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Earnix Secures a $3M Credit Facility from Plenus Venture Lending
Financing will be used for expanding sales and marketing activities to meet the growing demand for customer value optimization solutions
Ramat-Gan, Israel, September 3, 2008 – Plenus Venture Lending, Israel’s leading venture lending fund which provides credit facilities to high-tech companies, has granted a $3 million credit facility to Earnix, a leading provider of customer value optimization solutions for suppliers of insurance and banking services.
Earnix provides an integrated platform based on patented technology that enables banks and insurers to offer customers the optimal mix of products and prices to maximize customer lifetime value.
“Providers of financial services are looking to move from traditional pricing methods based on risk and cost to sophisticated mechanisms that incorporate customer value analysis,” said Lee-Bath Nelson, General Partner at Plenus. “The Earnix solution helps providers offer better customer value and increase profitability.”
“Plenus provided Earnix with the right financial solution at the right time, enabling us to expand our market presence to meet the growing demand for customer value optimization solutions in the financial services sector,” said Earnix’s CEO David Schapiro. “We found Plenus to be a real partner, demonstrating not only high levels of professionalism and experience but also the willingness to work out a customized solution to meet our specific needs.”
Plenus, Israel’s leading equity-based debt fund provides credit facilities to revenue stage technology companies and late stage financing solutions to mid-market companies.
Plenus’ funds, Venture Lending and Mezzanine, manage funds in excess of $300mm and are backed by Israel’s largest financial institutions as well as US and European based investors.
To date, Plenus Venture Lending has provided its portfolio companies credit facilities totaling over $250mm in over 50 deals and has participated in 10 significant exits. Plenus is an affiliate of the Viola Partners Group, a leading innovative private equity investment group with over $1.7B under management, focused on technology-based growth opportunities in Israel
For more information on Plenus, please visit www.plenus.co.il
Earnix is a leading provider of customer value optimization solutions for insurers and banks. Earnix solutions are used by leading financial services companies worldwide to optimize customer relationships and drive significant improvements in profitability. The company is led by a team of seasoned professionals with significant financial services background combined with expertise in optimization technology and enterprise software development. Earnix is privately held and funded by prominent venture capital firms. For more about Earnix please visit www.earnix.com.