In its 52 M&A deal since 2005 and its third acquisition announced in the past week, Oracle acquires Israel-based Convergin, developer of a real-time service brokering applications for the telecom industry. Convergin has raised around $10 million in VC funding from Pitango Venture Capital and Rich Investment in November 2008. The financial terms of the deal were not disclosed.
Convergin’s industry-leading J2EE-based Service Broker platform enables communications service providers (CSPs) to manage services for a wide range of networks and application platforms, including pre-paid charging. The solution allows CSPs to focus on launching innovative services while modernizing to next-generation networks.
According to Oracle’s official announcement:
Adding Convergin products to Oracle Communications portfolio is expected to enable customers with next-generation solutions to address network migration to an all IP core, significantly reducing integration and hardware costs. This combination is expected to accelerate deployment of next-generation pre-paid and value-added services in the communications industry. The transaction is expected to close in the first half of 2010.
Formerly known as PhoneDo Networks, Convergin was founded in 2000 by Ayal Itzkovitz, a former assistant professor at NYU’s Computer Science Department and a member of Microsoft’s R&D center in Israel. The company is headquartered in Herzliya, Israel.
He is a former General Partner at Google Ventures (GV) in Europe, former head of Google for Entrepreneurs in Europe, and founding head of Campus London, Google's first startup hub. Eze writes on Israeli tech, venture capital, artificial intelligence, and founder strategy.
He is also the founder of Techbikers, a nonprofit that brings together the startup ecosystem on cycling challenges in support of Room to Read.
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