Sagi buys Israeli e-commerce co Stucco Media

Stucco Media employees
Stucco Media employees

Teddy Sagi's Market Tech will pay up to $34.5 million for the Tel Aviv based company.

Israeli billionaire Teddy Sagi has acquired Israeli e-commerce platform Stucco Media for $34.5 million. Market Tech Holdings Ltd. (AIM: MKT) will make an initial payment of $12.8 million cash and $13 million shares with further milestone payments of up to $8.5 million.

Market Tech owns and manages London's famous Camden Market, and this latest acquisition is part of his proven successful strategy of buying Israeli technology to make market trading more technology oriented and more user friendly.

Tel Aviv based Stucco Media was founded in 2012 by Guy Weiss (25) and Itay Itzhaki (27) shortly after they left the IDF Intelligence Corps.

The company's technology aids online merchants in promoting millions of long-tail products efficiently, driven by data and positive ROI. Stucco Media's cloud based platform fully automates the otherwise exhausting online advertising process. The engine sits on top of merchant's inventory, selects the products to advertise, and generates unique, campaigns for individual products and dictates the best placement for each ad.

With 14 employees, Stucco Media has not raised any money and has been completely financed from its own sources. The two founders own 44.2% of equity.

Market Tech CEO Charles Butler said, "This is an extremely exciting acquisition for Market Tech. StuccoMedia's e-commerce technology will form the centrepiece of our transition to a fully integrated online/offline retail offering. Following the acquisition of Glispa in March this year we will now be able to leverage our real estate and e-commerce assets to provide a truly global online marketplace coupled with physical retail and leisure assets."

Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Stucco Media employees
Stucco Media employees
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