Soluto acquired by Asurion for $130 Million
Posted by: Jon Ben-Mayor on 10/30/2013 08:19 AM
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Israel-based startup Soluto has been acquired by device insurer Asurion in a reported 130 million deal; joining the recent success stories such as the Google acquisition of Waze this past summer.
The Tel Aviv-based company, as reported by Globes, was founded by CEO Tomer Dvir and Ishay Green who each own 10% of the company, according to Soluto develops software to help people correct problems in Windows. It won the Techcrunch Disrupt prize in May 2010.
Soluto, founded in 2008 and based in Tel Aviv, has 40 employees. Asurion, which offers technical support services and repaid for mobile phones and computers, has 10,000 employees.
"We weren’t seeking a sale of the company," says Dvir (33). "We know Asurion, and we've been partners. We found a company with similar goals and fell in love with its leading team. We've been close friends, and then they said, 'Hey guys, let's become one company.' For us, this isn't an exit in which we're selling and leaving, but a direct continuation of the company's activity and of what we've been doing until now. We've already returned to business as usual."
Soluto will continue to operate out of its offices on Rothschild Boulevard in Tel Aviv, and some of its products will keep the Soluto brand, as well as the company's free service. The company plans to expand its workforce, although Dvir cautions, "We won't hire 50 people tomorrow morning. We'll grow gradually."
TechCrunch says that, “Soluto will help Asurion extend and improve the latter part of the service, perhaps as a way also to offset some of the insurance risk around losing and replacing faulty or broken handsets.”
The Tel Aviv-based company, as reported by Globes, was founded by CEO Tomer Dvir and Ishay Green who each own 10% of the company, according to Soluto develops software to help people correct problems in Windows. It won the Techcrunch Disrupt prize in May 2010. Soluto, founded in 2008 and based in Tel Aviv, has 40 employees. Asurion, which offers technical support services and repaid for mobile phones and computers, has 10,000 employees.
"We weren’t seeking a sale of the company," says Dvir (33). "We know Asurion, and we've been partners. We found a company with similar goals and fell in love with its leading team. We've been close friends, and then they said, 'Hey guys, let's become one company.' For us, this isn't an exit in which we're selling and leaving, but a direct continuation of the company's activity and of what we've been doing until now. We've already returned to business as usual."
Soluto will continue to operate out of its offices on Rothschild Boulevard in Tel Aviv, and some of its products will keep the Soluto brand, as well as the company's free service. The company plans to expand its workforce, although Dvir cautions, "We won't hire 50 people tomorrow morning. We'll grow gradually."
TechCrunch says that, “Soluto will help Asurion extend and improve the latter part of the service, perhaps as a way also to offset some of the insurance risk around losing and replacing faulty or broken handsets.”
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