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Lanir. Big business

Noam Lanir buys into Babylon

Israeli businessman announces purchase of controlling interests in translation software company for a reported $10.5 million. Lanir to share management with second majority shareholder Reed Elsevier

Noam Lanir, former chairman of Empire Online, announced Friday he was buying 38% of the popular translation software company Babylon, for a reported $10.5 million.


Lanir, who heads a privately owned investment group, bought out Formula Vision's 21.2% and Fishman-Monitin group's 16.8% in Babylon.


According to market analysis, Formula Vision and Monitin invested some $8 million in Babylon over the years, so they – in fact – lost on their initial investment.


Lanir now hold the controlling interest of Babylon, along with the European Reed Elsevier, which holds 23.2%.


Babylon's market value in the Tel Aviv Stock Exchange currently stands on $30.96 million, but the stock does not enjoy the investors' faith: Since its IPO (Initial Public Offering) in February of 2007, the stock has been seeing a negative trend, declining some 22% in trade.


פרסום ראשון: 12.08.07, 21:02
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