GigaSpaces gets $7m loan from Plenus

The company will use the funds to expand its business activity in new and existing markets.

2 July 08 19:52, Batya Feldman

Israeli network solutions company GigaSpaces Inc. has obtained a $7 million credit line from Plenus Venture Lending Fund. The company intends to use the funds to expand its business activity in new and existing markets in Asia, Europe, and the US.

GigaSpaces was founded in 1999 and according to IVC Online data, it has raised $14 million to date from BRM Capital, Intel Capital, and FT Ventures. The company develops technology for real time data processing, enabling rapid implementation of advanced IT architectures. Plenus manages $300 million and has granted a total of $200 million in credit facilities to more than 50 businesses.

GigaSpaces offers grid infrastructure management solutions, and scalable memory solutions for large enterprises. The company's solutions are designed for companies with high capacity systems, and it is essentially a competitor of giants such as IBM Corp. (NYSE: IBM), Oracle Corp. (Nasdaq: ORCL), and SAP AG (NYSE; XETRA: SAP).

Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008