Start-up Zend Technologies, a developer and marketer of software products to organizations using PHP technology, has sold its acceleration software to Korean company Neowiz for $300,000.
Zend says its turnover last year was $2 million. The company is planning to raise $4 million this year. It has so far raised $5.5 million in two rounds in January 2000 and March 2001. Walden Israel led the two rounds, joined by Platinum in the second round. The company’s value is estimated at $18 million, after money.
Most of the money will be used to finance support for strategic partners, beefing up the marketing and sales operations and accelerating the development process.
Neowiz’s portal, which features games and leisure content in South Korea, hosts 144,000 surfers simultaneously. The surfers view 138 million pages a day, and the average surfing time per surfer is 43 minutes.
Zend CEO Doron Gerstel said that a few more deals of similar size were due to be signed and were now in their final stages.
Zend, set up in 1999 by Zeev Suraski and Doron Gerstel, has offices in Germany and the US. The company employs 25 workers in its development center in Ramat Gan.
Published by Israel's Business Arena on 7 April, 2002