In partnership with WhiteSmoke, the app can correct and improve English.
Following a 75% jump in Apply Advanced Mobile Technologies, Ltd. (TASE:APLY) share price from the beginning of the month, which brought the company’s market cap to $57 million, the company controlled by Noam Lanir, announced yesterday its plan to soon launch an app. The app “is a multi-lingual smartphone keypad, which includes, among other things, advanced technology to correct and improve English-language typing.”
The app was developed through a joint venture with Internet company WhiteSmoke Software Ltd. (TASE: WSMK), whose stock also traded up sharply over the past two days, and today increased in value by 25%.
The app focuses on the world of sports, and is expected to be “branded with various sports-club and international logos of companies with whom the company signed partnership agreements, or with whom the company is in talks to establish partnerships.”
It appears that users of the app will be able to enjoy a workspace with the branding of one of their favorite brands. Under the agreements, the two companies added, the aim is to “create various monetization options, including revenue sharing.” At this stage, both companies noted that they do not have the ability to “estimate the commercial success of the app or the revenue that will be generated from its distribution, or the partnerships.”
WhiteSmoke deals in development and sales of writing programs, and in online marketing and advertising. The company is controlled by Evolution Venture Capital, whose board members include Ram Vromen and Itai Horstock. Among WhiteSmoke’s shareholders are Yair Goldfinger (8.3%), Danny Tocatly (6.8%), and Yariv Gilat (4.7%).
The company, which before today’s jump had a market cap of $18.5 million, recorded a 4% drop in revenue in the first half of 2014, and its profit dropped by 35% to $ 857, 000.
Apply deals in the development of marketing channels and distribution of mobile apps. A group of investors led by Lanir bought control of the company in 2013. Lanir is also the controlling shareholder of Babylon Ltd. (TASE:BBYL), an advanced online marketing and advertising company.
Compared with Babylon, which generates handsome revenue and profit from its activity, Apply has not yet recorded impressive results. In its report for the first half of 2014, the company recorded revenue of $1.o5 million, and a loss of $1.34 million.
Published by Globes [online], Israel business news – www.globes-online.com