Widebridge sues Anobit for NIS 17.2m Apple finders fee

Widebridge claims it is entitled to a 1% finder's fee for the $390 million acquisition.

Widebridge Group Ltd., controlled by managing partner Greg Wolf, has filed a NIS 17.2 million lawsuit against Anobit and investor Battery Ventures partner Scott Tobin over the company's sale to Apple Inc. (Nasdaq: AAPL) in late 2011. Widebridge contends in its statement of claim filed with the Central District Court in Petah Tikva that it is entitled to a finder's fee for the $390 million acquisition.

Widebridge claims that, in February 2011, Tobin approached Wolf to arrange a meeting with Apple VP corporate development Adrian Perica. Wolf believes that the meeting between Tobin and Perica in February 2011 was intended to lead to a strategic move that would include a transfer of money from Apple to Anobit.

Apple was familiar with Anobit, which was part of Apple's supply chain. Wolf says that on the basis of this understanding, he sent Tobin an e-mail, which stated, "In the event that there is an investment in Anobit, we will reach agreement on the finders fee." Wolf states that he demanded 1% of the acquisition price, or NIS 17.2 million.

The statement of claim goes on to state that Wolf was subsequently surprised to learn from press reports that Apple had acquired Anobit.

Anobit contends that Wolf's mediation for investment purposes should be distinguished from the acquisition deal. It also contends, "Mr. Perica stated that Apple and no interest in making the potential investment in Anobit that Mr. Tobin had discussed with Mr. Wolf", and, "Apple decided to acquire Anobit for reasons that had nothing to do with Mr. Wolf's one February 28, 2011 email to Mssrs. Tobin and Perica."

Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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