The sale includes Israel Commerce Community’s B2B software products and online purchasing system.
Yael Software and Systems today announced it had acquired Israel Commerce Community’s (ICC) assets for cash and royalties on future sales. ICC is a subsidiary Elron (Nasdaq: ELRN; TASE:ELRN) subsidiary Elbit. The parties declined to state the price, but industry sources estimated it at $1 million. Sources inform “Globes” that ICC shareholders had invested $6 million in the company in the past two years.
The deal will probably be closed in a few weeks. The sale includes ICC’s B2B software products and online purchasing systems. ICC is presently carrying out two large B2B projects in Israel for the Ministries of Defense and Health.
Yael Software and Systems managing director Nati Avrahami said the acquisition was based on the assumption of renewed interest in B2B. ICC has 20 employees and will be merged with Yael Software’s B2B activities.
Yael Software announced yesterday that the company would be restructuring into four divisions: organization and finance; sales and marketing; projects and products; and professional services. The company has 350 employees.
Published by Globes [online] - www.globes.co.il - on February 11, 2003