FotoNation founder sells company - again

FotoNation's founder sold his camera software company at the height of the dot-com boom - then bought it back, and sold it again.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

eran_steinberg.03.jpg

(FORTUNE Small Business) -- When Eran Steinberg agreed to sell FotoNation, a maker of camera software, to Tessera Technologies (TSRA) for $29 million in February, he ceded control over his business for the second time.

Steinberg, 46, started the camera software company in 1997, sold it at the height of the dot-com craze to Zing.com, then bought it back in 2002 after the bubble burst and Zing.com closed.

Once back at the helm, Steinberg focused on developing technology to address common photographic challenges - red eye, dust particles, poor lighting conditions - and enticed customers such as Samsung and Pentax to use his software in 80 million digital cameras. FotoNation's recent inventions include tools that enable cameras to focus on faces and detect smiles, which helped to double revenues in 2007 to $14 million.

Once Tessera, a $195.7-million-a-year business that creates miniaturization technologies for electronics, noticed FotoNation's explosive growth, it wanted to make a deal. Steinberg remains in charge, and he is preparing for FotoNation's next growth spurt - this time among the world's 3.3 billion cellphone users.

"In 2008," he says, "our software will become a check-box item for camera phones."  To top of page

To write a note to the editor about this article, click here.

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
The 13 most WTF gadgets From the weird to the gross, these 13 gadgets will make you wonder why they even exist. More
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More


Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.