Protégé Software was formed in 1996 and was founded by Larry Levy, Delrina's European Managing Director. Levy acted as President and CEO with Bennie as the principal investor. The company raised a $120M round of finance with XDL Intervest participating in 2003. Protégé has successfully launched 20 U.S. companies in Europe, nine of which are among Red Herring Top 50 Private Companies. In addition, five of these companies have gone public during Protégé's tenure with them. The company was ultimately sold to various buyers including Warburg Pincus after the internet bubble burst.