Tech Nation U.S. Billionaire Burch Withdraws Suit Against Powermat

Meekan tech-calendar firm raises seed money; Perion raises profit forecast after strong third quarter.

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A Powermat advertisement.
A Powermat advertisement.Credit: Bloomberg

U.S. billionaire Burch withdraws suit against Powermat
Powermat, a wireless battery-charging company, has settled a dispute with one of its first investors, retail billionaire J. Christopher Burch. Burch has withdrawn the suit after filing about a month ago against Powermat and its chief executive in the Tel Aviv District Court, alleging that the firm had not lived up to its sales projections due to poor management. Powermat countered that the suit was an attempt to take over the company. Burch’s Israeli lawyer, Amnon Shiboleth, said his client withdrew the suit because he now believed management was sound. CEO Ron Poliakine, for his part, predicted that Powermat would achieve one of the most significant breakthroughs in its history. Burch is the former husband of fashion designer Tory Burch. (Inbal Orpaz)

Meekan tech-calendar firm raises seed money
Meekan, whose technology connects online calendars, said Thursday that it had raised $870,000 in seed funding from Hong-Kong-based Horizons Ventures and private investors. The funds will be used to develop products and expand the company’s sales force. Meekan was founded last year by father-son team Lior and Eyal Yavor and product executive Matty Mariansky. Meekan’s free product helps people who schedule meetings across different time zones and organizations by choosing the best times for meetings, Lior Yavor told TechCrunch. The company plans to charge for its enterprise products geared toward small-to-midsize businesses and keep its mobile and desktop consumer products free, TechCrunch reported. Meekan has released a beta version for iOS and is working on one for Android. (TheMarker)

Perion raises profit forecast after strong third quarter
Perion Network, whose technology helps developers distribute apps and make money off them through advertising, reported higher third-quarter profit Thursday and raised its 2014 earnings projections after layoffs and other cost-cutting. Perion earned 38 cents per diluted share excluding one-time items, compared with 11 cents a share a year earlier. Revenue grew to $87.4 million from $81.6 million. The company cut about 100 jobs as part of a reorganization that included a shift from generating revenues through browser searches to non-search areas such as mobile use. It still expects revenue of $380-$400 million this year but raised its adjusted net income projection to $90-$95 million from $80-$90 million. Earlier this year, Perion slashed its estimates after Google added extra steps for users to accept Internet add-ons in its Chrome browser. This led to lower revenue and the need to seek ways to make money beyond browser searches. (Reuters)

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