboim has sold assets worth more than NIS 1 billion. The latest deal is his third sale of technology holdings to international software companies in two years.
Software AG recently announced a significant expansion program with a view to doubling its turnover, which totaled $606 million in 2006, to $1.25 billion with a few years, and recording average growth of 17% from 2008.
SPL Software develops advanced technology-based business solutions for large-scale organizations. The company employs 300 people and it has carried out a number of mergers and acquisitions over the last 18 months. SPL has also been Software AG‘s exclusive representative in Israel for the last 30 years.
Published by Globes [online], Israel business news - www.globes.co.il - on March 22, 2007
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