Start-up OpTier Ltd. today announced that it had closed a private placement of $7 million from existing shareholders Pitango Venture Capital, Carmel Ventures, and Lightspeed Venture Partners. OpTier raised $9.5 million from investors in September 2005.
OpTier was founded in 2002 by chairman Israel Mazin, who previously founded Memco, which was sold to Computer Associates (NYSE:CA) for $550 million, advisor Eli Mashiah, and other former Memco executives.
OpTier provides solutions for the efficient management of enterprise IT systems and computer resources. The technology makes it possible for enterprises to obtain detailed information about user traffic in IT systems in real time, easily investigate problems that affect the quality of service, and give preference to users and actions on the basis of the enterprise’s business priorities.
Mazin said today, “In a fairly short time, we’ve proved that our unique technology solves one of the complex problems faced by large enterprises - breakdowns in the information system and inefficient use of the computer system. We penetrated the market in 2005 and built a strong customer base. On the basis of responses and positive indications we’ve received, we expect rapid growth to continue in 2006.”
Mazin said the current financing round would make it possible for OpTier to consolidate its market position. “The proceeds from the financing round will help us expand development and marketing, sales and support channels. It will enable OpTier to position itself as the leader in the large market we operate in.”
OpTier is considered one of Israel’s most promising start-ups. In the three years since it was founded, customers include ten of the Fortune 100 companies, including banks, retail chains, and large manufacturers. The company is also managing scores of projects, and predicts that the number of customers will grow substantially during 2006.
Sources close to OpTier predict that it will post $20 million revenue in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on March 6, 2006