Fleet Management Company Lytx to Acquire Surf’s Video Division
Lytx will pay between $20 million and $30 million and the division will become its Israel R&D center
Lytx technologies are used to manage some 4,000 fleets, composed of around 1.3 million drivers, according to company statements.
Surf was founded in 1996 and develops multimedia digital signal processing technologies for telecommunication infrastructures. The company has raised $50 million to date from investors including Pitango Venture Capital, Giza Venture Capital, and Poalim Capital Markets, the investment arm of Israel's Bank Hapoalim.
Micky Barnea and Ariella Dreyfuss from BTel Aviv-based law firm Barnea Jaffa Lande & Co. represented Surf in the deal. Assaf Naveh and Mouna Totry from Israel-based law firm Meitar Liquornik Geva Leshem Tal represented Lytx.