FILED UNDER SOMETHINGISRAELI >> Technology
Microsoft is to acquire the Ra'anana-based startup Gteko Ltd. Ynet has learned that the software giant will pay $110 million for the acquisition of the Israeli company.
Gteko, founded in 1992, is headquartered in Ra'anana, with offices in New York and Tokyo. Its most recent round of funding included investments from Pitango and Intel Capital, among others. Gteko manufactures ease-of-use networking and support software for the digital home.
“Our companies have many complementary strengths and a closely aligned vision for delivering leading PC problem-solving solutions to customers directly and with our partners,” said Dr. Joshua Glazer, chief executive officer of Gteko. “Together, Microsoft and Gteko have exceptionally deep technology expertise to offer this market,” He added
The acquisition of Gteko is part of Microsoft's strategic decision to turn Microsoft Israel into a research and development center for the international firm. Moshe Lichtman, one of the company's senior executives, will oversee the R&D operations in the country.
“By the end of the decade, Microsoft will significantly expand its operations in the consumer sector, to which end advanced support solutions are required. Gteko’s leadership in providing simple solutions to a wide range of PC problems made this a particularly attractive opportunity for Microsoft,” said Lichtman, president of MS Israel R&D Center.
"Joining forces with Gteko is yet another building block in the expansion of our technological operations in Israel and it will help enhance our efforts to work together with other elements in the industry to help provide a superior PC experience for our customers,” he stated.
Reproduced with permission: Ynet