Translation software developer, Babylon, is considering a TASE IPO. The company, which has developed one of the leading translation programs in the world, may raise $10 million at a company value of $40 million in the coming weeks. As was previously reported in "Globes", the company met with investment bankers in Israel and overseas to examine the feasibility of raising funds on capital markets.
Babylon was founded in 1997. In May the company launched the sixth version of its program, in which it provides translation into 17 languages, as well as of entire sentences and professional terms. Additionally, the program also provides translation of new terms, access to the Encyclopedia Britannica (for a fee) and to Wikipedia (the free internet Encyclopedia).
Babylon is owned by Formula Vision (25%), the investment arm of Reed Elsevier Publishers (28%), Fishman Group's Monitin Publishers, (owners of ''Globes''), RAD Data Communications chairman Zohar Zisapel (5%), and additional shareholders (14%). Babylon employs 75 people. Dubik Peer is the CEO since early 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on December 10, 2006
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