Summary:
Boomi acquires Israeli startup Rivery for approximately $100 million.
Rivery specializes in no-code data integration, serving over 450 clients globally.
Early-stage investors are set to benefit the most from the acquisition deal.
Boomi, with revenues over $500 million, is one of the fastest-growing data integration companies.
Rivery's founders and employees will continue with the company post-acquisition.
Boomi Acquires Rivery
Boomi, an American data integration company founded in 2000, has taken a significant step by acquiring Israeli startup Rivery. This acquisition is poised to enhance Boomi's no-code data integration capabilities, as Rivery's talented team and innovative technology become part of Boomi.
Rivery specializes in end-to-end ELT (extract, load, transform) processes tailored for medium and large enterprises, boasting a workforce of 80 employees who are expected to remain with the company post-acquisition.
Financial Insights
While the exact financial details of the deal remain undisclosed, market estimates suggest a valuation of approximately $100 million. It is speculated that part of the transaction may involve Boomi's shares. However, the acquisition occurs at a lower valuation than Rivery's last funding round, suggesting that only early-stage investors will see substantial returns.
Rivery's Impact
Rivery operates within the data management sector, offering a no-code approach that has attracted over 450 clients globally, including major firms like Bayer, Citizen, and SodaStream. The integration with Boomi will further empower Rivery to enhance its service offerings.
Founded in 2019 by Itamar Ben Hemo, Aviv Noy, and Alon Reznik, Rivery has successfully raised $48 million across three funding rounds, including a $30 million Series B round led by Tiger Global in April 2022.
Beneficiaries of the Deal
The primary beneficiaries of this acquisition are Rivery's founders, employees, and early-stage investors such as Entrée Capital and State of Mind Ventures. This marks another significant exit for these investment funds in 2023, following other successful acquisitions in the Israeli tech landscape.
Boomi's Profile
Boomi, owned by TPG and Francisco Partners, was acquired from Dell in 2021 for $4 billion. With annual revenues exceeding $500 million, Boomi stands as one of the fastest-growing companies in its sector, competing with MuleSoft, which was acquired by Salesforce in 2018 for $6.5 billion.
Recent Events
It’s worth noting that on October 7, 2023, Rivery's CEO, Itamar Ben Hamo, volunteered for reserve service following a national crisis and was later injured during a rescue operation. After a period of recovery, he resumed his leadership role in April 2024.
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