Intel Corp. announced today that it has acquired Israeli startup Screenovate, which has developed technology for sending data between PCs and smartphones.
No financial details about the deal were disclosed but a source told "Globes" that Intel is paying $100 million for Screenovate - a 13-fold return for investors in the company, which raised between $8 and $9 million from Intel Capital. The employees own about 33% of the company not including the three founders who will enjoy a payout worth tens of millions of dollars.
Screenovate was founded by CEO Joshua Glazer, who loaned the company $2-3 million in its formative stages - a loan since paid back. Screenovate, which was founded more than 10 years ago has 40 employees.
Screenovate has developed user-friendly technology that allows the swift transmission of content for PCs to smartphones, which has been adopted by major PC manufacturers like HP and Dell and generates revenue estimated at several million dollars annually.
The company has 14 patents registered in the field of functional integration between smartphones, PCs and tablets.
Joshua Glazer is a serial entrepreneur who has recorded other exits over the past decade including Starnet Interactive sold to IAC for $20 million and Gteko sold to Microsoft for $116 million. Screenovate's other founders are Gilad Ben-Yossef and Arnon Catalan.
Following the acquisition, Screenovate will join Intel's Client Computing Group (CCG), which is the company's PC-centric department. Intel plans continuing to develop and market Screenovate's existing products and work together with the company's team to improve the user experience on PCs.
Intel VP client engineering Jim Johnson said, "The many research studies that we have conducted have found the enormous importance of the user experience regardless of what device is being used. One of Intel's targets is to work to achieve innovative solutions that will fulfill in the most optimal way the needs of our customers, including the need for a smooth and efficient user experience on PCs and the Intel Evo platform. The acquisition of Screenovate will help us promote this aim because it complements our platform technology portfolio and provides solutions for our customers in situations of inter-action between a range of devices. We look forward to Screenovate's talented engineers joining the ranks of Intel."
Screenovate founder and CEO Dr. Joshua Glazer said, "Screenovate is a pioneer and leader in developing technology for advanced integration between end devices based on different operating systems and has strong partnerships with leading players in the industry. The opportunity to become part of Intel with its market coverage, technology power and excellent connections opens new horizons for all of us. This is excellent news for the team, for the PC market and our customers."
Published by Globes, Israel business news - en.globes.co.il - on December 6, 2021.
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