Amdocs Ltd. (Nasdaq: DOX) plans to buy Israeli company company cVidya Networks for $30-40 million, which represents a disappointing exit for the veteran company.
The company, which develops revenue analytics and revenue assurance systems and employs about 300 people, had revenue of $65 million, according to the IVC database, 60% more than in the previous year, and it is reasonable to assume that it has maintained a double-digit growth rate.
To date, cVidya has raised $30 million from the Battery Ventures, Carmel Ventures, Hyperion and StageOne funds, among other sources. Over the years, the company has received grants from the Chief Scientist, the Tnufa Program, and loans from Viola Credit (formerly Plenus) of the Viola group, to which Carmel Ventures belongs.
cVidya was founded by Alon Aginsky in 2000. In 2009, it bought ECtel from Elron Electronic Industries Ltd. (TASE: ELRN) for $20.5 million.
Amdocs provides IT solutions and systems to telecommunications companies. It has a market cap of 9.3 billion.
A spokesperson for Amdocs said, "Amdocs does not respond to rumors."
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015