US-Israeli start-up Discretix Technologies Ltd., a provider of embedded security solutions for mobile devices and flash memory, is ranked 483rd on the 2007 Inc. 500 list of the fastest-growing private companies in the US. The company posted 615% growth in sales over three years, and was ranked 11th in the Computer & Electronics category.
Discretix is due to shortly announce two contracts, one with Intel Corp. (Nasdaq:INTC) and the other with Marvell Technology Group (Nasdaq: MRVL).
“Inc.” magazine announced the rankings during a gala event in Chicago in the presence of former President Bill Clinton, and 1,500 venture capitalists, entrepreneurs, analysts, and technologists. Discretix is the only Israeli company to make the list.
Discretix, founded in 2000, solutions ensure the deployment of premium mobile services and applications such as digital rights management, enterprise applications and mobile commerce. The company offers an array of security solutions including embedded security co-processors and a broad range of software security applications that are integrated into mobile and flash memory devices.
The company has raised $31.8 million from Accel Partners, Sequoia Capital, Pitango Venture Capital, Genesis Partners, Shrem Fudim Kelner Technologies Ltd. (TASE:SFKT), Poalim Ventures, and Eurocom Group, Link Technologies Venture Capital LLC, Koonras Technologies Ltd., Jerusalem Global Ventures’ CommLaunch Ventures, and Leader Holdings and Investments Ltd. (TASE: LDER). For the past three years, Discretix has been ranked among the largest providers of encryption semiconductor IP by Gartner.
Discretix co-founder and CEO Gal Solomon said, “Being listed in the Inc. 500 is an exciting and gratifying milestone for any growing company.” He added, “We’re riding a big wave. We have more pilots in Europe, the US, and Asia. We’ve signed contracts in Japan, and our products are installed in Fujitsu mobile telephones, among others.
“We will hold a kind of road show in the US soon. It isn't for an IPO, but to meet and get to know bankers and analysts. We have a dialogue with them in order to be on their radar. The company can go public on the basis of its performance, but we want to pick the right time.”
The 2007 Inc. 500 list measures revenue growth from 2003 through 2006. To qualify, companies had to be US-based, privately held, and independent, not subsidiaries or divisions of other companies, as of December 31, 2006, and have had at least $200,000 in revenue in 2003, and $2 million in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on September 18, 2007
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