Israeli start-up TVeez Ltd. has signed a contract worth $10 million with Citibank. Citibank will integrate its marketing solutions in its operations in South America. TVeez was founded in 2004 by Yair Goldfinger, one of the founders of Mirabilis, the developer of the ICQ messaging program, and company CEO Adi Eyal.
TVeez develops solutions for real time management of sales and marketing strategy at points-of-sale. The company believes that the next stage in its business with Citibank could generate a further $35 million revenue.
TVeez is another growth company in Israel's high tech sector, which was set up without any venture capital funding. Three years after it was founded, Eyal told "Globes", "We didn't expect it would happen that quickly but the company is profitable, and right now we don't need any external capital." The company has raised $12 million to date from four private investors. Goldfinger has the largest stake in the company.
Globes: Explain what it is that the company is developing.
Eyal: "We've developed a technological search engine that interfaces with ERP systems and helps marketing staff create relevant messages for customers. To make it simple, our system allows retailers to offer customers waiting in the queue for service at cellular companies, banks or post offices, suitable information and marketing content."
What direction do you plan to take in the future?
"We currently operate in 12 vertical models from retail chains to fashion chains, convenience stores, post offices and others. The market is maturing, and we're in the right place. We've had massive quarterly growth we've had an excellent year and 2008 looks just as good. We've seen a marked rise in our activity across Southern and Central America, from Mexico to Colombia and Brazil, with major customers such as Citibank, Blockbuster, and Cable & Wireless."
Published by Globes [online], Israel business news - www.globes.co.il - on January 2, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008