Jerusalem-based e-publisher Versaware is to be sold to a large American media company by the end of the month, said its founder Harry Fox today in an interview with

The Jerusalem Post

.

He added that the latest valuation of the company was $170 million, but that the sale price has yet to be determined. But he did point out that the date for signing a sale agreement has already been agreed upon. In light of the market's current demise, Fox admits he is unlikely to get the same valuation.

The payment is to be transacted entirely in stock. But Fox pointed out that the buyer has been a Nasadaq-listed firm for over five years, with a valuation of over $30 billion.

Versaware's research and development facility is to remain in Israel, and Fox believes any staff dismissals will be minimal.