The acquisition is a sorry end for Always-On, which in February 2001 secured $13.5 million at a post-money company value of $30 million.
Always-On provides Internet-based technology services and software applications to small businesses and individuals. The services include software packages such as Microsoft¿s Office and Exchange, graphics software, information storage services, and support and training services.
Always -On's investors included Koor CVC, which kicked in no less than $4 million, Star Ventures, TechnoPlus Ventures, Coral Ventures, Synergy Ventures, and The A Consulting Team - TACT (Nasdaq:TACX).
But later in the year Always-On ran into difficulty as the global market cold-shouldered the business model of application service providers.
In the third quarter TechnoPlus Ventures wrote down its holdings in Always-On by NIS 4.3 million, in addition to a NIS 2 million write-down in the second quarter.