German enterprise software giant SAP recently completed the acquisition of Israeli company Virtual Locality for $500,000.
Sources inform "Globes" that the price for German enterprise software giant SAP’s (NYSE, LSE: SAP; XETRA: SAPG) acquisition of Israeli start-up A2i in July 2004 was $20 million in cash, not $10 million as reported at the time.
In recent weeks, SAP made its seventh acquisition in Israel, paying $500,000 for start-up Virtual Locality. Virtual Locality developed a wide area network (WAN) acceleration algorithm for enterprises, which makes it possible to transmit information quickly between two remote sites. Research company IVC Online says that Virtual Locality, founded by CEO Gadi Dror, received financing from the Targetech Innovation Center incubator, which is supported by the Chief Scientist of the Ministry of Industry, Trade, and Labor.
Published by Globes [online] - www.globes.co.il - on February 8, 2005