TriPlay buys eMusic for a reported $26m
TriPlay, an Israeli startup that lets users store and manage their music collections in the cloud, said on Tuesday it had acquired eMusic, one of the very first sites that let people download music as MP3 files. TriPlay didn’t reveal what it paid for eMusic, but the U.S. technology website TechCrunch said it was $26 million in cash and stock. TruPlay said the tie-up would be “one of the largest, most comprehensive digital music services in the world, comparable only to Apple iTunes and Amazon,” and that it would feature a music store of some 25 million songs, a music player and accessibility on more than 14 platforms via the web and apps. eMusic’s employees will stay on as employees of TriPlay eMusic and integrates both companies’ operations. eMusic was the first online music company to go public, back in 1999, but it was acquired by Vivendi two years later for $26 million and went through several changes of ownership in the years that followed. (TheMarker Staff)
Israel to offer ‘innovation’ visa for foreign entrepreneurs
The Economy Ministry has approved a plan to offer foreign entrepreneurs the first of 50 “innovation visas” that would allow them to stay in Israel for two years while they set up and build a startup company, the Calcalist financial daily reported. Unlike many countries, Israel offers no special visa category for entrepreneurs. Under the new program, which should be in place by the end of the year, entrepreneurs will work with one of 12 sponsoring companies to get their ideas off the ground and may apply for an extension if two years isn’t enough time. The Office of the Chief Scientist is expected to publish a tender for choosing the 12 companies, which will provide work space and professional support to the visiting entrepreneurs. Economy Minister Arye Dery described the innovation visa as a way to secure Israel’s status as a leading high-tech center.
Cytegic raises $3 million for cybersecurity
Cytegic, which develops organizational cybersecurity software and whose chairman is former Shin Bet security service chief Carmi Gillon, said Wednesday it had raised $3 million from what it called a “prominent” group of angel investors. The company said the proceeds, which brings its total funding since it was founded in January to $6 million, will go to opening a U.S. headquarters in New Jersey and taking on Josh Morris as vice president of sales, North America, as announced in a separate news release issued Wednesday, Cytegic’s platform analyzes an organization’s cyberrisk posture against external threats and presents risk scores that enable executives without cybersecurity expertise to make informed decisions on security. Among the angel investors in the round are Stuart Bernstein, the chairman emeritus of The Bernstein Companies and a former U.S. ambassador, and Kenneth Stein, a partner at Greenfield Stein & Senior. (TheMarker Staff)
SanDisk, Galil Software launch joint R&D center near Nazareth
SanDisk, one of the world’s largest manufacturers of flash memory software and devices, now being acquired by the hard disk drive maker Western Digital, has teamed up with Galil Software, an outsourcing company that was founded to provide work for members of Israel’s Arab community, to open a research and development center in Yafi’a, near Nazareth. “While on the continuous lookout for top technological talent, we met with Galil Software and instantly recognized that their team has the relevant capabilities we require at SanDisk,” said SanDisk’s Israel CEO Shahar Bar-Or. Galil CEO Dror Gonen said the new center would employ scores of staff, taking on new hires supplemented by current employees moved over from other projects the company has been doing. SanDisk employs about 650 people at three R&D centers in Kfar Sava, Omer and Tefen. Galil employs about 170 engineers, 90% of them Israeli Arabs and 25% of them women. (TheMarker Staff)