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Technology Stocks : Orckit (ORCT)
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To: nic who wrote (1137)4/20/1998 5:10:00 PM
From: FreedomForAll  Read Replies (1) of 1998
 
Microsoft to seed Israeli fund
By Reuters
Special to CNET NEWS.COM
April 20, 1998, 11:30 a.m. PT

TEL AVIV, Israel--Microsoft (MSFT) will invest $7.5
million in the Orion Israel Fund, an Israeli venture
capital fund, Microsoft's executive vice president
Steve Ballmer said today.

"We will invest where we see opportunities,
particularly outside of the United States--where
venture capital is more developed--and we know that
the local software industry will be good for us,"
Ballmer told a news conference at Ben Gurion airport
near Tel Aviv.

This is Microsoft's first investment in an Israeli
venture fund.

The software giant will also have an option to invest
an additional $7.5 million in specific projects and will
provide Orion with due diligence and managerial
support.

The fund intends to raise $100 million over the next
few months and plans to invest in Israeli Internet
technology companies.

Ballmer also announced that Microsoft will provide the
know-how to help Israel establish a demo of its
computerized Accessible Government project.

"The Accessible Government project is working to
open up the interaction between the citizens and the
government over the Internet," he said.

In the first stage, the project will allow the public to
comment on the legislative process via the Internet.

The company's only research and development center
outside the United States is located in Haifa, Israel. It
employs about 150 people.
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