Employees request receiver for data storage co Exanet

A dispute between Exanet's investors is behind the start-up's collapse.

Employees of data storage company Exanet Inc. today submitted a request from Adv. Erez Haver of Amit, Pollak, Matalon & Co. to have the company liquidated and placed into receivership. The employees claimed they are owed $1 million. Kreos Capital also asked for a temporary receiver to be appointed claiming Exanet owes it $9.5 million.

Exanet has 80 employees, 60 of them in Israel. The employees were notified yesterday by the company that it had ceased to operate.

Ironically today was scheduled to be a major milestone in the company's development as it delivered its last assembly to US computer giant Dell.

In fact it is a dispute between Exanet's investors that is behind the start-up's collapse. In addition to Kreos, the company's shareholders are Eitan Wertheimer's Microdent Ventures Ltd. (40%), Evergreen Venture Partners (25%), and Dr. Giora Yaron (13%). Since its founding in 2000, Exanet has raised $90-100 million.

Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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