Israel May Have Next ‘Instagram’
Israel’s “UppSite,” which allows web site content to become an app for mobile devices, may be the next “Instagram,” which Facebook recently bought for $1 billion, according to Forbes financial magazine. Instagram is a mobile photo sharing service.
Forbes included UppSite in a list of a dozen companies that might fetch a similar price. A billion dollar sale of an Israeli company would be one of the largest since Warren Buffet shelled out $4 billion for an Israeli tool maker several years ago. The influx of shekels helped strengthen the shekel against the American dollar.
UppSite, rated fourth on Forbes’ list recently announced it allows publishers to create applications that can be accessed by anyone with an Internet capable phone.
Benchmark Capital’s Bill Gurley, who was one of the members of the Forbes panel judging the 12 potential Instagrams, was quoted by the magazine as as saying of UppSite, ”There is a market need for this, but the question is how well the technology works. Of all the companies, this one has the biggest acquisition likelihood.”
The first-rated company on the list was Arqball Spin, which has an app enabling users to create three-dimensional representations using a Smartphone.
Number two was XEOPlay, whose Tiltworld iPhone game lets people donate to charities.