GigaSpaces Receives Funding from Intel Capital, Bringing the Total Investment to $6M
8/8/2005

New York, NY - August 08, 2005 - 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

About BRM Capital
Founded by information technology entrepreneurs, BRM Capital is a venture capital firm that invests primarily in Israel-related early stage companies in the Software, Communications and Components domains. With offices in the US and Israel , we seek to participate in innovative technology based companies and support a drive for building market leading companies to drive long-term shareholder value. www.brm.com

About Intel Capital
Intel Capital, Intel's venture investment program, focuses on making minority equity investments to grow the Internet economy in support of Intel's strategic interests. Intel Capital invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications. Intel Capital has invested more than US$4 billion in approximately 1,000 companies in more than 30 countries since 1991. Since its inception, about 160 portfolio companies have been acquired by other companies and another 150 have gone public on various exchanges around the world. Intel Capital employs investment managers in about 25 countries worldwide. Last year alone, Intel Capital invested more than US$130 million in about 110 deals with approximately 40 percent of its investments made outside the United States. For more information, visit www.intel.com/capital

For further information please contact:
Renee van Oostveen
GigaSpaces Technologies, Inc.
Tel: (646) 862-6935
Email: renee@gigaspaces.com




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