15th November 201829 Jan 2019 23:41
Matomy Completes its Strategic Transition
Matomy sells Mobfox to Tightline Holdings Limited, and completes its strategic
process
to focus on its highly profitable domain monetization activity
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) today announced that it signed an
agreement to sell in-app advertising platform Mobfox to Tightline Holdings Limited, part of the
Teddy Sagi group, for a total consideration of $7.5M in cash.
Matomy can now fully concentrate efforts and resources on Team Internet activity. Team
Internet is a global market leader in domain monetization with over 48 million parked domains.
Having exhibited consistently strong performance and profitability since its inception, Team
Internet earned over 8 million dollars in EBITDA in the first half of 2018 alone.
Today’s transaction reflects a significant step in the execution of Matomy’s strategy, under Liam
Galin’s leadership, to focus on activities with strong competitive advantage.
This sale will further reduce operational costs, significantly cut corporate overhead, raise
profitability, and in turn, should create higher value for Matomy’s stakeholders. These savings
are expected to take effect following a short transition period and will be evident in Matomy’s
2019 financial reports.
We at Matomy, believe that Mobfox activities combined with identified synergies will
contribute to Teddy Sagi’s digital advertising and e-commerce activities
Liam Galin, President and CEO of Matomy said: "Today we completed our strategic plan for
Matomy. As we communicated since I joined Matomy earlier this year, we have been focused
on activities that generate high return in order to build value for our stakeholders".
This strategic move simplifies the Matomy message and significantly raises the long-term
growth and value potential of the business.”