Raises Modest New Funding

A government filing reveals that Proximex has raised modest new investment. The SEC filing dated January 29, 2010, Proximex disclosed that it raised $1.39 Million USD.

This is the first public investment activity we have seen since NICE acquired Orsus (a Proximex rival) in November 2009. That acquisition raised concerns because the price was only $22 Million plus, in the disclosure around the deal, it was acknowledged that Orsus's revenue was under $10 Million (low given that an individual PSIM project can easily be $500,000).

In an email message, Proximex responded to our request for comment by saying, "Proximex does not comment on financial matters as they are a privately-held company." It's hard to assess exactly how strong or weak a position is Proximex. On the other hand, PSIM is widely now acknowledged as a very high end niche product. Proximex is attempting to expand the use of PSIM with a lower cost PSIM appliance that was announced a few months ago.