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Soros Fund Management forms new $30 million technology venture capital
fund with Comverse Technology subsidiary
BusinessWire, Monday, January 27, 1997 at 08:11
WOODBURY, N.Y.--(BUSINESS WIRE)--Jan. 27, 1997--Comverse
Technology Inc. (NASDAQ:CMVT) announced today the formation of a new
private equity fund in partnership with Quantum Industrial Holdings
Ltd., a fund managed by Soros Fund Management LLC.
The fund, ComSor Investment Fund B.V., is headquartered in The
Netherlands and will focus primarily on investments in high
technology companies related to Israel. With committed capital of
$30 million, the fund is owned equally by a subsidiary of Quantum
Industrial Holdings Ltd. and CTI Capital, a Comverse Technology
subsidiary founded in 1995.
Quantum Industrial Holdings Ltd. is a fund whose principal
investment advisor is Soros Fund Management LLC., a New York-based
private equity investment management firm founded by George Soros.
Quantum Industrial is the Quantum Group's principal direct investment
vehicle. The Quantum Group consists of a number of investment
funds, with total assets of approximately $15 billion. U.S. persons
may not invest in the Quantum Group family of funds.
Kobi Alexander, president and chairman of Comverse Technology,
stated that "Israel's technology industries have rapidly become
among the most advanced in the world, producing a stream of new
ventures that is extraordinary in terms of both its rate of growth
and its quality. We believe that Comverse's knowledge of high
technology in general, and the Israeli high technology sector in
particular, combined with Soros Fund Management's financial and
investing acumen, create a team with all of the skills necessary to
successfully identify and nurture emerging technology firms. We are
very pleased to be in a position to pursue these opportunities in
partnership with one of the world's outstanding financial
organizations, and look forward to this very exciting project."
ComSor Investment Fund B.V. will be represented in Israel by
Comverse Investments Ltd., a wholly-owned subsidiary of CTI Capital.
Comverse Investments Ltd. is managed by Yaacov Koren.
Comverse Technology Inc., headquartered in Woodbury, designs,
develops, manufactures and markets computer and telecommunications
systems for a variety of communications processing applications,
including telephone-accessed, multimedia messaging, personal
communications and information processing systems marketed under the
name TRILOGUE(R), multiple channel, multimedia digital monitoring
systems marketed under the name AUDIODISK(TM), and multiple channel,
multimedia digital recording systems under the name ULTRA(TM).
CONTACT: Comverse Technology, Inc., Woodbury
Kobi Alexander/Paul D. Baker, 516/677-7200