Financial services firm Poalim has exited the connected device software provider after audio equipment producer Harman bought it in a cash and share deal.
Poalim Ventures, the venture capital arm of financial services provider Poalim, exited Red Bend Software, a US-based producer of software for connected devices, after it was acquired by audio equipment maker Harman yesterday.
Harman paid $99m in stock and $71m in stock for Red Bend, and the company’s shareholders are also eligible for a cash earn-out of up to $30m if Red Bend can meet certain milestones by the first quarter of 2017.
Red Bend’s software management and virtualisation technologies,…
