The American company Boomi, founded in 2000 and engaged in data integration, announced that it has acquired the Israeli company Rivery - a startup that developed a platform for managing, building and automating databases in medium and large companies.
Rivery employs 80 workers, who will continue to work for the company even after the exit. Details of the acquisition were not made public, but market estimates are that the purchase is worth $100 million with part of the purchase paid in Boomi shares. The acquisition reportedly comes in at a lower valuation than Rivery's last funding round and only early-stage investors are expected to see significant returns from the deal.
The company operates in the database management market and is part of the new generation of technology companies with an intuitive no-code data management approach.
The company serves data, IT and marketing organizations with over 450 clients worldwide, including Bayer, Citizen and Sodastream. It is a platform for managing end-to-end data integration processes; joining Boomi will allow Rivery to further upgrade its services.
Rivery was founded in 2019 by CEO Itamar Ben Hemo, CTO Aviv Noy, and Chief Architect Alon Reznik; All three of whom came from VISION.BI , a company that provides database engineering services primarily to the local market.
Rivery has raised $48 million in three funding rounds to date, the most recent of which, $30 million in April 2022 led by Tiger Global, which was very active in Israel during the 2020-2021 bubble years.
The biggest beneficiaries of the deal are the three entrepreneurs and dozens of employees who will rake in tens of millions of dollars, along with the early investors: the Entrée Capital and State of Mind Ventures funds, led by Avi Eyal and Nir Adler, respectively.
This is the second exit this year for these funds, after it was announced earlier this year that Scenic acquired Entrée Capital's Helios and a few weeks ago that Silverport acquired State of Mind Ventures' Rezonate.
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On October 7, 2023, Ben Hemo was in Israel on a visit, and joined his reserve unit in the Paratrooper Brigade, where he serves as a major. Three months later, on January 8, 2024, he was critically injured during an operation to rescue a wounded soldier in Gaza. He recovered and underwent rehabilitation process for three months, and in April he returned to full activity as the company's CEO.
The American buyer Boomi is a private company controlled by two private equity giants, TPG and Francisco Partners, who acquired the company from computing giant Dell in 2021 for $4 billion.
According to reports, its estimated revenue has exceeded half a billion dollars per year, and it is among the fastest-growing companies in the U.S. in its category. Its main competitor, MuleSoft, was acquired by Salesforce back in 2018 for $6.5 billion.