XML automation co Olive Software raises $9m

Pitango Venture Capital led the round, with Sequoia Capital participating.

Olive Software Inc., a developer of XML automation technologies, recently announced that it had secured a $9 million investment-financing round led by Pitango Venture Capital. Existing investor Sequoia Capital also participated.

Founded in 1999, Olive is a global provider of XML automation technologies. Olive's technology transforms any document from any source, while preserving its every aspect of a document in an intelligent and open digital format. With Olive's technology, organizations can have a single XML-base infrastructure for every document ever created.

The investment will serve as a springboard to the next levels of sales, marketing and new product development for enterprise initiatives.

Pitango managing general partner and co-founder Chemi Peres said, “We see Olive as hitting the tipping point it is positioned to transform a number of large existing markets. We also believe that Olive’s XML automation software can add tremendous value for virtually any business.”

Olive Software president and CEO Yuval Rachmilevitz said, “This investment by Pitango, Israel’s largest venture capital firm further validates the strength of our technology and its value to corporate organizations."

Olive Software's customer base includes publishers such as Time Inc. and Hearst Magazines, news organizations such as "The Washington Post", Knight Ridder Newspapers, CanWest Global, "The Daily Mail", "London Daily Telegraph", "Los Angeles Times", "Yediot Aharonot", "The Jerusalem Post", "Times of India", "Financial Times", the SingTao Publishing Group (Hong Kong), and West Australian Newspapers, as well as libraries such as the The British Library, the Brooklyn Public Library, the Israel National Library, the Israeli Air Force, and institutions such as the US Department of Defense and Israel's Ministry of Justice.

Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, December 28, 2005

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