Data mining co Sagarmatha may be sold for $33m

Data mining company Sagarmatha Ltd. has signed a cooperation agreement with a third party that includes a six-month option to acquire the company for $33 million, according to notices to the TASE by shareholders TechnoPlus Ventures Ltd. (TASE:TNPV) and Polar Communications Ltd. (TASE: PLRC).

Sagarmatha CEO Noam Ron founded the company in 1999. According to IVC, the company has raised $6 million. In addition to Technoloplus and Polar Communications, investors include Valley Venture Capital and Latartech Holdings Ltd. TechnoPlus said that it will make $2 million on its 5.9% stake in the company, if it sold, and Polar Communications said that it will make $3 million on its 8% stake. TechnoPlus booked Sagarmatha at $18 million in its financial report for 2011.

High hopes were pinned on the company, as its name implies Mt. Everest in Nepalese. The company's data mining solutions provide information on consumer conduct based on various variables.

TechnoPlus's share price was unchanged at NIS 0.01 today, giving a market cap of NIS 10 million, and Polar Communications' share price fell 9.9% to NIS 0.31, giving a market cap of NIS 130 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2012

Data mining co Sagarmatha may be sold for $33m

Sagarmatha, which has raised $6 million, has signed a cooperation agreement with a third party that includes a six-month option to acquire the company.