The firm enables cheap international calls by mobile telephones.
MobileMax Inc. has successfully completed its IPO on the Tel Aviv Stock Exchange (TASE). The company raised NIS 22 million in shares and warrants.
MobileMax CEO Raanan Cohen founded the company in 2004. The company develops, produces, and markets software and hardware that enable low-cost international calls from mobile telephones. The company offers a solution to the problem in that while making an international call from a mobile telephone is convenient, it is also much more expensive than a comparable call by the less convenient VoIP network or dial card.
The company has raised $6.5 million from Leon Recanati’s GlenRock Israel (who owns 11.5% of the company), Colmobil Ltd. managing director Yoav Harlap (who owns 8%); Arie Saban, the brother of Haim Saban (8%); former Israel Phoenix Assurance chairman Joseph Hackmey (6%); and Eli Elroy (6%).
Poalim IBI Underwriting and Investments Ltd. (TASE:PIU) and Menorah Mivtachim Underwriters & Management Ltd. led the IPO.
Published by Globes [online], Israel business news - www.globes.co.il - on June 10, 2007
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