Connect One Raises New Round of Funding; Magnum Communications Fund Invests in Connect One to Facilitate Expansion and Growth.
The technology developed by Connect One is implemented in chips and external device servers that provide a device manufacturer with a complete and fully integrated hardware/software solution. The solution connects a device to any Internet-based network, so that data -- medical, financial, scientific, etc. -- can be transmitted back to a central location. Among the customers using Connect One's products are VeriFone (NYSE:PAY), Actaris and Okidata.
"We are proud of the quality of the investors that have joined us in this round and their vote of confidence in the company," said Amir Friedman, founder and CEO, Connect One. "We intend to use the funds raised to continue strategic expansion activities in our R&D and sales, to increase market share in segments we are already active in, and to expand to new markets."
Friedman added, "Connect One is a profitable company, growing by more than 50% in sales annually. Its unique technology has enabled it to steadily increase its market share by selling to the leading companies in each of its market segments. We believe that we are the leading provider of IP connectivity chips in the markets where we are active, and we intend to continue our efforts to sustain this leadership and to replicate this success in new markets."
"We are very excited about our investment in Connect One, a company which has commanded a leading position in the IP device connectivity market," said Yahal Zilka, managing partner in Magnum Venture Capital Fund. "We find in Connect One a rare combination of growth, strong technology in a large market opportunity, profitability, and experienced management which will lead the company forward."
Amir Friedman has over 20 years of management experience in technology companies in Israel and the US. Prior to founding Connect One, he was a co-founder of M-Systems (NASDAQ:FLSH), where he established and managed its US subsidiary, and took part in its IPO on Nasdaq in 1993.
Connect One was chosen by Red Herring magazine as one of the Top 100 private European companies for 2005. The prestigious award is given to companies whose products and services are transforming current markets and creating new ones. Connect One was recognized for its innovative technology which quickens and simplifies the addition of Internet connectivity to everyday devices.
About Magnum Communications Fund
Magnum Communications Fund is the leading communication-focused fund in early stage Israeli-related opportunities. The fund focuses on investments in technology companies in the areas of wireless networks, network infrastructure, and other communications software opportunities. Leading companies in its portfolio include Wintegra, Provigent, Extricom, Outsmart, Trivnet, Crescendo Networks, and Phonetic Systems (acquired by Nuance)(NASDQ:NUAN). For more information see www.magnumvc.com.
About Connect One
Established in 1996, Connect One Ltd. is widely regarded as the device networking authority, with many innovative firsts to its credit. The company manufactures semiconductors and device servers that facilitate reliable and robust Internet Protocol-based communication for everyday devices. Connect One is privately owned, with offices in Phoenix, AZ and Kfar Saba, Israel. For further information, please visit our Web site at www.connectone.com or send an e-mail to firstname.lastname@example.org. Connect One and The Device Networking Authority are trademarks of Connect One Ltd.
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|Date:||May 1, 2006|
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