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Sarin buys 23% equity of IDEX Online
24
Jan '08
Sarin Technologies, a world leader in supplying technological tools to the diamond industry, announced that it has acquired a 23% equity interest in IDEX Online for a total amount of US$3.4 million, of which US$0.5 has already been advanced as a loan, an additional US$1.0 million will be paid immediately, and US$1.9 million will be paid by June 2009, if IDEX achieves certain business development milestones.

Founded in 2000, IDEX Online is an internationally-recognized operator of a B2B polished diamond traders' network, a web portal for news, analyses and polished diamond price indexes and publisher of a leading trade magazine.

According to the agreement, Sarin Technologies will invest $3.4 million in IDEX Online and will have an option to increase its investment up to an additional US$3.0 million in the future.

“As online diamond trading emerges as a serious way of doing business in the ever-changing diamond industry, Sarin, now celebrating its 20th anniversary, sees IDEX Online as an important strategic investment”, noted Zeev Leshem, Sarin Technologies CEO.

“Just as Sarin changed the way diamonds are manufactured and traded in the past, IDEX Online is now well positioned to bring innovative trading tools to our industry.

We see exciting possibilities which may develop around the online trading business,” concluded Leshem.

Abraham Stern, IDEX Online CEO commented that, “IDEX Online has received industry-wide recognition and significantly growing acceptance in recent years.

The investment by an industry heavyweight like Sarin will enable IDEX Online to continue to grow by enhancing our technological infrastructure and strengthening our presence in key markets.

We are delighted to welcome Sarin as a partner in IDEX Online at such an exciting time for the company and the industry.”

Sarin Technologies Ltd

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