The One Software Technologies' subsidiary will raise money at $10 million company value.
Sources inform “Globes” that start-up CallUp.Net, a sub-subsidiary of One Software Technologies (TASE:ONE) (a subsidiary of Computer Direct Systems) is considering raising $3-4 million, at a company value of $10 million, on London's Alternative Investment Market (AIM). The company is also considering a private placement in the same amount from existing shareholders.
CallUp.Net develops and markets unified messaging platforms for e-mail and voice mailboxes applications.
One Software Technologies CEO Eldad Bar-Adon said the company signed two significant contracts during the third quarter, which boosted its net profit to NIS 1.8 million. One Software's results indicate that CallUp.Net posted a profit of NIS 3.4 million on NIS 8.95 million in revenue in January-September 2004, and was expected to post a profit of NIS 4 million for the year as a whole.
One Software jointly owns 51% of CallUp.Net, together with CallUp.Net CTO Aron Weiss. CallUp.Net CEO David Eshet, formerly VP business strategy and development at Pele-Phone; former Cellcom CEO Shalom Manova and another investor, own 16%, each.
Published by Globes [online] - www.globes.co.il - on November 16, 2004