Israeli venture lenders Plenus have arranged a new US$5m credit facility for cVidya, the VC-backed revenue assurance vendors. Look here to see the news from the Plenus website.
Unusually, no mention is made of the credit facility on cVidya’s website. Some in the industry complain that cVidya issue too many press releases, so perhaps this signals a more conservative approach to communicating their business performance. Not surprisingly, that has not stopped them heralding a new ‘multi-million dollar’ sale to South African network MTN. Based on the information published at Globes, the Israeli business daily, the MTN deal will be worth a little over US$2m to cVidya, and comes soon after a US$1m deal with Uruguayan national communications company Antel. See the Globes version of the story here.
The new credit from Plenus is nominally to assist cVidya break into the North American market. cVidya announced the opening of their Chicago office in February 2008. The Chicago office manages all their sales activities in North America. Since the office opened, there has not been any press releases announcing new sales in North America – but perhaps they are keeping quiet about them too ;)
