They are investing $5 million in the project. Art-In will provide founding and support services for $3 million.
Art-In Technologies announced today that its fully-owned Dutch subsidiary, 4Sale E-commerce Holding, signed a deal with Italian Banca 121 to establish a joint Italian e-commerce company called 4Sale Italia.
The parties agreed to invest $5 million in the new company. Once established, the Italian bank will invest $2.9 million, plus an additional $1 million during its first year of operation. 4Sale E-commerce Holding will invest $1.1 million in the form of technology transfer to 4Sale Italia.
Under the agreement, Banca 121 will own 78% of 4Sale Italia’s equity, 4Sale E-commerce Holding will own 16%, and the remainder will be transferred to third parties.
Following the agreement on the joint venture, Art-In signed a contract with 4Sale Italia to provide founding, support and updating services for $3 million over three years.
Published by Israel's Business Arena on 5 March 2001