Raises Modest New Funding

Author: John Honovich, Published on Mar 10, 2010

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).

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