Revenue assurance co cVidya seeks to raise $10-15m

Goldman Sachs may also be screening potential buyers.

Sources inform ''Globes'' that revenue intelligence solutions developer cVidya Networks Ltd. has initiated a $10-15 million financing round. Despite the small amount, Goldman Sachs Holdings Inc. (NYSE: GS) is advising the company, but it may also be screening potential buyers at a company value of $150-200 million.

cVidya's solutions enable telecommunications, entertainment and media service providers to maximize their margins, improve their customers' experience, and optimize their networks. The company was named one of Israel's most promising start ups for 2009 by "Globes".

cVidya is seeking funding in light of its rapid growth. Yesterday, cVidya announced that it achieved 25% revenue growth and 20% growth in 2011, compared with 2010, without disclosing actual numbers. Revenue was reportedly $60-70 million last year. The company's acquisition of ECtel in January 2010 increased its global customer base, doubled its revenue and workforce.

Following the acquisition, cVidya raised $10 million from its current investors Battery Ventures, Carmel Ventures, Hyperion Israel Venture Partners, Stage One Ventures, Star Ventures, and Oracle Corporation (Nasdaq: ORCL). It also received a $5 million venture loan from Plenus Venture Lending Fund. cVidya has raised $38 million to date.

cVidya president and CEO Alon Aginsky and Chaim Mer founded the company in 2000. It focuses on a problem faced by service providers - how to verify data that are the basis of revenue flow from customers in order to maximize revenue. The merger with ECtel added analytics and sales performance management solutions to its revenue assurance and fraud management solutions.

Published by Globes [online], Israel business news - - on February 16, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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