Oren Glanz, President and CEO of TeleKnowledge resigned yesterday, TheMarker has learned.
Ofer Segev, the company's CFO, will replace him. Glanz resigned due to disagreements with the company's board, which refused entry to an investor who was to inject $15 million to $20 million into the company.
The company had planned massive layoffs, but recently postponed them in anticipation of the new, external investor.
Oren Glanz and Uri Arad founded the company in 1997. Arad acted as CEO of the company up until three years ago, when he was forced to step down due to apparent disagreements with his partners on running the company, and because of his interpersonal relations in the company and with customers. Oren Glanz, who was then his deputy, stepped into teh CEO position.
In the last 12 months the company carried out two rounds of layoffs and cut wages as part of cost cutting efforts. The company's workforce was reduced from the previous 200 to 120 workers.
The cutbacks were the result of the harsh market conditions in the recent year, which led the company to make a strategic change and to focus on bigger clients and reaching profitability as fast as possible.
The company, a holding of Zeevi Group ¿s Zeevi Computers and Technology, develops broadband compatible billing systems, which are also adaptable to the various applications using advanced access means. Since the beginning of 1999 the company has been selling its system called e-Total, which provides solutions to both content and access providers.
In October of 2000 the company raised $35 million according to a post-money valuation of $185 million. Zeevi Computers, Jerusalem Venture Partners, Tamir Fishman Ventures and Siemens Venture Capital took part in the round.
The company was not available for comment before publication.