Formula Systems (FORTY)

[midastouch017]

GigaSpaces raises $2m

Intel Capital and BRM Capital participated in the round. GigaSpaces Technologies is a subsidiary of Formula Vision Technologies.

Batya Feldman 17 Jul 05 17:20

GigaSpaces Technologies Inc. closed a $2 million financing round on Friday. Intel Capital invested $1.5 million in the company and BRM Capital $500,000. GigaSpaces raised $3 million from BRM in January.
GigaSpaces, a subsidiary of Formula Vision Technologies Ltd. (TASE:FVT), provides dispersed grid-based infrastructure management and memory solutions for large financial and telecommunications enterprises.

Founded four years ago, GigaSpaces was wholly owned by Formula Vision until its previous financing round. BRM owns 23% of GigaSpaces and Formula Vision 59%. Formula Vision can invest an additional $1.3 million in the company.

Grid-based solutions are a software architecture enabling dispersed systems and processing across an enterprise’s full infrastructure, to exploit it better. Large enterprises with heavy information systems utilize only 15% on average of their infrastructure’s potential.

Among the company's customers are American International Group (NYSE:AIG), Nortel Networks (NYSE; TSX:NT), FXAll, Hutchison 3G, Tadiran Telecom Business System Ltd., and the New York Stock Exchange

Published by Globes [online], Israel business news - www.globes.co.il - on July 17, 2005

Dubi