Mobile advertising solutions developer Amobee Media Systems Ltd. has fired ten employees, 16% of its Israeli workforce, just days after acquiring British online advertising company RingRing Media Ltd.
Last week, Amobee acquired RingRing Media last week for an undisclosed amount, but the figure was reportedly $15-20 million. Amobee is due to close the acquisition during the first quarter, and RingRing's 20 employees will join Amobee.
Amobee CEO Zohar Levkovitz told "Globes", "Amobee is in the process of acquiring companies. As part of this process, we must adapt various activities and prevent redundancies. Our employees are wonderful people, and we regret each one who was fired, but that is part of the reality of a company that wants to succeed and to continue to grow."
Published by Globes [online], Israel business news - www.globes-online.com - on January 17, 2010
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