YAHOO Acquires Israeli Foxytunes
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| Search engine makes 2nd investment in Israel in the last two months |
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16.03.08, 11:49
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Financial News
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Yahoo has bought Israel-based FoxyTunes, a browser plug-in for Mozilla Firefox and Internet Explorer that enables users to search for music and lyrics online, and to control their media player from within the browser. The purchase amount was estimated at $30-40 million, providing 1000% return to its original investors.
This is part of a larger move that Yahoo is making regarding its music properties. It is Yahoo's second investment in Israel in the last few months after acquiring Walla! the first Israeli internet portal, in December 2007, and using it as a basis for the a new Yahoo R&D Center in Israel.
FoxyTunes, founded in 2005, developed an application that adds a browser toolbar which enables users to perform media-player operations such as volume control, jump forward, back or stop.
Source: Invest in Israel
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