Subscriber management co Comability closes down

The company's 25 employees were laid off and the Tel Aviv District Court appointed a receiver.

Ten days ago, Israeli start-up ComAbility closed down, and its 25 employees were laid off. On Thursday, the Tel Aviv District Court appointed Yoav Kfir of VAR Management as temporary receiver.

ComAbility was founded in 2004, and since then has raised $12 million from Vertex Venture Capital and Ray Stata's Stata Ventures.

The company developed a platform to operate value added services for telecom service providers, and within a short period had already launched its product and sold it to WiFi and DSL telecommunications suppliers. However, ComAbility had difficulty raising additional funds beyond the extensive initial round it held in two parts in 2007 and 2009. ComAbility's CEO was Alon Fishman, who was formerly a partner of Ascend Technologies Ventures Israel, which closed operations in 2007.

Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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