Atrica VP Finance and CFO Hagi Schwartz quit today over a significant difference of opinion with company management as to his duties. Sources inform ''Globes'' that Atrica CTO and senior VP Avinoam Rubinstain is also ready to leave the company soon.
Atrica stated: "Hagi Schwartz is leaving Atrica to pursue new paths. The company denies any reports about other managers leaving the company."
Industry sources said that the two senior executives were quitting due to differences of opinion over taking the company public. In the past, Rubinstain said that Atrica would consider an IPO in late 2002 or early 2003, depending on market conditions.
In February of this year, Atrica completed its third funding round in the amount of $75 million. In all, the company, which was founded only two years ago, raised $117 million in addition to a $5 million bridging loan.
At that time, the company refused to answer questions about its valuation for the purposes of raising funds, but sources close to Atrica confirmed that the value lay somewhere between $128 million before money (company value for the second funding round) and $100 million before money.
Rubinstain told "Globes" that despite offers to raise $100 million, the company decided to stop at the $75 million mark.
Published by Globes [online] - www.globes.co.il - on 28 May 2002