Flash Networks raises $15M in private round led by Harbourvest Partners

June 14, 2006

2 Min Read

HERZLIYA, Israel -- 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 we are excited about 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."

Flash Networks

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