Shmulik Shelah2 Dec 08 18:15
Platinum Neurone Ventures tried to sell its 5% holding in Zend Technologies Ltd. to Industry Ventures Fund V LP for $4.8 million during the third quarter, according to the financial report of Shrem Fudim Technologies Ltd. (TASE:SFKT), one of the venture capital fund's investors. The asking price reflected a company value of $95 million for Zend, which develops PHP-based applications.
Shrem Fudim Technologies said that Platinum and Industry Ventures Fund of the US signed a deal on September 26, but that Industry Ventures Fund cancelled the deal on October 25, due to "various concerns raised that rendered a sale impossible". As a result, the sellers petitioned the Tel Aviv District Court to enforce the agreement and order Industry Ventures Fund to sign the agreement.
