Netex (Net Express) Ltd. (TASE:NTX) has acquired full ownership GammaSite Inc., a US developer of automatic categorization and tagging software, for 2.5% in shares, worth an estimated NIS 1 million. Netex will also pay parties at interest in GammaSite for consultancy services that the company will provide it.
The shares will be allocated after three months, during which Netex will review, install and customize GammaSite’s technologies and systems. GammaSite's flagship product automatically classifies documents into categories defined in a taxonomy, using statistical vector-supported machine learning.
Netex has acquired GammaSite in order to apply the company’s technology in its new systems, and to automatically catalogue websites in different languages on the basis of subject. The acquisition will also likely expedite Netex’s entry into international markets.
Netex has developed a search engine that generates segmented results on the basis of the search language. The company raised NIS 15 million in an offering of stocks and warrants on the Tel Aviv Stock Exchange (TASE) in June.
Published by Globes [online], Israel business news - www.globes.co.il - on December 3, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006