Rocket Software Acquires Israeli AI Startup Geniez AI for Nearly $100 Million
Translated & summarized from TheMarker by baba
American firm Rocket Software is acquiring Israeli startup Geniez AI for nearly $100 million. Geniez AI, specializing in AI for mainframes, was founded a year ago by former Model9 executives. The deal is notable as the startup has only six employees, two in Israel. Investors like Stage One and Canapi Ventures are expected to profit from the acquisition.
The story in 5 lines · by baba
- Rocket Software is acquiring Israeli startup Geniez AI for nearly $100 million.
- Geniez AI focuses on AI for mainframe computers and was founded about a year ago.
- The startup was founded by former executives from Model9, which was sold to BMC in June 2023.
- Geniez AI currently has only six employees, with two located in Israel.
- Investors Stage One and Canapi Ventures are set to benefit from the acquisition.
American company Rocket Software is acquiring the Israeli startup Geniez AI for close to $100 million, according to sources familiar with the deal. Geniez AI, which focuses on AI for mainframe computers, was founded about a year ago by a former executive from Model9 and another senior figure from that company. These founders had previously sold Model9 to BMC in June 2023. The acquisition is considered unusual given that Geniez AI has only been in operation for approximately one year and currently employs just six people, with two of them based in Israel. Rocket Software had previously missed out on acquiring Model9 and initially decided against investing in Geniez AI before ultimately deciding to purchase it. Investors set to benefit from this transaction include Stage One and Canapi Ventures.
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