PineApp Ltd. Acquires a $2 Million Credit Facility from Plenus Venture Lending

NESHER, Israel--()--Plenus, the leading venture lending fund in Israel providing credit facilities to high-tech companies, granted a $2 million credit facility to PineApp Ltd., a leader in securing networks and email systems that offer comprehensive appliance solutions for organizations of various scales.

Lee-Bath, General Partner at Plenus, added, Plenus is a long time happy PineApp Mail-SeCure customer. During our due diligence we contacted additional PineApp customers, who also praised the ease of use and rich functionality of the products. We believe PineApp is poised for strong growth and welcome PineApp to the Plenus portfolio family.

Hezi Erez, PineApp CEO, said: The due diligence process that was carried out by Plenus was very thorough and professional. I am very glad that Plenus has decided to join the PineApp company and to take part in PineApps development and growth.

Since its founding, PineApp has had many successful installations worldwide. In the USA, PineApp has implemented its solutions in Telepak, a large ISP which receives a massive amount of over 1.5 million emails per day. In Israel, PineApps products have been installed in many governmental and educational institutions. Among them is IDC (Interdisciplinary Center), with 12,000 email users and over one million emails per day. Prior to the implementation of Mail-SeCure in these companies, over 97% of their incoming mail was spam. Now the spam has vanished, with a false-positive ratio lower than 0.01%.

About Plenus

Plenus, an affiliate of Viola Partners, is the only Israeli Venture Lending Fund providing credit facilities to revenue stage technology companies. Plenus currently manages over $300mm and is backed by Israel's largest financial institutions as well as US based investors. To date, the fund has provided its portfolio companies credit facilities totaling over $200mm in over 50 deals and has participated in 9 significant exits, 6 in 2006 alone. Plenus portfolio companies include Broadlight, CyberArk, Expand, RedBend, and Wintegra. Alongside Plenus Venture Lending, Plenus also manages Plenus Mezzanine, aimed at the non-high-tech middle market in Israel.

For more information on Plenus, please visit www.plenus.co.il.

About PineApp Corporation

PineApp, a global leader in securing email systems, offers comprehensive appliance solutions for small, medium and large organizations. Founded in 2002, PineApp has corporate headquarters in Nesher, Israel and American headquarters in Irvine, California, with additional offices in the US, UK, Israel, Italy, Russia, South Africa, Spain and France.

In the past five years, PineApp has specialized in email and content security systems and has a significant presence in more than 50 countries. PineApp has established itself as a pioneer in developing unique and innovative technologies to fight Internet and email threats.

For more information on PineApp, please visit www.pineapp.com.

Contacts

PineApp Americas
Jacob Fox, President and CEO, 949-923-9223
Jacob.Fox@pineapp.com

Contacts

PineApp Americas
Jacob Fox, President and CEO, 949-923-9223
Jacob.Fox@pineapp.com