Momentum Rising: With 40+ Deployments in Top-Tier Cellcos and a Strong Capital Platform, Company Poised to Move to the Next Level
Herzelia, Israel, June 12, 2006 – Flash Networks, the expert in Quality of Experience Management solutions for mobile data operators, today announced that it has raised $15 million in a private financing round. The round was led by HarbourVest Partners, a new investor in the Company, with major participation by Argonaut Private Equity, another new investor, and a majority of the Company’s existing investors, led by Evergreen Partners.
Mr. Corentin du Roy, a Senior Associate at HarbourVest Partners, (U.K.) Limited has been nominated to join the Company’s Board of Directors following this financing round. “Our due diligence, including the overwhelmingly positive feedback we received from multiple Tier-1 wireless operators, has clearly demonstrated that Flash is well-positioned in a market poised for significant growth with a best-in-class product,” said Mr. du Roy. "We are highly confident that the Company’s highly experienced and motivated management team will succeed in executing its ambitious business plan.”
Mr. Adi Gan, General Partner of Evergreen Venture Partners, added, “We are pleased to have increased our share in the Company, a tangible demonstration of our confidence in its future prospects. Flash’s progress during the past year has been particularly rapid, reflecting the coming of age of the Mobile Data market as well as the superb performance of its new, seasoned management team. This significant capital injection will give Flash the platform it needs to step up its sales, marketing, support and product development activities, fully leveraging its impressive penetration into premier Mobile Data operators such as T-Mobile,Vodafone, SFR, Orange and many others.”
Mr. Liam Galin, Flash Network’s President and CEO, concluded, “We are proud to have earned the support of one of the world’s leading VCs, and excited regarding their validation of our markets and positioning. Working from a solid financial base, we will now take the Company to the next level. We will expand our outreach to operators on every continent, many of whom are struggling to achieve the high-ARPU promise of the mobile data business. In parallel, we have accelerated the pace of our product development in line with our vision of End-to-End Quality of Experience Management, for improved service creation, monitoring, enhancement and enforcement for the full range of data services as required by a rapidly changing mobile marketplace.”
About Flash Networks
Flash Networks creates innovative, industry-leading solutions for mobile operators looking to deliver the best possible user experience for their data customers, whether over 2.5G, 2.75G, 3G or advanced (HSDPA and EVDO) networks. Flash’s end-to-end solutions slash response speed and download time while supplying a holistic view of the end-user Quality of Experience -- from service creation to monitoring, enforcement, enhancement and reporting. Flash’s NettGain™ platforms have been deployed commercially by over 40 top-tier wireless carriers worldwide, including T-Mobile, Vodafone, SFR, Orange and many others.
Established in 1996, Flash Networks is a privately-held company with backing by premier VC investors including HarbourVest Partners, Evergreen Venture Partners, Giza Venture Capital, Argonaut Partners, Concord Ventures, T-Mobile Venture Fund, the Challenge Fund and others. To learn more about Flash Networks, visit www.flashnetworks.com
HarbourVest Partners, LLC is a global private equity firm and an SEC-registered investment advisor with offices in Boston, London, and Hong Kong. Throughout its 25-year history, HarbourVest has invested $2.5 billion into more than 350 companies. HarbourVest’s direct investments focus on growth equity opportunities in established, high-growth technology companies and leveraged buyouts across the consumer, retail, industrial, and healthcare sectors. To learn more about HarbourVest visit www.harbourvest.com. This communication has been approved for issue in the United Kingdom by HarbourVest Partners (U.K.) Limited, which is regulated by the Financial Services Authority.
About Evergreen Venture Partners
Established in 1987 as one of Israel's first Venture Capital firms, Evergreen currently manages one of Israel’s largest venture portfolios, with $430 million under management and investments in approximately 100 technology companies. Evergreen's investments are focused on early stage Israeli companies in communications, software and healthcare in a variety of focus segments. To learn more about Evergreen, visit www.evergreen.co.il
Phone: +972-9-9580666 x241