Jerusalem – US retailer Sears Holdings Corporation has acquired Israeli start-up Delver Ltd., which was on the verge of closing down after failing to raise additional $6 million in capital. The size of the deal was not disclosed, but it was probably not large, after Delver’s failed financing attempt.
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Delver co-founder and CEO Liad Agmon will move to the US and become a VP at Sears. Delver’s employees will continue to work in Israel and the company will operate as a Sears’ development center. Delver will continue development of its search engine that improves the relevancy of web search results by prioritizing these results based upon the searcher’s social network, as well as new products.
The customized search platform developer will operate as Sears’ development center in Israel.
The acquisition fits in with Sears’ policy to get into online services. As part of the retailer’s restructuring in early 2008, it reoragnized into five relatively independent units: operating businesses, support, brands, e-commerce, and real estate. Sears chairman Edward Lampert is the owner of hedge fund ESL Investments Inc., which controls the company.
Maybe it just wasnt as good as they thought? I used it a little and it was NOTHING like google, yahoo, etc.
This is a win – win in this economy ! The company was going to shut down and throw how many Yidden into unemployment for how long. Instead HKBH said he would grant them hatzlucha and they were acquired by a resurgent Sears. Remember Sears owns Lands End clothing and Kmart retail stores. They will be kept busy for years and learn US retailing. Then Israel can grow to be the technical backbone of major US retailers. I say this may be very good for growth of tech jobs in Israel. May HKBH grow this sector !!!