Online translation company Babylon Ltd. (TASE:BBYL) has lost another partner. APN LLC (Ask.com) will not renew its contract with the company. The three-month agreement signed in mid-September, will not be extended for another term, and will expire on December 14.
Babylon said that it will provide users alternative service from the expiration date. It added, "Because the agreement will not be renewed after three months of operation, the effect of the non-renewal of the agreement will not have a material effect on the company's income."
Babylon continued, "Babylon has chosen to focus on deepening its cooperation with Yahoo, installing a range of additional monetization solutions, and it expanding the solutions provided to business customers."
In October, Babylon suffered a grievous blow when Google Inc. (GOOG) notified the company that it would not renew its cooperation agreement, which was responsible for a third of Babylon's revenue. Although Yahoo! agreed to continue its agreement with Babylon, after the latter fixed problems in its product, Babylon's share price collapsed, and its planned merger with ironSource Ltd. was called off.
Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2013
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