Deals

Asurion snaps up Soluto for $100M+ to offset insurance risks

Above: A cracked iPhone

Image Credit: feverblue / Flickr

It’s been a good year for the Israeli tech industry.

Nashville, Tenn.-based device insurer Asurion has acquired Tel Aviv-based Soluto, a cloud-based service that lets you manage other devices remotely, for somewhere between $100 to $130 million, according to multiple reports. An Asurion representative declined to comment on the financial details of the deal.

This is the third major acquisition of an Israeli high-tech firm this year. In June, Google bought crowdsourced navigation company Waze for $1.3 billion. Two weeks ago, Facebook snapped up mobile-analytics startup Onavo for an estimated $150 to $200 million.

The acquisition is a logical one for Asurion, which makes most of its money providing technical support and insurance for mobile devices. The more devices it fixes, the fewer it has to replace. AT&T, Verizon, Sprint, T-Mobile, and others resell Asurion’s protection policies to their customers.

“Our research shows that consumers are not equipped to manage a growing number of complex and interconnected devices,” said Tony Detter, the senior vice president of global product management at Asurion, in a statement.

Soluto entered the mobile market four months ago with the introduction of its remote-support system for iOS devices. It also lets you manage PCs and servers over the web. But the company is not yet profitable: Soluto just began recording revenue earlier this year after offering its services for free since its 2008 launch.

Soluto co-founders Tomer Dvir and Ishay Green, who each own 10 percent of the company, are the biggest earners from the exit. (Dvir is the chief executive officer; Green is no longer with the company.) Soluto has raised about $18 million from outside investors including Index Ventures, Bessemer Venture Partners, and Proxima Ventures.

Soluto and its 40 employees will remain in Tel Aviv, according to Israeli business publication Globes. The company has registered more than 3 million downloads and 15 million “user actions” over the past five years, according to Asurion.

More information:

Soluto is a device management service that allows small business IT and IT service providers to manage all their PCs, mobile devices and Windows Servers over the web. Soluto lets IT pros see all of the devices they manage in one plac... read more »

Let's face it, with at least one mobile phone in everyone's pocket and an average of 25 consumer electronics in every home, technology is an integral part of our daily lives. Asurion focuses on two essentials to keep your world running... read more »

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