Online - Tuesday, March 14, 2006
Israeli Online Dictionary/Translation Tool Co. To IPO
The Israeli digital dictionary, translation software and currency and conversion tool seller Babylon is said to be looking to a micro-IPO that would raise $20M, although it is not expected to get underway before the end of 2006.
The company sells its dictionary/translation download starting at $50 a pop. We have to say it's a great product for those trying to understand foreign languages.
Babylon has estimated annual revenue of $10M, and has raised $16M. Its principal shareholders are Reed Elsevier Ventures, Formula Vision Technologies (TASE: FVT); The Monitin Group and company founder Amnon Ovadia.
Read - Babylon meets banks on possible $20m Nasdaq IPO (Globes) http://www.globes.co.il/serveen/globes/docview.asp?did=1000069575
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