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E-business co Plimus sold for $115m

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Saturday, August 27th, 2011

As reported in IVC: This is the first Israeli acquisition by Boston-based private equity fund Great Hill Partners.

US-Israeli e-business company Plimus Inc. has been acquired by Boston-based private equity fund Great Hill Partners for $115 million, its first investment in Israel.

Two months ago, Plimus Israel CEO Eldad Ben Tora told “Globes”, “We expect major financial events at the company.” He said that the focus was not on an exit, but behind the scenes there were talks with Great Hill Partners, which has a portfolio worth $2.5 billion, including several online payment and e-commerce companies.

Plimus was founded in 2001 by Tomer Herzog and Danny Kleinberg, who are no longer with the company. The company’s e-commerce and payment clearance platform is designed for companies that sell digital products, such as software, games, and content. Its CEO is Eldad Ben-Tora.

Plimus posted a net profit of $20 million in $200 million revenue in 2010, 40% growth over 2009. According to IVC, the company will report $280 million in sales in 2011. The company was financed from equity until 2008, when it raised $18 million from Susquehanna Growth Equity.