Nokia acquires Israeli API co Rapid

Iddo Gino credit: Eyal Izhar
Iddo Gino credit: Eyal Izhar

Valued at $1 billion two years ago, the company is mainly being bought for its $150 million in cash and less for its API platform.

Nokia has acquired Israeli company Rapid (formerly known as RapidAPI), "TechCrunch" reports. Rapid has raised $272 million since it was founded and two years ago had a valuation of $1 billion. But since then the company, which developed an API Hub to help developers create and collaborate on APIs, reached an impasse with its platform, and fired 82% of its employees including its founder and CEO Iddo Gino, once considered the wonder-kid of Israeli tech. It has now sold its assets to Nokia for an undisclosed sum.

Technology industry sources believe the company was sold with cash fund left over from the previous fundraising round in 2022 worth an estimated $150 million. In this way, it seems that the existing investors in the company, the main one of which is SoftBank, will recoup part of their investment in the company. Other investors include Israeli funds Viola and Qumra, Andreessen Horowitz, Green Bay, DNS Capital and M12. Dov Moran's Grove Fund sold its stake in the company several years ago.

With the upheaval that the company underwent in 2023, through the involvement of SoftBank, the largest investor in the company, the Israeli management was replaced by a mostly American team, led by CEO Marc Friend, who fired over 150 employees in the company, leaving about 40 employees.

Rapid has established a digital market for interfaces between programs (API), a specialization that Nokia wants to take to its customers from the cellular and communication operations, in order to help them connect with a greater number of application developers.

Published by Globes, Israel business news - en.globes.co.il - on November 14, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Iddo Gino credit: Eyal Izhar
Iddo Gino credit: Eyal Izhar
Dina Ben Tal Ganancia  credit: Guy Kushi & Yariv Fein El Al stock still rising despite return of foreign airlines

The Israeli carrier's share price has risen 35% since the start of the year and some analysts predict further gains.

NIS 200 bills credit: Tali Bogdanovsky Reduction in cash holdings after NIS 200 bill abolishment talk

Since September 2024 there has been a dramatic decline in the number of NIS 200 bills held by the public relative to the number of NIS 100 bills, according to Bank of Israel data.

Intel plant in Kiryat Gat credit:  Intel Intel Israel fate unclear amid sale talks with TSMC, Broadcom

"Globes" considers the options for Intel Israel's 9,500 employees if the ailing chip giant is broken up and sold.

Teva CEO Richard Francis credit: Elad Malka Teva CEO responds to 25% share price fall

Richard Francis said that the question is no longer whether Teva will survive but whether it can grow more.

Holon employment bureau credit: Eyal Izhar Unemployment in Israel fell in January

The unemployment rate in Israel fell to 2.6% in January 2025, after seasonal adjustment, from 2.7% in December 2024, the Central Bureau of Statistics reports.

Dizengoff Center credit: Guy Hamoy Israel's economy grew 1% in 2024, above expectations

This figure reflects negative GDP per capita growth of 0.3%, because of population growth last year, the Central Bureau of Statistics reports.

Shalev Hulio and Sebastian Kutz credit: Pini Siluk and Dominic Butzmann Israeli co Dream Security raises $100m at $1.1b valuation

The company, which protects national infrastructures, was founded by former spyware company NSO Group CEO Shalev Hulio, former Austrian Chancellor Sebastian Kurz and Gil Dolev.

CyberArk CEO Matt Cohen and founder and executive chairman  Ehud Mokady  credit: PR $20b CyberArk becomes Israel's second most valuable co

The cybersecurity company's share price has almost tripled in value in the past three years.

Israel Tax Authority Head Shay Aharonovich credit: Yossi Zamir Israel Tax Authority set to publish voluntary disclosure plan

The latest procedure, delayed for over a year, will not include an anonymous track but will have a fast track for unreported cryptocurrency assets.

Tel Aviv credit: Shutterstock Meitav sees Israel housing prices falling

More Israeli households are expected to prefer renting a home rather than buying their own apartment and the consequences will be negative, Meitav investment house chief economist Alex Zabezhinsky predicts.

Sasha Troufanov credit: IDF Spokesperson Amazon CEO welcomes release of employee Sasha Troufanov

Andy Jassy said that Amazon has not commented publicly on the hostages for fear that it would negatively impact their ability to be released, or how they were treated in captivity.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Ra'anana, Netanya, Mazkeret Batya, Maalot-Tarshisha and Beersheva.

MK 84 bombs credit: Reuters IMAGO US shipment of MK-84 900 kilogram bombs arrives in Israel

One of the first steps taken by US President Donald Trump was to release the heavy deep-penetration bombs, which former President Joe Biden had halted the supply of.

Inflation credit: Tali Bogdanovsky January CPI reading lifts inflation, housing prices rise

In the twelve months to the end of January 2024, inflation has risen to 3.8%, the Central Bureau of Statistics reports.

Credit Card payment terminal credit: Seika Chujo Shutterstock Cyberattack again disrupts Israel's credit card payments

Check Point chief of staff Gil Messing: "These are the capabilities of a state actor. This does not necessarily mean Iran, but in the past Iranian entities have been behind such attacks.

CyberArk offices credit: Eyal Izhar CyberArk buys US co Zilla Security, reports strong Q4

CyberArk, which will pay $165 million for the US identity governance and administration company, has surpassed Teva to become Israel's second most valuable company.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018