Babylon translates Tel Aviv to NYSE

Babylon, an Israel-based developer of translation software and provider of internet search services backed by Anglo-Dutch publisher Reed Elsevier’s corporate venturing unit, plans to raise $115m in its New York Stock Exchange (NTSE) flotation.

Alongside Reed Elsevier Ventures, which owns 18.3%, as owners of more than 5% of Babylon are Chanpak Management (23.9%), an Israeli company controlled by Noam Lanir, chairman and the brother-in-law of Babylon’s chief executive, Phoenix Group (10.5%) and Clal Insurance (7.7%), according to its regulatory