The company received the line from Plenus and Mizrahi Tefahot.
Plenus Venture Lending Fund announced today that it has granted a $10 million credit line together with Mizrahi Tefahot Bank (TASE:MZTF) to mobile data solutions company Flash Networks Ltd.. This amount is large compared with other venture lending deals in the sector. Flash Networks has undergone numerous changes since it was founded in 1996, but in the past two years it has been riding high. The company develops mobile data optimization solutions that enable providers to offer customers a superior mobile data user experience.
Flash Networks CEO and president Liam Galin said the credit line was part of a funding program tailored to meet the company's needs. "The funding will help us implement our growth program. It represents a firm basis for our future growth, which will take shape in the following three ways: an escalated roll-out of our systems as the result of wider usage of cellular Internet platforms, sales of additional services on our platform to mobile Internet service providers, and penetration of new customers," he said.
Published by Globes [online], Israel business news - www.globes.co.il - on November 14, 2007
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