Rich-media mobile data solutions developer Mobixell Networks Inc. has raised $10 million in an internal financing round, a year after acquiring US company 724 Solutions Inc. for what has been estimated to be a similar amount. Mobixell was ranked 9th in the most promising Israeli start-ups by "Globes" for 2009-10.
Azini Capital led the round, and was joined by current investors Escalate Capital, Intel Capital, and smac partners. Apax Partners sold its stake in Mobixell to Azini a month ago.
Mobixell, founded in 2000, develops solutions for managing Internet and video traffic on mobile networks. In the past two years, it has reportedly had tens of millions of revenue a year.
CEO Amir Aharoni told "Globes" that the capital would be used to consolidate the company's market position and to develop new markets. "A year ago, we announced the acquisition of US company 724, and since then we've been busy integrating and creating a center of gravity for the merged company in Israel. In addition, there was a legal case against 724, which we managed to settle with the claimants. The company is now free to operate and grow. The existing investors now chose to invest, and not to bring in a new investor."
Mobixell is about to expand its operations in North America and to strengthen its network of strategic partners.
Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2010
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