Post acquisition, StuccoMedia is expected to lead the e-commerce R&D activity of Camden Market, also owned by billionaire Teddy Sagi
Teddy Sagi, the Israeli billionaire who co-owns real estate group Market Tech, has acquired Tel Aviv-based e-commerce marketing platform StuccoMedia for US$43 million.
The first tranche (slice) of the amount US$34.5 million will be transferred soon and the rest will be transferred within a year. Post acquisition, StuccoMedia is expected to lead the e-commerce R&D activity of Camden Market, also owned by Sagi.
The current acquisition is part of Sagi’s big plan to change the e-commerce scene in Camden Market to become more technologically-advanced and user-friendly. StuccoMedia will continue to operate from Tel Aviv and recruit more employees as it grows.
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StuccoMedia was founded in 2012 by Guy Weiss and Itay Itzhaki, both in their 20s and graduates of Israel Defense Force’s top technology unit.
StuccoMedia has developed a cloud e-commerce technology that is based on machine learning algorithms and statistical learning. It can route vast quantities of information in real-time based on Big Data technologies, thus maximising the sales and transactions performed by clients while minimising redundant expenses. The technology enables the marketing of hundreds of millions of ‘long tail’ products (non-mainstream products that are the majority of the products sold online) in every market or online store.
The startup has enjoyed years of substantial growth and a sales rate of over US$100 million, especially in the US market. It employs 14 people.
“We are happy to join Market Tech. We have chosen that option because we believe in their vision. We see the combination of StuccoMedia in Market Tech’s e-commerce division as very successful,” said Guy Weiss and Itay Itzhaki in a joint statement.
The post Israeli billionaire buys e-com startup StuccoMedia for US$43M first appeared on GeekTime
The post Israeli billionaire buys e-com startup StuccoMedia for US$43M appeared first on e27.