BrightCom Technologies founder, president, and CEO Yuval Ben-Zeev confirmed the report, but denied that the company is danger of closing down.
Sources inform “Globes” that Israeli start-up BrightCom Technologies recently decided to lay off most of the company’s employees in order to cut costs and safeguard its future. Before the lay-offs, the company had 40 employees, compared with 70 at its peak.
BrightCom founder, president, and CEO Yuval Ben-Zeev told “Globes” that the lay-offs were caused by the need to adapt expenses to revenue. He denied the rumors that the company was in danger of closing down. He confirmed that the company had recently fired workers, but declined to state the number of workers laid off. Ben-Zeev added that the recent reports originated in a “frustrated employee, who was recently laid off, and decided to harm the company.”
BrightCom develops hardware and software-based Bluetooth wireless communications solutions. The company, founded in 1998 and based in Ramat Hahayal and California, has raised $28 million to date in three financing rounds.
BrightCom announced the completion of two deals this year, with Bio-Guard and EIL of Hong Kong. Ben-Zeev believes the latter deal will yield the company $5 million in revenue over the next 18 months.
Published by Globes [online] - www.globes.co.il - on December 5, 2002