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Start-up Corigin closes down, 25 employees fired


ACCORDING TO ARTICLE IN GLOBES:
Ofer Levi 13 Apr 05 12:54

Israeli start-up Corigin (formerly NewFrame), which developed data sharing and retrieval solutions, is closing down, and laying off its 25 employees. As far as is known, Corigin, managed until recently by former BroadLight CEO Amnon Presler, did not meet the targets set by its investors.

Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) co-founder Tsvi Misinai founded Corigin in 1995. Yoram Kariv, a co-founder of SCP (which later became Precise Systems) was CEO. Funded by Misinai in its early years, the company later changed its business focus. Vertex Management Israel and Genesis Partners invested an aggregate total of $10 million in Corigin.

According to IVC-Online, Coriginís first financing round raised $5 million in 2003 at a company value of $10 million, after money.

Coriginís solutions tried to integrate server-client systems with mainframe computers. The companyí products were aimed at increasing data processing speeds in systems that combine mainframe computers with Windows NT and UNIX systems, and preventing overloads on the mainframe computers used for data transmission.

Located in the Lod industrial zone, Corigin had a marketing and sales office in Boston, and made its sales in cooperation with Hitachi Data Systems.

Published by Globes [online] - www.globes.co.il - on April 13, 2005


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