Only three days into 2008 and we’ve already seen two monster exits in Israel. Yesterday it was XIV with a $350M exit on a $3M investment. Today, Israeli financial media is reporting (here, in Hebrew) that Network Appliance purchased Onaro for $120M (although, Onaro’s official headquarters are in Boston).
Onaro develops storage-management software that allows Storage Area Network (SAN) to “be mapped, predictively tested, and monitored.” The company was founded in 2002 and in 2005 was courted by Cisco. NetApp is a leader in network-attached storage (NAS) devices. This acquisition should help it strengthen its SAN offerings.
This is a great exit for investors Cedar Ventures and Newbury Ventures which pumped a total of $10M into the company.
That first sentence doesn’t make a lot of sense, you may try re-phrasing it. “two monster exists”?
*scratches head*
Thinking about it, you probably meant “two monster exits“…no?
every web startups’ entrepreneur’s dream…the big payday, buyout
Com’on guys my english is bad and the main idea here is that you understood what author is trying to say. Don’t give him hard time! .
N’ways where do people get such money from damn it.
Good for them. Congrats!!
It’s not surprising that the Israeli market is getting so much attention these days. Israel has been ranked among the four most preferred global target markets for US venture capital funds and earmarked for high-quality deal flow, according to a global survey by Deloitte Brightman Almagor and the Israel Venture Association.
For Israel specific news, I invite everyone to VC Cafe (http://www.vccafe.com).
Some headlines from this past week alone:
* two Israeli venture funds raise capital
*Magic Software sells AOD for $17 million in Cash
* IBM acquires Israel’s XIV for $300 million
* Peter Thiel gambles on the next internet hit – Israel’s Hooja
Sorry about that, I was just trying to help give the readers the right idea of what he was saying.
Looks great now
Israel’s most promising industries centers for NAS.
You got money buy it.
Israeli here =]
Sayin` Wazzup!
Israel needs to keep its business in Israel and create some “Gorillas” in the marketplace. That is one shortfall of the VC community, they are shortsighted. Nonetheless, $120MM isn’t bad at all. Keep it up, make more jobs!