Israel's Babylon in four-year Internet deal with Yahoo
TEL AVIV (Reuters) - Israeli translation software provider Babylon has signed a four-year cooperation agreement with Yahoo Inc in the Internet sector, including on mobile devices.
According to the agreement, which can be extended beyond four years, the two companies will share in revenue from Internet advertising, Babylon said in a statement on Tuesday.
"Babylon's management estimates this agreement will have a substantial contribution to the company. At this stage management cannot assess the amount of this contribution," the statement said. A spokeswoman for the company declined to provide further details on the deal.
In 2012 Google was the main source of revenue for Babylon.
The company has said it expects strong revenue growth this year thanks to increased advertising income on the back of its plan to offer its latest product free of charge.
Babylon, which provides translation of words, phrases, documents and web pages in 77 languages, said 94 percent of its revenue comes from advertising.
Among the company's mobile applications is Babylon Touch, which allows users to point a camera at signs or menus and receive instant translations.
In November, Babylon filed for an initial public offering on Nasdaq, with the aim of raising up to $115 million this year.
(Reporting by Tova Cohen)
- White House reverses, says Obama met uncle and lived with him during law school
- Flights delayed as air pollution hits record in Shanghai
- South Africa mourns Mandela, will bury him on December 15 |
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Analysis: Boeing bidders dangle goodies to win 777X jetliner
Nelson Mandela: 1918 - 2013
Reuters looks at the life and times of Nelson Mandela, an icon of peace and reconciliation who came to embody the struggle for justice around the world. Video