Sources inform ''Globes'' that Plenus Venture Lending Fund has extended BroadLight Inc. a $5 million credit line. BroadLight develops end-to-end gigabyte passive optical network (E2E GPON) solution for telecommunications equipment providers. The company operates in the same field as Passave, which was acquired by PMC-Sierra Inc. (Nasdaq:PMCS) for $300 million.
BroadLight was founded in 2000, and run by CEO Andrew Vought. The company has raised $38 million to date, not including the present round. Investors include Azure Capital Partners, Motorola Ventures, Delta Ventures, Israel Seed Partners, Star Ventures, and strategic investors.
BroadLight CFO Dror Heldenberg said, “Plenus gave the special conditions and flexibility we sought for this period of rapid growth in our markets. The global GPON market is expected to grow rapidly, and we’re ready for it with more than 40 cooperation agreements in projects all over the world.”
Plenus managing partner Moti Weiss said, “We were impressed by BroadLight’s management and innovative technology, and we expect development and close and successful cooperation with them.”
Plenus provides credit lines and loans to companies, and manages $200 million. The company has made 40 deals to date, amounting to an aggregate $150 million, and has shared in eight exits. Recent loans include $2 million to Cyber-Ark Software Ltd., and $6 million in two credit lines to EZchip Technologies Ltd. Plenus had a good year in 2006, with six exits, including the sale of Followap to NeuStar Inc. (NYSE:NSR) for $140 million, and the sale of Identify Software Ltd. to BMC Software Inc. (NYSE:BMC) for $140 million.
Published by Globes [online], Israel business news - www.globes.co.il - on March 29, 2007
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