Sources inform ''Globes'' that transaction management solutions developer Correlsense Ltd. has raised $3.4 million in a bridge loan from pan-European private equity fund Atlantic Capital Partners. The company declined to comment on the report.
Correlsense CEO Oren Elias and CTO Lanir Shacham founded the company in 2005 at Technion Seed. It has raised $13.5 million to date, not including the present bridge loan.
Correlsense's target market is financial institutions. Its competitors include OpTier Ltd. and Correlix Ltd. Correlsense's server can diagnose breakdowns in communications, send alerts, and prevent their recurrence. The solution improves business transactions, and monitors and controls them.
Correlsense's shareholders include ProSeed Venture Capital Fund (TASE:PRSD), Vertex Venture Capital, Accel Partners, eXeedTechnology, and Technion Seed and the Technion R&D Foundation Ltd.
Atlantic Capital Partners recently raised $100 million. Its three partners include Israeli entrepreneur Moshe Bar. Bar cofounded Qumranet, sold to Red Hat Inc. (NYSE: RHT) for $140 million and Xensource, sold to Citrix Systems Inc. (Nasdaq: CTXS) for $500 million. It has invested in GreenSQL Ltd. and other Israeli companies.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2011
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