Congratulations to entrepreneurs Ziv Elul and Ofer Yehudai. For the second time in 5 years, these friends are making a second exit together. This time with a company
Faber
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The Israeli that reached an agreement obligates with Digital Turbine (APPS) to acquire 100% of the company for mobile video advertising solutions for $ 600 million, of which $ 150 million in cash, $ 400 million in APPS shares and an additional 50 million for meeting performance targets.
The acquisition comes after a record year for Fyber, in light of the corona crisis that miraculously lifted most of the technology sector. The company ended 2020 with revenue of $ 257 million, representing a 76% growth over 2019. The Adjusted EBITDA of approximately $ 6 million made the year profitable in the company’s history.
Last week, the company updated the stock market whose performance in January and February exceeded its forecasts, with revenues of about $ 65 million, an increase of 160% compared to the same period last year and Adjusted EBITDA of about $ 6 million, equal to the amount the company reported for Every year 2020. The closing of the transaction is subject to accepted approvals and is expected to close during the second quarter of the year, with the support of members of Faber’s management and its board of directors.
For Fyber CEO Ziv Elul and the company’s president, Ofer Yehudai, this is the second exit in five years. In Israel.
Under Faber, the company’s Israeli staff more than doubled, reaching more than 100 employees out of about 250 Faber employs across 7 offices. In June 2017, Elul and Yehudai were appointed to the positions of CEO and President of Fyber (respectively) by the shareholders of Fyber, replacing the original founders of the acquiring company. Lost about $ 18 million a year.
Over the past 3 and a half years, Elul and Yehudai have led a merger between the 4 companies in the group, which included merging and renewing the various technologies, creating a global and efficient organizational structure, relaunching the Fyber brand and redefining the company’s strategy.
For Digital Turbine, this is the third, and largest acquisition, in the last 30 days. After acquiring AdColony in late February for $ 400 million, and Israeli Appreciate for $ 26 million in early March.
Moreover, this is the third acquisition of an Israeli company (or a company with a significant base in Israel) by Digital Turbine. The company employs 40 people in Herzliya Pituach as a result of its acquisition of the Israeli Logia Group in 2012. Along with the acquisition of Faber, Digital Turbine has a significant and growing presence in Israel.
For Fyber, the acquisition was an opportunity to create a fast track to NASDAQ by joining forces with a leading, profitable and growing company that brings unique technology to the table. “It was looking for the right path to move the company from the Frankfurt Stock Exchange where it is currently traded to Nasdaq where many of its companies and competitors from the high – tech industry are currently trading, or plan to enter trading soon,” the company said in a statement.
Ziv Elul, CEO of Fyber said that “the company has undergone incredible growth and has become a key partner in the monetization of leading advertisers over the past year. Our focus on the gaming world, and our adherence to a straightforward approach and transparency integrate with Digital Turbine’s vision and existing market needs. Therefore, we are excited to join Digital Turbine in pursuit of the shared vision. ”
The merger enables Fyber to benefit from the unique digital turbine technology, and access to synergies with other recent acquisitions: AdColony and Appreciate. These will allow us to continue our exponential growth and offer a growing, unique and profitable platform. “Most importantly, we will continue to encourage the integration of organizational cultures, and similar approaches that will lead to an even higher quality result.”
Bill Stone, CEO of Digital Turbine: “Faber has presented impressive growth figures in recent quarters thanks to its comprehensive monetization, which has become a leading partner in the global gaming world. We are committed to continuous investment in the Fiber product range, to expanding its partner network, and to supporting new opportunities that will lead to growth as a result of synergies with Digital Turbine, its customers and partners. ”