Formula Systems (FORTY)

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(NASDAQ:FORTY) Formula Systems (1985) Ltd.

GigaSpaces Receives Funding From Intel Capital, Bringing the
Total Investment to $6M
- Aug 8, 2005 10:00 AM (PR Newswire)
- http://finance.lycos.com/home/news/story.asp?story=50990870



NEW YORK, August 8 /PRNewswire/ -- GigaSpaces Technologies, a
fast-growing provider of grid-based application servers for transaction intensive, business-critical applications, today announced that Intel Capital will join the recent financing round which was led by BRM Capital.
Intel's investment will bring the total funds raised to $6M. Formula Vision (TASE:FVT), GigaSpaces' major shareholder, also participated in the round.

GigaSpaces intends to use the funds to help expand its sales, marketing and product development activities, and to capitalize on the increasing customer demand for grid-based solutions.

GigaSpaces provides high throughput, low latency applications with a grid-based application server, which delivers all the necessary distributed application services, such as distributed caching, parallel processing and a distributed messaging bus. These capabilities enable large enterprises in a
variety of industries (Financial Services, Telecom and Defense) to rapidly develop and deploy distributed applications over low-cost infrastructure.

"GigaSpaces' customers are constantly looking for new ways to solve the performance, reliability and scalability issues of their transaction-intensive, business critical applications," said Yaron Benvenisti, CEO of GigaSpaces. "This funding from Intel Capital will help drive our next phase of growth."

About GigaSpaces Technologies

GigaSpaces provides a grid-based application server that solves the performance, reliability and scalability problems of high-performance, transaction-intensive, business critical applications. Among the company's customers are AIG, Nortel Networks, FXall, Hutchison 3G and others in a variety of industries such as Financial Services, Telecom and Defense.
GigaSpaces was founded in 2000 and has offices in New York, London and Israel. GigaSpaces is a privately held company, funded by BRM Capital, Formula Vision and Intel Capital. It is an affiliated company of the Formula Group (NASDAQ:FORTY), Israel's largest publicly held IT group. For more
information, please visit

www.gigaspaces.com


About Formula Vision

Formula Vision Technologies (TASE: FVT) is a managing holding and investment company, guiding a group of privately held IT companies with innovative, proprietary technologies and solutions targeting international markets.


Formula Vision is a member of the Formula Group (NASDAQ:FORTY). The Formula Group, Israel's leading IT group, and its 4,500 professionals provide a broad range of information-technology solutions and complementary services
to customers in Israel and fifty countries worldwide.

www.formulavision.com

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