onebyone
SENIOR MEMBER
- Joined
- Jul 2, 2014
- Messages
- 7,550
- Reaction score
- -6
- Country
- Location
TechCrunch understands that the deal has been agreed in principle but it has not been completed yet. Israeli media reported that a full acquisition is on the cards, however our sources said that this is incorrect since Alibaba is only acquiring select tech assets. We have not been able to determine the price of the transaction. The deal would represent Alibaba's first (partial) acquisition in Israel.
The transaction is likely to lead to Visualead and its product closing down.
Visualead representatives and its CEO Nevo Alva did not immediately respond to requests for comment. Alibaba declined to comment.
Visualead QR codes
Visualead had raised more than $2.4 million from backers -- Alibaba's investment was undisclosed -- and it claimed its technology, which was available in free and paid-for packages, had been used by more than 500,000 companies across 200-plus countries.
Alibaba's DAMO Academy is designws to help the Chinese e-commerce giant expand its reach to two billion consumers globally and "increase technological collaboration worldwide." The huge scale project is aimed at hiring 100 academic researchers and creating 100 million jobs across its marketplace services worldwide, although the latter is mostly for independent e-commerce sellers.
The academy currently has an HQ in Hangzhou -- the home of Alibaba's central office -- and there are plans to open labs in six more cities across the world: Beijing, San Mateo and Bellevue in the U.S., Moscow, Singapore as well as Tel Aviv via this deal.
The transaction is likely to lead to Visualead and its product closing down.
Visualead representatives and its CEO Nevo Alva did not immediately respond to requests for comment. Alibaba declined to comment.
Visualead QR codes
Visualead had raised more than $2.4 million from backers -- Alibaba's investment was undisclosed -- and it claimed its technology, which was available in free and paid-for packages, had been used by more than 500,000 companies across 200-plus countries.
Alibaba's DAMO Academy is designws to help the Chinese e-commerce giant expand its reach to two billion consumers globally and "increase technological collaboration worldwide." The huge scale project is aimed at hiring 100 academic researchers and creating 100 million jobs across its marketplace services worldwide, although the latter is mostly for independent e-commerce sellers.
The academy currently has an HQ in Hangzhou -- the home of Alibaba's central office -- and there are plans to open labs in six more cities across the world: Beijing, San Mateo and Bellevue in the U.S., Moscow, Singapore as well as Tel Aviv via this deal.
- This article originally appeared on TechCrunch.
