Red Bend Software signs agreement with NEC1
The Japanese giant will integrate Red Bend’s software in its cellular handsets.
Israeli start-up Red Bend Software announced today that it had signed a agreement with Japanese computer company NEC Corporation (Nasdaq: NIPNY; TSE: 6701). Under the agreement, NEC will integrate Red Bend’s long remote update software in its cellular handsets. The agreement follows a similar deal that Red Bend signed with Sharp Corp (TSE: 6755) three months ago. Sources inform ’’Globes’’ that Red Bend’s revenue from the deal will depend on the number of handsets that will be manufactured with the software installed in them.
Red Bend develops over-the-air (FOTA) software update solutions for cellular devices. The company’s patented solution enables cellular phones to be updated without the user having to visit a service center. The technology that Red Bend has developed enables the updates to be compressed to sizes that will enable rapid and precise transmission while making a substantial saving on costs. NEC will be able to use Red Bend’s software to rapidly update its handsets, as well as install new software. NEC will begin marketing phones with Red Bend software later this year. Red Bend also has agreements with other major cellular handset manufacturers, among them Sony Ericsson, BenQ, LG Mobile and others.
Red Bend CEO Yoram Salinger said, “The selection of our products by NEC, an important mobile phone manufacturer and an early adopter of FOTA technology, testifies to the advantages of Red Bend’s technology and our ability to support our customers in all global markets.”
Red Bend was founded in 1999. It has raised a total of $23 million in financing from venture capital firms Carmel Ventures, Greylock Partners , Israel Infinity Venture Capital and Poalim Capital Markets - Investment Bank Ltd..
Published by Globes [online], Israel business news - www.globes.co.il - on July 18, 2006