Babylon to launch new online translation software next week [Globes, Tel Aviv, Israel]
(Globes (Tel Aviv) Via Acquire Media NewsEdge) Jan. 09--Babylon Ltd. (TASE:BBYL) was the focus of attention on the Tel Aviv Stock Exchange (TASE) this morning after a "Reuters" article spoke of strong revenue growth in 2013 as the company prepares for next week's launch of the latest version of its online translation software.
Babylon plans offering its latest translation software version free to increase revenue. In the first nine months of 2012, Babylon's revenue reached $121 million, double the $61 million revenue in the corresponding period of 2011.
94 percent of Babylon's revenue derives from advertising. Babylon CEO Alon Carmel told "Reuters" "We will continue to see strong growth from advertising."
"Reuters" said that the company translated more than 100 million terms every day. Babylon vice president sales and marketing Liat Sade-Sternberg said that the Arab spring has also played a key role in the company's success increasing the thirst for foreign information. She said that Babylon was one of the ten most visited sites in Sudan, Tunisia, and Libya.
Carmeli said "Online advertising is so efficient that it can serve as an alternative currency."
In November 2012, Babylon filed a prospectus with the US Securities Exchange Commission (SEC) to raise $115 million in a Wall Street IPO.
Babylon's share price was up 7 percent this morning on the TASE at NIS 26.69.
(c)2013 Globes (Tel Aviv, Israel)
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