Formula will pay the Apax Investment Fund approximately NIS 240 million in cash, and an additional NIS 60 m.
By ZEV STUBUpdated: APRIL 7, 2021 14:28PART OF AN electronic board displaying market data is seen at the Tel Aviv Stock Exchange in November.(photo credit: AMIR COHEN/REUTERS)
Formula Systems has acquired Zap Group, the largest group of consumer sites in Israel, for up to NIS 300 million, the companies said Wednesday.Formula will pay the Apax Investment Fund approximately NIS 240 million in cash, and an additional NIS 60 million, if the company meets its profit targets. Apax had acquired the Zap Group for about NIS 150 million in 2015.Zap Group, which currently employs about 300 people, manages more than 20 leading consumer sites from diverse content worlds with more than 17 million monthly visits, including the Zap price comparison site, Zap Yellow Pages (the largest business index in Israel) and Zap Rest.The group's websites provide small and medium-sized business owners in Israel with a broad and rich advertising platform with advanced tools to reach consumers.Zap Group will join the Formula Group portfolio, which includes three public companies - Matrix, Sapiens and Magic Software- as well as the private companies Michpel, Ofek Aerial Photography, InSync, and TSG (jointly controlled with Israel Aerospace Industries). Formula is publicly traded in New York and Tel Aviv."We are proud to join the Formula Systems group and are happy for the opportunity to continue to expand the circle of customers under Formula and our basket of advanced digital marketing and advertising solutions," said Rami Hazan, CEO of Zap Group. "I am confident that the addition of Zap Group to the Formula Group will significantly advance the strategic plan for positioning the company as the leading Marketplace in Israel, in addition to developing and promoting additional sites in new areas and expanding digital services for small and medium-sized companies and users.""The acquisition will be another step in a formula activity for providing and marketing various digital solutions to small and medium-sized companies and businesses," said Guy Bernstein, CEO of Formula Systems. "We will work to create a synergy between the activities of Zap Group and other activities in the Formula Group, in the first phase, in the Israeli market, and later we will also examine the expansion of the activity overseas. "
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