(photo credit: Courtesy)
Jive Software Inc. of the US has acquired toolbar developer OffiSync Ltd. for $30 million, reportedly in shares. Although the acquisition is in shares, it is not bad for OffiSync, especially since Jive is planning an IPO soon.
OffiSync CEO Oudi Antebi and CTO Roy Antebi founded the company in 2008. The company develops tool bars for synchronizing documents on Microsoft Office, Google Docs and Google Apps environments.
OffiSync’s investors include Vertex Venture Capital; Seattle-based fund GTD Capital LLC, run by former VMware CEO Paul Maritz and Pelephone CEO Eyal Levy; and Trilogy Equity Partners. OffiSync raised $1m., and investors will make a tenfold return on investment.
Synchronizing between two different digital work environments is
difficult without mediation tools, which is where the importance of
OffiSync comes in. The acquisition is also important because OffiSync is
not the only player on the field. Google Inc. launched Google Cloud
Connect a few months ago to provide a similar service.
In a YouTube video in February, Oudi Antebi explained the differences
between his company’s solution and that of Google. Nonetheless, it is
hard to see how these difference add up to a company value of tens of
millions of dollars. Jive Software develops enterprise communication and
collaboration software for companies and social networks.
Jive CEO Tony Zingale replace Mercury Enterprise Software CEO Amnon
Landan in 2005 following a scandal over the backdating of options.
Zingale, who was appointed Jive CEO in February, said he had planned to
take the company public this year, when it would have $100m. in sales.
The company raised $57m. from Sequoia Capital and Kleiner Perkins
Caufield & Byers.