TechImage is closing down, TheMarker.com has learned.
The company, which developed a digital simulating system, fired 10 workers in November 2000 and changed its business model.
But this did not help the company to get back on track. In the last month the company has sent another 15 workers packing. At its heyday the company had 40 workers.
Several days ago the company executive told the remaining workers that the company is closing down because of financial difficulties.
TechImage was founded at the end of 1994 by Ezra Harel and Yair Winkler. In late 1999, Yossi Vardi joined the company as an investor. Since its establishment, the company managed to raise a total of $5 million.
Yossi Vardi is famous in Israel for his role in establishing Mirabilis, the parent company of the
Another company in which Vardi is invested, comparison-shopping site
, recently announced it is cutting its staff by half. Vardi has interests also in
TechImage refused to comment on this report.