Matomy Unloads Mobile Advertising Operator MobFox
Tightline Holdings, which is owned by Israel-born businessman Teddy Sagi, buys MobFox for $7.5 million
Tel Aviv-based, London-listed digital marketing company Matomy Media Group Ltd. has sold one of its main assets, European mobile advertising platform operator Mobfox Media Advertising GmbH, to Tightline Holdings Ltd. for $7.5 million, the company announced last week. Matomy bought MobFox in 2014 for $17.6 million, according to Pitchbook data.
Tightline Holdings is owned by Israel-born businessman Teddy Sagi.
Established in 2007, Matomy offers customized and data-driven advertising services across mobile, video, domain, and email.
Matomy's convertible bonds, which are traded on the Tel Aviv Stock Exchange, reached a high yield of 17%, and the company's shares had gone down 75% on the London exchange since the beginning of the year.
In July 2017, Matomy announced the sale of its non-core businesses to Amsterdam-based mobile marketing company Creative Clicks Media Group BV for $11 million.
Over the past two years, Matomy let go a significant part of its employees in an effort to reorganize. From some 400 employees in early 2017, today, the company employs around 130 people.
Following MobFox’s sale, Matomy will say let go 80 more employees.
In January, Matomy appointed Liam Galin as CEO, replacing Sagi Niri who stepped into the position less than a year before.
In a statement, Matomy said the decision to sell MobFox is part of an effort to drop nonprofitable business and concentrate its efforts on Team Internet.