Fiverr, now worth $11.3b, buys creative talent platform

Micha Kaufman / Photo: Omer Hacohen, PR, PR

Working not Working is a freelance platform for animators, copywriters, photographers and the like.

Israeli freelance platform Fiverr International Ltd. (NYSE: FVRR) has announced the acquisition of US creative talent platform Working not Working. The company was founded in 2011 with a similar platform to Fiverr's with a focus on helping artistically talented people find work such as animators, copywriters, photographers and the like.

Fiverr says that Working Not Working works with leading brands and agencies, including Google, Netflix, and Spotify. No financial details were disclosed, meaning that the amount was not material to Fiverr, which had $295 million cash at the end of the third quarter of 2020 and raised a $460 million convertible bond in the fourth quarter at 0% interest.

On Friday, Fiverr's share price rose 6.67% to $323.10, giving a market cap of $11.346 billion. Fiverr's share price rose 730% in 2020 and is up a further 65% since the start of 2021. Fiverr cofounder and CEO Micha Kaufman took advantage of the share's rise in value by selling shares. At the end of the fourth quarter of 2020 he held 2.1 million shares compared with 2.3 million at the end of March 2020. The price at which he sold the shares was not reported but taking the average share price of $113 over that period, he would have received $22 million. After the sale Kaufman holds a 6% stake.

Published by Globes, Israel business news - en.globes.co.il - on February 14, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Micha Kaufman / Photo: Omer Hacohen, PR, PR
Micha Kaufman / Photo: Omer Hacohen, PR, PR
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