"Maariv": ITXC, in Which VocalTec Holds 19.9%, to Be Issued at $300 Mln Value

VocalTecs investment will reach $50 million (post-dilution), and is expected to generate significant profit.

"Maariv" reports that US company ITXC, in which VovalTec has a 19.9% stake, will issue its shares on NASDAQ at a company value of $300-350 million. VocalTecs investment will reach $50 million (post-dilution), and is expected to generate significant profit. ITXC will seek to raise $86 million.

The US company was set up at VocalTecs initiative, together with Tom Evslin, who was responsible for getting AT&T into the Internet sector, when he was still with AT&T. Evslin, who is ITXCs chairman, holds 25.9% of the companys share capital. Other shareholders include US company Intel - 11.8%, Chase Manhattan Banks venture capital fund - 15.9%, and Israeli venture capital fund Polaris - 7.3%. Polaris invested in the company in two rounds. Six months ago, Polaris invested in ITXC at a company value of $80 million. No confirmation could be obtained from VocalTec concerning the sum invested in ITXC.

VocalTec chairman Elon Ganor and Tom Evslin were among the major entrepreneurs behind ITXCs foundation, and invested in the company right at the beginning. ITXCs executives also include John Musci, a former Qwest executive, who currently serves as ITXCs chief operating officer.

Published by Israel's Business Arena August 17, 1999

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