Foster City's Conduit to Sell 7% to J.P. Morgan for $100 Million

Foster City, Calif. -- Conduit, an Israeli developer of tools designed to help publishers create mobile sites and mobile apps, said it will sell a 7% stake in the company for approximately $100 million to an investment fund advised by J.P. Morgan Asset Management. The deal values the company -- which has U.S. offices in Foster City -- at $1.3 billion. Founders Ronen Shilo, Dror Erez and Gaby Bilzyk will maintain a controlling stake. "The next few months will be some of the most important in the history of Conduit, and we're thrilled to have partners like J.P. Morgan Asset Management as our company continues to grow," said Shilo.
http://www.conduit.com
http://www.businesswire.com/news/home/20120411006370/en/Conduit-Confirms-J.P.-Morgan-Fund-Agrees-Purchase