Transaction Summary

  • On 26th September 2018, 10bis ( – Israel’s leading online food ordering marketplace – announced that completed a 100% acquisition of the company from TA Associates and founder Tamir Carmel for €135 million in cash
  • believes the deal will strengthen its tech leadership in food delivery, as they continue with their “One Company, One Brand and One IT Platform” strategy

Overview of 10bis

  • 10bis operates a leading Israeli online food marketplace that allows businesses to provide employee meal benefits programs
    • The platform is integrated into clients’ human resources and accounting systems – with employee allowances made available through a dedicated 10bis account
    • Employees can make purchases via the mobile app, website, or by using a specific 10bis card in person at participating restaurants
    • Clients include leading Israeli corporates as well as large multinational corporations
    • Individuals can also use the platform to order personal meals from the comfort of their home, with B2C representing a rapidly growing segment for the company
  • In 2017, 10bis processed 15.2 million orders worth more than €140 million in gross merchandise value, generating revenue of €13.2 million
    • The company has one of the world’s highest margins of a food-delivery marketplace with an adjusted EBITDA margin of 43%
  • Founded in 2000, 10bis is headquartered in Tel Aviv and currently has 150 FTEs

NOAH Advisors’ Role

  • NOAH Advisors acted as financial advisor to 10bis and its shareholders
    • This marks NOAH Advisors’ second transaction with 10bis – having already been the exclusive financial advisor for the company ahead of the investment by TA Associates in May 2016
  • Tamir Carmel (Founder, 10bis) participated in a fireside chat at NOAH Berlin 2017 together with Jitse Groen (CEO,