SintecMedia in management buyout backed by Francisco Partners

TEL AVIV (Reuters) - Management of Israeli firm SintecMedia backed by private equity firm Francisco Partners have bought the company from Riverwood Capital and other existing shareholders, they said on Wednesday.

The companies did not disclose financial details but Israel’s Calcalist financial daily reported last week that the deal would be valued at $400 million. [nL5N17M3BX]

Founded in 2000 and employing over 800 people in 12 offices, SintecMedia makes Internet-based management software systems for TV and media companies including NBC, ABC and BBC.

Its products manage ad sales, traffic, billing, programming and rights, processing over $33 billion in advertising revenue.

Technology-focused Francisco Partners, which is based in San Francisco, has bought a number of Israeli firms, including ClickSoftware for $438 million and homeland security firm NSO for more than $100 million.

Reporting by Tova Cohen; editing by Jason Neely