Sagi Buys Israeli Startup Adience for $20 Million

Send in e-mailSend in e-mail
Send in e-mailSend in e-mail
Teddy Sagi. About to launch his fourth IPO.Credit: Eli Markowitz

Adience, a company formed just 18 months ago and which has only 10 people on its payroll, has been acquired for $20 million by the Israeli technology investor Teddy Sagi, Sagi’s holding company said on Thursday.

The acquisition widens Sagi’s holding in the mobile applications market. Adience, which was formed in April 2013 and raised $1.6 million from investors led by Magna Venture Partners, uses sophisticated algorithms to create detailed user profiles. The profiles are used by app developers in their owbn products.

Formed by three veterans of the army’s famed 8200 unit – Sasha Medvedovsky, Eran Eidinger, and Roee Nahir – Adience will remain an independent company, Sagi said. Adience will help Sagi’s other group companies, among them Market Tech, which controls the trendy London shopping center Camden Market, to develop mobile applications.

Adience will also open offices in London and other locations while tripling its workforce.

Click the alert icon to follow topics: