Borderfree shares up 25% in first day of Nasdaq trading
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Borderfree had a successful first day of trading on the Nasdaq exchange Friday. The U.S.-Israeli firm provides a platform enabling retailers to offer a user-friendly shopping interface to online shoppers outside the sellers’ home country. The company set an opening share price of $16 – at the top end of its expected range – yet at the end of the first day’s trading, it was up by 25%, closing at $20 and reflecting a market cap of $92 million. Founded by Israelis Yuval Tal, Ofer Komem and Miki Ishai in 1999, Borderfree is headquartered in New York and has a workforce of about 70 in Tel Aviv. It had $110.5 million in revenues last year, up 35% from the previous year. The company reported a net loss for 2013 of $700,000, following a 2012 net profit of $200,000 and a $5.7 net profit in 2011. Previously known as FiftyOne Inc., it changed its name to Borderfree after acquiring a business unit of the same name from Canada Post Corp. in 2012. Pitango Venture Capital Group is the company’s biggest shareholder with a 27% stake.
Pango and Moovit to offer joint parking/mass transit payment app
Pango, the service that offers payment for metered street parking and at some parking garages through users’ cell phones, is teaming up with the Moovit public transportation mobile navigation app to offer users the ability to pay for travel on public transportation through their mobile phones. The service will compete with HopOn, a beta version app from an Israeli startup that has already rolled out payment services for public transportation in several locations around the country. The joint Pango-Moovit venture will offer a single bill for its parking and mass transit services, as well as the ability to park at a lot and then use Moovit to get appropriate bus information to the user’s ultimate destination.
Tango instant messaging service sells stake to China’s Alibaba
Instant messaging and free calling service Tango has raised $280 million in a funding round led by Chinese Internet retailing giant Alibaba, Forbes website reported last week. The Chinese firm is investing $215 million in California-based Tango for a 20% to 25% stake, placing Tango’s total value at $1.1 billion, Forbes said. Tango is headed by founder and serial Israeli high-tech entrepreneur Uri Raz. Among other firms he established was Golden Screens – which ultimately became Teletel, the parent firm of the Walla website in its early years. He also started Shore Technologies, which was sold to Ness Technologies in 2002, and AppStream, a company acquired by Symantec for $55 million in 2008.