Software holding company Volaris Group agreed yesterday to acquire US-based mobile optimisation technology provider Flash Networks in a deal of undisclosed size that will allow telecommunications firm Verizon to exit.
Founded in Israel in 1996, Flash supplies a range of mobile internet-focused products covering areas like signalling and radio connection optimisation, network security or app monetisation.
Not all the details of Flash’s past rounds are available but Verizon unit Verizon Ventures lists it in its portfolio. HarbourVest Partners led a $15m round in 2006 for the company that also featured Argonaut Private Equity and existing investors including Evergreen Partners.
The company had raised $6m in a 2003 round co-led by telecoms firm Deutsche Telekom’s now defunct T-Mobile Venture Fund and Giza Venture Capital and backed by telecom company Bell’s since disbanded Bell Mobility Investments and The Challenge Fund.
The 2003 round was Flash’s fourth, its second being a $9.5m round in 2000 featuring the General Electric-backed Giza GE Venture Capital Fund III, satellite producer Gilat Satellite Networks, Argoquest, Challenge Fund and existing investors Concord Ventures and Vertex Management.
