The acquisition was made for $8 million in cash and shares.
Babylon Ltd. (TASE:BBYL) today announced the acquisition of 100% of Woolik Ltd. for $8 million in cash and shares. Woolik develops online search solutions that personalize the user's browser, adding value to search page users, and enhancing the user experience. Woolik's solutions are synergetic with Babylon's business and should help it retain its customer base and expand it, while helping improve the company's performance.
Under the deal, among other things, Woolik's employees will be eligible for rights to Babylon shares.
Last Thursday, Babylon announced, "After a review of procedures carried out by Google in recent months, the company received a letter confirming that no additional activity is necessary to correct faults found and to meet the provisions of the agreement between the companies."
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2013
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