Additional Funding to be Used to Further Strengthen Sales and Marketing
Efforts and Software Development
BOSTON, Massachusetts, October 10 /PRNewswire/ -- Octavian, a leading
provider of Separately Managed Account (SMA) solutions in the Wealth and
Investment Management (WIM) industry, today announced the completion of a
$10 million, second round of investment led by Vertex Venture Capital,
together with Carmel Ventures and Gemini Israel Funds, Octavian's existing
investors. Following the closing of the investment, Elisheva Yakobovich,
Partner at Vertex Venture Capital joined Octavian's Board of Directors.
The funding will help Octavian accelerate its sales and marketing
activities as well as product development, to provide extended solutions to
the fast growing Wealth and Investment Management (WIM) market. Octavian is
focused on helping the Wealth Management Industry grow and collaborate with
the servicing of managed account products. Analysts predict that the
managed account industry will grow to $ 3 trillion in assets under
management by 2011.
Octavian, founded in late 2004, develops and markets solutions for the
Wealth and Investment Management markets. Octavian simplifies the
management and oversight of investment services for multi-platform
financial service organizations. Octavian's revolutionary Financial
Information Rationalization Engine (FIRE) platform sits at the core of
Octavian's cutting edge revenue management system, reporting reconciliation
and data consolidation solutions for the WIM market with support to the
DTCC Managed Account Connectivity.
"We are pleased to announce the closing of our investment into
Octavian" said Elisheva Yakobovich, Partner at Vertex Venture Capital. "We
see a growing demand for various solutions to automate processes such as
billing, client reporting and connectivity, which are becoming more and
more complex as the services offered by sponsors and asset managers to the
mass market are becoming more sophisticated". "We believe that Octavian has
many attributes which will bring great success - a highly seasoned team
with deep domain knowledge, targeting a market with significant potential
and experienced investors with a proven track record of investments in the
financial technology sector - Carmel and Gemini". "This is the second
investment for Vertex in the area of financial technology. Vertex and
Carmel recently exited their early stage investment into Actimize, a world
leader in the field of brokerage compliance, Anti Money Laundering and
Financial Fraud detection and prevention, which was acquired by Nice
Systems (Nasdaq: NICE) for $280 million. We see further opportunities for
Israeli companies to become market leaders in various sub sectors of the
financial technology market. We also believe that Octavian is positioned
well to become yet another success story".
"The new funds will enable us to expand faster into our target markets,
accelerate our product development and extend the services and capabilities
to meet the demands of our growing number of customers," said Moshe Barnes
EVP and founder of Octavian. "It is a tremendous vote of confidence for
Octavian that Vertex Venture Capital joined our existing investors Carmel
and Gemini, and we are excited to be backed by such investors while working
on this thrilling development in the WIM space. Octavian is uniquely
positioned to be the leading provider of integrated solutions and services
for the WIM industry."
About Octavian
Octavian provides best-of-breed technology solutions to the wealth and
investment management industry. Octavian's rapidly expanding suite of
technology products include fee billing and revenue management, data
aggregation and enterprise reporting solutions, and workflow management
applications for the DTCC Managed Accounts Service. The company's solutions
are also sold in a Software-as-a-Service (SaaS/ASP) business model.
Octavian is a privately-held firm backed by three top-tier venture capital
funds. The company is headquartered in Woburn, Massachusetts, has an office
in Tel Aviv, Israel, and has a presence in the New York City, Boston,
Denver, and Charlotte metro areas for sales and customer support. For more
information please visit http://www.octavian-tech.com
About Vertex Venture Capital
Vertex Venture Capital is a unique top-tier Israeli VC with $600
million under management, a strong international investor base, an
experienced multi-disciplinary team of professionals and an impressive
track record of exits through M&A and IPO. Vertex provides unparalleled
possibilities for companies in facilitating potential growth, business
opportunities and leveraging synergies throughout Israel, Europe, USA,
Japan and Asia. Vertex invests in Israeli and Israel-related companies in
early stages of development in information networking and communications
systems, software and components, digital media and enterprise software.
For more information, please visit: http://www.VertexVC.com
About Carmel Ventures
Founded in 2000 by pioneers and leaders of the Israeli high tech
industry, Carmel Ventures, with $372 million under management, is one of
Israel's leading venture capital funds focused on information technology
investments. Led by former entrepreneurs and executives of the software,
communications and investment industries, Carmel provides active, hands-on
support to its portfolio companies. Carmel headquartered in Herzliya,
Israel enjoys a worldwide network of industry, strategic and investment
resources. Carmel provides significant capital and support through the
growth cycle of its portfolio companies and is recognized as a true company
building fund in Israel. For more information, please visit:
http://www.carmelcentures.com
About Gemini
A pioneer in Israel's venture capital industry, Gemini Israel Funds has
grown to be the leading Israeli seed and early stage fund in the
Information Technology arena. The firm, founded in 1993, manages $550
million in four funds. Investments are focused on the areas of
Communications and Wireless Technologies, Enterprise Software, Internet,
Consumer Electronics and Semiconductors, and more recently in Greentech.
Through offices in Israel and Silicon Valley, Gemini offers portfolio
companies with access to top-tier U.S. based investors and a global network
of corporate partners. As investment professionals, Gemini's key
contributions include an ability to make daring investment decisions and
the capability to utilize past operational experience in assisting
portfolio companies. Past successes include: Allot, Mellanox, Saifun,
Precise, Butterfly, Commtouch, Ornet, Verisity, Jacada, Ceragon, Riverhead,
nLayers and others. For more information, please visit
http://www.gemini.co.il
Contacts:
Hila Freiman-Kareev
VP Marketing and Business Development
Tel: +972-3-6931826; +972-54-4527338
e-mail: Hila.Kareev@octavian-tech.com
Sharon Lewis
Investor Relations and Marketing Manager
Tel: +972-3-737-8888
e-mail: Sharon@vertexvc.com
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SOURCE Octavian Ltd
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CONTACT:
Contacts: Hila Freiman-Kareev, VP Marketing
and Business Development, Tel: +972-3-6931826; +972-54-4527338,
e-mail: Hila.Kareev@octavian-tech.com; Sharon Lewis, Investor
Relations and Marketing Manager, Tel: +972-3-737-8888, e-mail:
Sharon@vertexvc.com
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