Facebook has announced the acquisition of Israeli email messaging developer Redkix. No financial details were disclosed but sources estimate the deal at about $100 million. The company, which was founded by brothers Oudi and Roy Antebe, has developed an email platform that serves as an enterprise application streamlining an organization's email chat.
Facebook said that Redkix will become part of Workplace, its enterprise endeavor that was launched in 2015 and currently encompasses 30,000 organizations.
The Antebe brothers wrote on Redkix's website, "We are excited to announce that we have agreed to be acquired by Facebook , where we'll join the Workplace team to help connect people and give the world a place to work together. Our current application will wind down.
"When we launched our enterprise application, our vision was to build a centralized, inclusive, and modern platform for work. By embracing email as part of the solution, we set out to open up participation, eliminate silos, and connect everyone at a company. As a result, we've seen how companies thrive when people work together. Bringing people closer together is at the core of Facebook. Workplace brings this mission to enterprises to make them more connected and productive. We're aligned with their vision and excited to work with them to help companies collaborate and get work done."
This is Facebook's fifth Israeli acquisition. Facebook previously acquired Snaptu for $70 million in 2011; Face.com for $100 million in 2012, Onavo for $150 million in 2013 and Pebbles for $60 million in 2015.
At the end of last month, "Globes" reported that a senior figure in Facebook's M&A team, probably VP corporate development Amin Zoufonoun, was visiting Israel and that an acquisition could be on the cards.
Advs. Itay Frishman, Yael Nardi and Avinoam Fachler from the Meitar, Liquornik, Geva, Leshem, Tal law firm, represented Redkix in the transaction.
Facebook was represented by partners Advs. Dana Zur-Neumann, Shachar Porat and Liat Shaked-Katz, from Herzog Fox & Neeman law firm.
Published by Globes [online], Israel business news - www.globes-online.com - on July 26, 2018
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