On Monday, Israeli-based SimilarWeb, a digital measurement company has acquired another Israeli-based startup Swayy, a platform for content curation for amount reported to be around $5 million.
Founded in 2013, Swayy helps in discovering the brands and sharing user-generated content through social media. The startup had been backed up by Elevator Fund, Star FarmVentures and RSL. . Further to the acquisition, Swayy’s employees along with the company’s founders Ohad Frankfurt, Oz Katz, Shlomi Babluki and Lior Degani, will join SimilarWeb and the Swayy app will be shutdown.
Founder and CEO of SimilarWeb Or Offer said the company’s growth can be well understood by looking at the increase in the number of employees from 70 to 200 in one year. In the press release he said, “The Swayy team are super talented and we have been tracking their progress for a while. When the opportunity came to bring them into the SimilarWeb fold we didn’t hesitate for a second. We have great ambitions at SimilarWeb, having grown from 70 to close to 200 employees over the last 12 months. The Swayy team will help us improve the quality and depth of our products right from the start.”
The terms of the deal have not been disclosed. SimilarWeb’s main aim of acquisition is to acquire the team talent and expertise to develop its own content recognition algorithms. SimilarWeb plans to recruit more than 100 employees by the end of 2016.
The negotiation for the acquisition began around a year ago, but the talks closed only recently.