ActionBase Raises $6.5 Million

ActionBase, an Israel-based developer of an email-based system for tracking decision execution, has raised $6.5 million in new VC funding. Giza Venture Capital and Vertex Management co-led the round, and were joined by return backers Advantech Technologies and Sam Somech. 

PRESS RELEASE 

The venture capital firms Giza and Vertex have lead a fund-raising of $6.5M for the software company ActionBase. The two venture capital firms join eXeed Technology group, managed by the investor Sam Somech, and Advantech Technologies, which are already invested in the company.

ActionBase is a leading solution provider in the field of Activity and Decision Management. ActionBase provides an easy to use email based system designed for tracking decision execution through its entire lifecycle – including all the relevant documents, meetings, action items, decisions and emails, thereby alleviating the problem of information overload. ActionBase's existing customer base is over 150 of the leading companies in Israeli and international markets.

ActionBase addresses business' ongoing need to follow-up on the execution of strategy and plans, allowing unstructured and ad-hoc business processes to be to managed and tracked as easily as if they were part of the organization's structured IT processes (e.g. ERP, CRM). ActionBase's unique advantage is that it allows managers to easily define, implement and monitor these ad-hoc processes on their own, without the need to involve the IT department.

Sam Somech, Chairman of the Board, says that he is “very pleased to have such leading venture capital firms as Giza and Vertex join us and believes this is an essential contribution to the company's future success”. Somech added that the critical need to monitor ad-hoc and unstructured processes in organizations has been reinforced as a result of new regulation. ActionBase's enterprise solution will enable companies to face this new challenge”.
ActionBase is managed by Eyal Maor, who possesses extensive experience in both enterprise software and security. Among other positions Maor worked at Aladdin Knowledge Systems (Nasdaq. ALDN) as Corporate VP of Business Development and Vice President of Sales. The company's CTO is Dr. Jacob Ukelson, who served in a similar position at Itemfield and IBM. Dan Gross, the company's former CEO, serves as the VP Sales and Business Development.

Vertex Venture Capital
Vertex Venture Capital is a top-tier player in the international venture capital arena; manages $650 million in venture capital in Israel and Europe and is part of the International Vertex Venture Holdings (VVH). Headquartered in Tel Aviv and with representatives in Europe, Singapore and Japan, Vertex invests in Israeli and Israel-related high technology companies in the early stages of development in the areas of enterprise software, information networking, components and other leading emerging technologies. Vertex Venture Capital has established a global network of business relationships and strategic partners that provides unparalleled possibilities for companies in facilitating potential growth, business opportunities and leveraging synergies throughout Israel, Europe, USA, Japan and Asia. Vertex has an impressive track record of financial exits through M&A and IPO on NASDAQ, NYSE, SWX and HKSE.

Giza Venture Capital
Giza Venture Capital is one of the leading Israeli venture capital funds founded in 1992 as a pioneer investor in early-stage technology companies. Giza currently manages four funds totally about $500 million. GIza has invested in 80 companies in the sectors of communications, Information Technology, Enterprise Software, and Life Sciences, and has had 25 exits. Giza's portfolio includes Precise, Actimize, Zoran, M-Systems, DSPG, Butterfly and DSPC. Giza is headquartered in Tel Aviv, with additional offices in New York and Singapore.

For more information on Giza, visit its web site at www.gizavc.com.