Babylon forgoes IPO in US
Israeli translation software provider decides to focus efforts on potential merger with software distribution firm ironSource
Israeli translation software provider Babylon
has opted out of a public offering in the United States, saying it is instead focusing efforts on a potential merger with software distribution firm ironSource.
Revenue Growth?
Israeli translation software provider signs cooperation agreement with Internet media corporation, which sees companies share in revenue from online advertising
Babylon said on Sunday it told the US Securities and Exchange Commission it was withdrawing a draft prospectus it had submitted in November 2012. It had filed for an initial public offering for up to $115 million.
"This follows company announcements that it is currently investing efforts in holding negotiations for a merger with ironSource,"
Babylon said in a statement to the Tel Aviv Stock Exchange, where it is already listed.
IronSource is an online and mobile software distributor.
In April Babylon signed a four-year cooperation agreement with Yahoo Inc in the Internet sector, including on mobile devices. In 2012 Google was the main source of revenue for Babylon.
