Sources inform ''Globes'' that Israeli application optimization start-up Crescendo Networks Ltd. has raised $9.5 million in its third financing round. Challenge Fund - Etgar led the round, and joined by the company's current investors, Evergreen Venture Partners, Magma Venture Partners, Stage One Ventures, Apax Partners, and Convergent Capital.
Crescendo is trying to increase the round in order to bring in new international investors. The company has raised $36.2 million, including the current round, since it was founded in 2002.
Crescendo develops solutions to speed up and optimize the performance of enterprise servers and information centers. The company's solutions are mainly used to provide advanced online services, including interactive content.
Sources close to the company said that the decision to invest in it was fairly easy because of the company's steady growing performance and its orders backlog. The company launched its first product in 2006, and now has $10 million in annual sales after tripling sales every year over the past three years. Its most prominent customer is global social network site Friendster Inc.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2008
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