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Magic acquires adtech platform Appush for $25 million

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Magic acquires adtech platform Appush for $25 million

Appush, which employs only 10 people, has developed a platform connecting advertisers with mobile gaming publishers, operating in a market similar to that of ironSource

Sophie Shulman | 21:45  03.08.2022

Israeli software pioneer Magic Software Enterprises is acquiring local startup Appush (foremly Vidstart) for $25 million, Calcalist has learned. Appush was founded in 2015 by Rotem Gindi and Maor Sason. The two still hold 80% of the company’s shares, so are expected to receive around $10 million each.

Rotem Gindi. Photo: Courtesy Rotem Gindi. Photo: Courtesy Rotem Gindi. Photo: Courtesy

Appush has developed a platform connecting advertisers with mobile gaming publishers, operating in a market similar to that of ironSource. Appush never raised funds from venture capital firms and was self-sufficient from an early stage after quickly reaching profitability. The company currently has annual revenue of around NIS 50 million (approximately $15 million) after growing by 200% over the past three years. Nevertheless, it currently employs just 10 people in its Tel Aviv office.

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Gindi and Sason will remain with Magic following the acquisition, with Appush to become a division within the veteran company. Magic, of the Formula Group, is publicly traded on Wall Street and Tel Aviv and has a market cap of around $1 billion. Avihai Michaeli, who consults startup's in M&A and growth investment banking, accompanied the deal.

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