$3M invested by BRM Capital with a $1.86M option held by BRM Capital and Formula Vision.
Tel Aviv, Israel, January 24 2005 -GigaSpaces, a leading software provider of Grid infrastructure for business-critical applications and a subsidiary company of Formula Vision (TASE:FVT) has completed a $3M funding round, led by BRM Capital. Existing investor, Formula Vision, and BRM Capital also have an option of investing an additional, $1.86M.
BRM Partner, Charlie Federman said that "BRM's decision to invest in GigaSpaces reflects our strong belief in the company and confidence in management's ability to continue on its path towards market leadership.
"We are excited to have BRM Capital as our new partner in GigaSpaces and view this investment as a direct outcome of GigaSpaces recent outstanding performance. We expect the new funding to expedite GigaSpaces' growth by building more value for our customers through enhanced product investment, and leveraging our proven leading edge technology into broader and larger target markets," said Zeev Zilber, GigaSpaces' Chairman and Executive Director at Formula Vision.
GigaSpaces' CEO, Yaron Benvenisti: " A world-class investor like BRM Capital as a business partner can significantly enhance and expedite GigaSpaces' road to success in the global markets. We look forward to working together to capture a leading position in the rapidly emerging and exciting Grid market."
Founded in 2000 and headquartered in New York, with an R&D center in Israel, GigaSpaces is the developer of the first Enterprise Application Grid solution for transaction-intensive, high-performance business critical applications directed at the financial, telecom and manufacturing industries. GigaSpaces' customers include major organizations such as AIG, Nortel Networks and Hutchison 3G. GigaSpaces is part of the Formula Group (NASDAQ: FORTY), Israel's largest publicly held IT company. For more information, please visit www.gigaspaces.com
About BRM Capital
BRM Capital (www.brm.com) is a $150mm venture capital fund that focuses on early stage investments in Israeli related companies within the software, communications and components domains. Other notable BRM investments include; Passave Technologies, ProSight, Whale Communications, Schema, NOX Technologies, Wavion, Oplus and Invoke Solutions.
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 ( www.formulavision.com) is a member of the Formula Group (Nasdaq: FORTY), Israel's leading IT group, which provides a broad range of information-technology solutions and complementary services to customers in Israel and fifty countries worldwide. www.formulagroup.com