E-learning provider InterWise has completed a massive $36 million financing round, of which $4 million consisted of bridge loans from investors.
Most of the capital came from foreign investors, according to Dolev & Abramovitch Hi-Tech Information. The company refused to comment.
The private placement was held at a company value slightly below that achieved in InterWise's previous round, TheMarker has learned from people involved in the funding effort. In May 2000, the company raised $30 million at a post-money company value of $90 million.
The same sources predict that InterWise will achieve profitability during the first quarter of 2002. It hopes to float on Wall Street when the primary market picks up. The company already issues quarterly reports to shareholders.
Last year's backers included General Electric (NYSE:GE), Lazard Freres, the German software giant SAP, and Israeli funds - STI Ventures and the Etgar (Challenge) fund.
Other investors in the company include UBS Capital (the investment arm of UBS Warburg), Texas Pacific Group and Tel Aviv-listed Shrem Fudim Kelner.
InterWise develops and markets solutions to transmit software-based information and interactive programs. Its products combine of e-learning applications such as Internet meetings and classrooms with virtual lessons.
Tel Aviv-based InterWise, established in 1994 by Hillel Kobrinski, and Zvi Frank, also maintains offices in Europe, Asia ? including most recently in Beijing - and in the United States. The company has 200 employees.
Its clientele includes Microsoft (Nasdaq:MSFT), Lockheed Martin (NYSE:LMT), Computer Associates (NYSE:CA) and in Israel, _Comverse Technology (Nasdaq:CMVT), banks Hapoalim, Leumi, and the First International Bank.