Battery Ventures signed a letter of intent to acquire 20% stake in Direct IDI Holdings Ltd. from Direct Insurance - Financial Investments Ltd. (TASE:DIFI) for ILS 160 million on July 26, 2011.

As on February 19, 2012, Battery Ventures acquired 17% stake in Direct IDI Holdings Ltd. from Direct Insurance - Financial Investments Ltd. (TASE:DIFI) for ILS 136 million, including an amount of ILS 12 million for milestone payments. The transaction is expected to close during the second quarter of 2012. If IDI Insurance is sold or holds an IPO within the next seven years from the closing of the sale, at a company value equal to or higher than 2.3 times its shareholders' equity, IDI Holdings will receive an additional ILS 6 million.

Battery Ventures completed the acquisition of 20% stake in Direct IDI Holdings Ltd. from Direct Insurance - Financial Investments Ltd. (TASE:DIFI) in 2012.