Plenus Venture Lending Grants $7mm Credit Facility to GigaSpaces
Plenus Venture Lending, Israel’s leading venture lending fund which provides credit facilities to high-tech companies, granted a $7mm credit facility to GigaSpaces Technologies, a leading provider of scale-out and cloud-based application servers for Java, .Net and C++ environments. This financing will allow the company to further expand its operations in Asia, Europe and the US to meet an unprecedented demand for its technology across all geographical areas, and a growing adoption in new, mainstream industries such as retail, travel and logistics, online commerce and marketing, online gaming, web 2.0 and social networks.
“GigaSpaces’ impressive high-end financial services and telecom customer base and their recent proliferation into many mainstream industries has demonstrated its attractive technology and offering”, said Momi Karako, General Partner at Plenus Venture Lending. “We are impressed with both the vision and execution of the Company’s management team that enable successful transformation of new technologies into revenue generating businesses.”
“Plenus has demonstrated a true understanding of our needs by tailoring a financing solution that is a perfect fit for us as we go through this phase of growth,” said Einav Netzer, CFO of GigaSpaces. “The efficient process we have completed together reassures us that we have a real committed professional partner on our side“
Plenus, the only Israeli Venture Lending Fund providing credit facilities to revenue stage technology companies is managed by Moti Weiss, Ruthi Simha, Shlomo (Momi) Karako and Lee-Bath Nelson. Plenus currently manages over $300mm and is backed by Israel's largest financial institutions as well as US based investors. To date, the fund has provided its portfolio companies credit facilities totaling over $200mm in over 50 deals and has participated in 9 significant exits. Plenus is an affiliate of the Viola Partners Group, a leading innovative private equity investment group with over $1.5B under management, focused on technology-based growth opportunities in Israel
For more information on Plenus, please visit www.plenus.co.il
GigaSpaces Technologies is a leading provider of a scale-out application server for Java, .Net and C++ environments. With GigaSpaces, applications can be easily built for scalability, reliability and high-performance in distributed environments, such as SOA, clusters, grids and cloud computing.
GigaSpaces' customers include leading organizations in financial services, telecommunications, manufacturing and the Internet, where the need for mission-critical high-performance, reliability and scalability necessitates an alternative to traditional approaches. GigaSpaces was founded in 2000 and has offices worldwide.
For more information, please visit http://www.gigaspaces.com, or visit the company's blog at http://www.gigaspacesblog.com.
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