Israeli venture lending fund Plenus, which provides credit lines and loans to high-tech companies, has secured a credit line of $6 million to InsureWorx.
InsureWorx, located in Emeryville, California and Denver, Colorado, is a provider of browser-based software solutions to the insurance industry. It provides modular policy and claims (P&C) administration software solutions for workers’ compensation and commercial P&C multi-line insurance markets.
Plenus managing partner Moti Weiss said, "InsureWorx impressed us with their delivery skills, vertical expertise, and experienced management. This credit facility will enable them to fulfill their growth potential in a timely manner."
Insureworx CEO Gary Sherne said, “Our strong growth and sales potential increased our working capital requirements. Plenus was able to offer us a credit facility that exactly matched our needs in terms of both parameters and timing.”
InsureWorx's controlling shareholder is World Group Holdings (TASE: WRGR).
The Israeli members of InsureWorx's leadership include CEO Sherne, along with board chairman Jacob Tenenboem, founder of IT-NET Investments, a consultancy specializing in Israeli related technology companies; WorldGroup Holdings CEO Ehud Amir; Aliza (Alicia) Rotbard; and Zvi Barinboim, chairman of Silverboim Holdings, Robomatix Technologies (Nasdaq: RBMXF.OB), and SPL Software (the largest shareholder of WorldGroup Holdings).
Plenus, part of the Dovrat Group, is managed by Moti Weiss and Ruthi Simha. Plenus provides late stage Israeli high-tech companies with credit lines and loans of between $1-10 million.
Plenus stated that it currently has more than $100 million under management. The company has provided financing facilities to over 20 companies including; Wintegra, EZChip, PowerDsine (Nasdaq: PDSN), Cyota, Attunity (Nasdaq: ATTU), and E4X.
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, January 25, 2006