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Unicell buying Bee Connect for mere NIS 6.5 million
By Nathan Sheva
Tags: Unicell, Bee Contact

Two years after floating at a company valuation of NIS 31 million, the U.S. mobile application service and content provider Unicell is buying the Israeli tech company Bee Contact Communications for just NIS 6.5 million.

Its controlling shareholders, Eran Pfeffer, Yitzhak Yisraeli and Adi Maaravi, are selling the company's core activity and assets, the companjy said. Unicell has agreed to pay $1.8 million, which is about NIS 6.5 million.

Bee Contact, which was founded six years ago, provides value-added services to the business market. It also develops and sells cellular content. The company's market cap has sunk to NIS 5.5 million on the Tel Aviv Stock Exchange, while its shareholders equity is NIS 4.2 million.
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Over two years Bee Contact saw 80% of its value evaporate, and it lost about NIS 6.5 mllion. The company is left with some NIS 4 million in cash and equivalents.

Bee Contact tried to drum up business by conscripting Jacob Perry as chairman, until last week. Yet even recruiting telecoms stars couldn't get Bee Contact on track. During 2007, the company lost some NIS 5.5 million on revenues of NIS 15 million. In 2006, it lost NIS 1.1 million on revenues of NIS 10.5 million.

The sale is expected to bring in a profit of NIS 3.35 million for Bee Contact. Unicell received an option also to buy Bee Contact's holdings in a subsidiary that deals with cellular Internet and which was acquired a year and a half ago. This would give the company an additional $650,000.

The chairmanship of Bee Contact changed hands more than once, with Eran Pfeffer serving as chairman in recent months. Pfeffer had been the CEO of the company for about four years prior to that and was replaced in that position by Shauli Elimelech, the former director general of NRG. As was reported, at the beginning of January Elimelech announced that he was relinquishing the post of director general because of differences of opinion with the control holders of the company.
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