Norwegian start-up Cupp Computing AS has set up an Israeli R&D center based on defunct Yoggie Security Systems, founded by serial entrepreneur Shlomo Touboul, which closed last year after failing to raise new capital.
After a year-long process led by turnaround consultancy firm VAR Management Ltd., found two potential buyers for Yoggie, and Cupp Computing outbid an Israeli technology company. The Tel Aviv District Court approved the sale of Yoggie's intellectual property to Cupp.
Cupp offered Touboul to hire back Yoggie's employees to set up an R&D center to continue development and sale of Yoggie's products under Cupp. Cupp CEO Kevin MacDonald told "Globes" that he was excited about setting up an Israeli R&D center and that he would soon visit the country.
Cupp was founded in 2005 and is based in Bergen. The company develops processors for easy integration of mobile computers with enterprise networks.
Yoggie was founded in 2007 and raised $18 million. Despite strategic agreements with Dell Inc. (Nasdaq: DELL) and Lenovo Group Ltd. (HKSE: 992; Bulletin Board: LNVGY), and as it was about to integrate it products with computers' internal standard, Yoggie ran out of money.
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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