Sources inform ''Globes'' that enterprise IT system optimization software developer OpTier Inc., which is considered one of Israel's most interesting start-ups and which was selected as "Globes" most promising start-up for 2007-2008, is in the process of raising a substantial sum. The company is reportedly aiming to raise $50 million which, it is believed, it will use to make an acquisition.
The latest fund raising round is intended to be large, compared with the company's previous rounds. OpTier is considering raising funds from both existing and new investors, probably institutionals.
OpTier was founded in 2003 by chairman and CEO Israel Mazin, an entrepreneur who formerly founded Memco Software, which was later acquired by Platinum and then in turn by Computer Associates Inc. (NYSE: CA). Mazin founded the company with the help of a team of managers, some of whom had been with him at Memco. Among the co-founders are Mazin's brother, vice chairman Ori Mazin, Eli Mashiah, who now serves as an advisor, CFO and COO Dov Gal, CTO Amir Alon, chief product officer Yori Lavi, and executive VP marketing & business development Motti Tal. Executive VP worldwide sales Jamie Georgeson, and executive VP and general counsel Scott Lenga joined the team later.
OpTier's solutions enable enterprises to manage performance and workloads by optimizing use of computer resources. The company has reportedly raised $53 million to date from Carmel Ventures, Pitango Venture Capital, and US technology venture capital fund Lightspeed Ventures. Gemini Israel Funds also joined as an investor last June, and was followed a month later by Cisco Systems Inc. (Nasdaq: CSCO), which invested $3-5 million in OpTier, as a strategic partner, not a financial investor.
Published by Globes [online], Israel business news - www.globes-online.com - on May 29, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008