Outsmart Secures $17 Million in New Round of Funding From Accel Partners, Gemini Israel Funds and Magnum Communications Fund.
TEL AVIV, Israel, May 9 /PRNewswire/ -- Outsmart Ltd, a provider of complete Fixed-Mobile Convergence (FMC) and Intelligent Networks (IN) based solutions announced today that they have secured $17 million from leading venture capital firms, including Accel Partners, Gemini Israel Funds and Magnum Communications fund. Outsmart will use the investment to expand its sales and marketing activities World-wide.
Outsmart has already started deploying the SmartFMCTM solution to several major European operators and will use the investments to support the growing demand and interest in SmartFMCTM Solution. The SmartFMCTM solution allows operators to offer the same services across all networks and devices irrespective of location, access technology and terminals and provides a complete convergence of services, networks and devices to both fixed and mobile users. With Outsmart, telecom operators can have new services up-and-running within a short time, while utilizing existing infrastructure and making the most of their existing technology.
"We are very excited to have secured funding from these leading investors", said Eran Dotan, CEO of Outsmart. "This significant investment will enable us to support new markets and growing demand for our solution by expanding our activities and to become the leading provider of FMC solutions by the end of 2005."
"The Outsmart team has the ability to incorporate leading technological capabilities with a savvy and innovative understanding of the market, said Avi Hasson, General Partner at Gemini Israel Funds." We believe that FMC will gain real momentum this year, and that Outsmart is well positioned to take advantage of this momentum and become a leading provider of FMC solutions."
"We decided to invest in Outsmart after examining many companies and saw that Outsmart has the expertise to allow mobile and traditional operators to enter the VoIP market," said Kaj-Erik Relander, General Partner at Accel Partners. "We are excited about the opportunity to help take them to the next level."
"Outsmart has made significant progress in both its technology and sales over the past year, said Modi Rozen, Managing Partner of Magnum Communications Fund." We are happy to continue investing in Outsmart and believe that the company will play a pivotal role in the emerging fixed mobile convergence market."
Outsmart's SmartFMCTM enables mobile and fixed operators to provide converged services to fixed and mobile users irrespective of their location, access technology and terminals. Leveraging the existing mobile infrastructure and back office systems, operators are able to expand the mobile network to include fixed telephony across mobile, DSL, cable and WiFi networks. SmartFMCTM provides the benefits of VoIP technology with mobile features and applications such as pre-paid, SMS, multi-media messaging services (MMS), instant messaging (IM), virtual private network (VPN) and ring-back-tone (RBT) with a single telephone number. It enables operators to provide subscribers with simplified and richer communication experience: delivering one identity across a variety of terminals, with one voice mail and one bill.
About Outsmart Ltd.
Outsmart (formerly Smart-SS7) is a provider of complete Fixed-Mobile Convergence and Intelligent Networks (IN) based solutions. Founded in 2001 by a team of experts in the telecommunications industry, Outsmart enables operators to provide end-to-end, high performance solutions combining all mobile, voice and data services anywhere at significantly lower costs. Affiliated with major industry players such as IBM, Comverse, AudioCodes and others; Outsmart delivers complete convergence on all user terminals across all evolving networks. Outsmart has international headquarters based in Israel and a U.S. office based in New York, NY. For more information, visit our web site at http://www.outsmarttelecom.com/.
About Accel Partners
Founded in 1983, Accel Partners has a history of excellence and innovation in the venture capital business. The firm is dedicated to partnering with outstanding management teams to build world-class Internet, software and networking companies. With over $3 billion under management, Accel Partners has a long legacy of helping entrepreneurs build highly successful companies. Accel portfolio companies have completed IPOs that have created well over $100 billion in market capitalization. Accel has a history of backing category-defining companies, which include Actuate, Agile Software, AMCC, Arrowpoint, Foundry, Macromedia, Portal, Polycom/PictureTel, Uunet, Veritas, and Real Networks. For more information, visit the Accel Partners web site at http://www.accel.com/.
About Gemini Israel Funds
A pioneer in Israel's venture capital industry, Gemini provides start-up financing and expert guidance to help talented entrepreneurs build successful companies. The Gemini portfolio includes some of the most exciting and innovative Israeli high tech start-ups, and our track record includes many exits. With over $550 million under management in four funds, Gemini focuses on seed and early stage companies in the fields of Communications and Wireless Technologies, Semiconductors, and Enterprise Software. Through offices in Silicon Valley and Israel, Gemini offers high-level access to US-based investors and a global network of corporate partners. For more information, visit our web site at http://www.gemini.co.il/.
About Magnum Communications Fund
Magnum Communications Fund (http://www.magnumvc.com/) is a leading Israeli related early stage fund focused on communications opportunities. Its investments cover the wireless and mobile sectors, network infrastructure as well as middleware and other software solutions for the communications space. The investment professionals at Magnum assist outstanding entrepreneurs build category defining technology leaders. The Fund takes an active part in building its portfolio companies through board participation, business development, strategic direction, building management teams and fund raising. Magnum portfolio companies include; Phonetic Systems Ltd (acquired by Scansoft SSFT)., Wintegra Inc., Provigent Inc., Trivnet Ltd., Crescendo Networks Ltd, CellGlide Inc., Extricom Ltd., and Outsmart Ltd.
Contact Info Leah Granof NCSM Strategic Marketing Leah@ncsm.co.il +972-2-563-7527
CONTACT: Leah Granof, NCSM Strategic Marketing, Leah@ncsm.co.il, Tel: +972-2-563-7527