After more than 13 years of activity, Israeli start up Trivnet's time has come to change hands.
The company recently concluded negotiations with an international company which is to buy it for $30-40 million. An official announcement is expected in the next few weeks. It is believed that the acquiring company is French digital security company Gemalto (Euronext: GTO).
According to IVC, Trivnet has raised $45 million over the years, from a large number of investors, headed by Magma Venture Partners, StageOne, STAR Ventures, and the venture capital arm of Amdocs Ltd. (NYSE: DOX).
Trivnet was founded in 1997 by Amir Galili, Saar Wilf, and Guy Ruvio. It develops technology for Mobile Financial Services. Through Trivnet's system, communications providers can offer their subscribers financial services.
The company has changed its solutions and strategic models as it has undergone various incarnations. For the past two-and-a-half years it has been managed by Amit Mattatia.
In recent years, Trivnet has formed several impressive collaborations, including with Amdocs, which invested in the company, and with Telefonica, which introduced it into Spain and Latin America.
According to IVC, Trivnet had sales of $5 million in 2009, and it employs 60 people.
Mattatia confirmed that there had been talks on the sale of the company, and said, "This is a move that will expand the company's activity to new markets and new fields."
Published by Globes [online], Israel business news - www.globes-online.com - on July 22, 2010
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