Photo Credit: Flash90
Then-Minister of the Economy Naftali Bennett speaks at the INSS Conference, January 28, 2014.

Asurion, LLC, a privately held company based in Nashville, Tennessee, on Sunday announced that it is shutting down Soluto, its Israeli device protection software developer that helps users identify and correct problems in Microsoft Windows, and firing its 120 employees.

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Soluto was founded in 2008 and received in its first year close to $8 million in financing. In 2009, Naftali Bennett was brought in by investors as CEO, and made several structural changes to the company, bringing on his brothers, Asher and Dan, as co-executives. Asher, a cryptology expert, expanded Soluto’s range of solutions. Dan brought his expertise in managing technical startups. The company was able to bring in $18 million in financing.

In 2013, Soluto was purchased by Asurion for an estimated $130 million. Bennett, who was minister of the economy at the time, benefited from the sale of his stocks that were in a blind trust.

According to The Tennessean, Asurion is reducing its global workforce across all levels for future growth. Impacted employees are being provided severance, benefits continuation options, and outplacement services.

See also: Israel’s High-Tech Sector Slashing Jobs

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David writes news at JewishPress.com.