Cross-Browser Extension Platform Crossrider Acquired by Market.com for $37M
Key Details of the Acquisition
Crossrider, a pioneering cross-browser extension development platform, has been acquired for $37 million by Market.com, a subsidiary of Safecap Investments. The deal was first reported by Israeli publications Globes and Haaretz. TechCrunch has confirmed the acquisition with Crossrider CEO Koby Menachemi.
Clarification on the Buyer
Initial reports suggested the buyer was Markets.com, a trading platform. However, Market.com—an e-commerce-focused entity under the same parent company—was the actual acquirer. Crossrider will continue operating as usual post-acquisition.
Why Crossrider Stands Out
Founded just 20 months prior to the sale, Crossrider emerged from beta in mid-2012 with $2 million in backing. The platform enables developers to create browser extensions compatible with:
- Chrome
- Firefox
- Safari
- Internet Explorer
By November 2012, Crossrider had surpassed 200 million users, a figure that grew to 217 million by the acquisition date. This rapid adoption highlights the demand for tools that simplify cross-browser development, akin to cross-platform mobile app solutions.
Strategic Value for Market.com
While the rationale behind the acquisition isn’t entirely clear, potential motivations include:
- Talent Acquisition (Aqui-hire): Securing Crossrider’s skilled development team.
- E-Commerce Synergies: Leveraging Crossrider’s technology for arbitrage tools. For example, one of its products allowed users to compare Amazon prices with competing retailers, sharing revenue on redirected sales.
Financial Backing and Founder Outcomes
Crossrider’s investors included Oren Zeev, founding partner at Orens Capital and ex-General Partner at Apax Partners. With minimal external funding, co-founders CEO Koby Menachemi and CTO Shmueli Ahdut retained over 50% ownership, each netting more than $9 million from the sale.
Industry Implications
The acquisition underscores the growing importance of:
- Browser Extensions: As tools for enhancing user experience and monetization.
- Unified Development Platforms: Reducing fragmentation across browsers and devices.
Crossrider’s success demonstrates how niche developer tools can attract significant interest from diverse sectors, including e-commerce and finance.
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