from the November 2008 issue

GlobalLogic bought by American company

GlobalLogic reportedly paid $10 million for the Israeli software developer. GlobalLogic Inc. of the US has acquired Israeli software developer InterObject Ltd. The companies did not disclose the size of the deal, since they are both private firms, but sources inform ''Globes'' that it totaled about $10 million. InterObject is headquartered in Israel and has R&D centers in Lviv and Kiev in Ukraine.

InterObject CEO Eli Schwarzfuchs and R&D manager Alex Agizim founded the company in 2000. The company develops embedded software, mobile and multimedia streaming products. It has been profitable since 2004, reportedly making $8 million a year in revenue, and has not needed outside financing. It has 250 employees at its Ukraine R&D centers, and its acquisition will turn it into the largest offshore IT services company in Ukraine.

Reprinted from the Israel High-Tech & Investment Report November 2008

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