Sep 08, 2020, 08:00 EST
Bronx, United States, Sep 08, 2020, 08:00 /Comserve / -- Storytel AB (Storytel), on August 31, 2020, Monday declared that it is acquiring iCast Ltd (iCast), an audiobook streaming platform in Israel. With this acquisition, Storytel will also step into the Israeli market during the first quarter of 2021.
Israel, September 2, 2020: Storytel AB (Storytel), on August 31, 2020, Monday declared that it is acquiring iCast Ltd (iCast), an audiobook streaming platform in Israel. With this acquisition, Storytel will also step into the Israeli market during the first quarter of 2021.
iCast Ltd is the leading audiobook service provider in the Israeli audiobook market. It now extends a varied record of 2,500+ titles in Hebrew, consisting of all the bestsellers and classics.
The Chief Executive Officer and Founder of Storytel, Jonas Tellander said that Storytel is excited to enter into the Israeli market. He added that both iCast and Storytel together, combining their local expertise, user-friendliness, and unmatchable content will thrive in the Israeli audiobook market.
iCast’s acquisition is a vital part of Storytel’s arrangements to step its foot in Israel, a big market with about nine million residents. With Storytel’s proliferating business and content offering, the business launch in Israel is scheduled for the first quarter of 2021. The company currently has a significant operation base of 20 markets, a fan base of more than 1.2 million subscribers, and a vast library of more than 500,000 titles globally.
iCast’s Founder and Chief executive Officer, Moti Lippmann shared the company’s excitement to join Storytel. As per the company, following the acquisition, Moti Lippmann will be holding the position of Country Manager Israel at Storytel.
On August 11, Storytel released its Interim Report of January – June 2020. The company experienced a hike in the streaming sales by 43% compared to the corresponding quarter of 2019. The net turnover has also increased to SEK 554 million from SEK 402 million in Q2 2019. However, right now, none of the parties have disclosed the transaction cost; the company has said that a part of the cost will be transferred in cash and the other part through the issuance of shares in Storytel AB (publ). The whole deal is expected to close on October 1, 2020.
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