Acquisition by NICE Systems Ltd. (NASDAQ: NICE)
Carmel’s involvement in Actimize began in 2001 when Carmel was the sole investor in Actimize’s first institutional VC round. Carmel identified an outstanding entrepreneurial team and a unique technology that was well poised to deliver a paradigm shift in the area of Business Intelligence. Carmel introduced Actimize to leading financial institutions on Wall Street and worked with the Company to focus on the financial industry as their prime target market. Carmel’s partner actively participated in sales calls to help close the first customers and helped initiating strategic partnerships with potential strategic partners. Carmel’s team helped build the management team and contributed to the recruiting process of key team members.
Actimize, with more than 60 leading global financial institutions as its customers, has emerged as the global market leader of Operational Risk Management for the financial industry. Actimize won several awards, analysts’ recognition and a leading position in the financial industry worldwide. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use Actimize solutions to process billions of transactions a day. Actimize grew from almost no revenues to tenths of millions of dollars in revenues within six years and has been profitable for the last two years prior to the exit.
Carmel’s investment in Actimize was led by Avi Zeevi, who served as an active Chairman of Actimize’s board, led Actimize’s IPO process and also led the negotiations towards the acquisition which was closed on the verge of an IPO. Asher Kutner, Carmel’s Venture Partner, also served as an active board member of Actimize throughout the investment period.
In August 2007, NICE Systems Ltd. (NASDAQ: NICE) acquired Actimize, for $280 million.