Israeli Soluto Acquired for $100M
Soluto, the Israeli startup behind the product suite designed to reduce the frustration of dealing with desktops and mobiles, has been acquired by Asurion for $100M
Israeli startup Soluto, the company who develops Web and mobile apps to help users manage optimize PC and mobile performance, was acquired by US based device insurance provider Asurion. Although early reports on the deal had it at a higher price, Geektime has learned that the purchase price lies at around $100M.
Riding the wave
In an interview with Geektime, CEO Tomer Dvir said that Soluto was pleased to meet a partner that shared its values and believes in the same goals, and these were the driving forces behind the decision to open up negotiations with Asurion.
Tomer added that Soluto and many brand products on the market today will remain available to existing customers and new users alike, and will continue to grow and improve by using the tools and capabilities that are now available to it from its new American benefactor. Asurion is currently engaged in providing warranty insurance for wireless mobile devices and household electrical appliances that can include everything from treadmills to televisions sets. In addition, the company offers solutions designed to make using these devices easier – in a similar way to services offered by Soluto today for computer and smartphone users.
As part of the deal, the Soluto offices located on Rothschild Boulevard in Tel Aviv will become the Israel based development center for Asurion. While the company has offices throughout the world, this will be its first development center outside the corporate boundaries of the United States. Tomer said that Soluto is pleased to bring to Israel a new international company, one that chooses to keep Soluto at its offices and operating their products. He added that because of this union, Soluto will now be able to offer its products to hundreds of millions of users worldwide, including wireless carriers in the United States, about half of Japan’s population and more.
Soluto’s 18 million dollars invested from various VC sources, including Index Ventures, Bessemer Venture Partners, CrunchFund, Zohar Gilon and others, gave the company a multiplier of 5.5 at the time of acquisition. For small funds and private investors, that’s not a bad position to be in but at the same time, I wouldn’t call it the ‘deal of their dreams.’
Soluto was founded in 2008 by Tomer Dvir and Ishay Green, who after having left the company still continued to serve as a consultant in recent years. The company entered the public consciousness after winning first place at TechCrunch Disrupt 2010.
Currently, the company offers a number of services designed to help home users minimize their frustration with troubleshooting PCs and mobiles. The company offers private and business users the ability to have their computer or mobile dashboard controlled by a friend’s or colleague’s device, allowing them to redefine various options and install applications – without the affected device having to click through or configure anything on their side.
Recently the company introduced its new service, iOS management service, that takes the Web based model and applies it to Mobile, or rather – to the iPhone and iPad devices.