GigaSpaces Announces $12M Financing to Accelerate Expansion
NEW YORK, May 5, 2020 —GigaSpaces, the provider of InsightEdge, announced that it closed a round of funding of $12 million. Fortissimo Capital led the round, joined by existing investors Claridge Israel and BRM Group.
Following record breaking results in 2019 including doubling annual recurring revenues (ARR), tripling the InsightEdge customer base, and achieving record profitability, GigaSpaces continues to demonstrate growth, completing Q1 2020 with record ARR. Increased demand for GigaSpaces solutions is expected during the current COVID-19 crisis, when digital service usage is skyrocketing, market trading volume continues to be volatile and real-time analytics capabilities are required. GigaSpaces is perfectly positioned to address these speed, scale, resilience and TCO challenges.
The proceeds from the financing will be used to fuel rapid growth, scale global expansion, further develop collaboration with partners, and accelerate product innovation.
The investment underscores GigaSpaces impact on helping companies drive the largest enterprises digital transformation initiatives that demand real-time insights, acceleration of cloud application performance and operationalizing machine learning (ML) and artificial intelligence (AI).
GigaSpaces introduced InsightEdge, a unified analytics, ML and transactional data processing platform in 2017 to address the market needs for real-time data-driven insights. Recognized by top analysts as a leader in the industry, including the latest Q4 2019 Forrester Wave™ Translytical Data Platform citing “GigaSpaces makes you faster and smarter at the speed and scale of business strengths in transactions, platform, multi model, customer adoption, development tools, extensibility, and customer support.”
“Data is a critical strategic asset that must be managed and leveraged correctly to provide insights, intelligence and actions for modern services and applications such as real-time fraud detection, risk analysis, instant payments, personalized offers, customer 360, dynamic pricing and more,” said Adi Paz, CEO of GigaSpaces. “This funding will help us drive accelerated growth to help more customers deliver on their data-driven promise.”
“Today, organizations must remain competitive, and require the agility to develop and deploy real-time data-driven services and applications that improve customer experience while optimizing their business operations” said Yoav Hineman, Partner at Fortissimo Capital. “GigaSpaces’ modern data platform and impressive track-record of driving the digital transformation initiatives at tier-1 enterprises from Fortune 500 companies such as financial services, insurance, health services, eCommerce and transportation, confirm GigaSpaces proficiency in addressing today’s and tomorrow’s customer challenges.”
Fortissimo Capital was advised by GCA Altium and Meitar. GigaSpaces and existing investors were advised by Meitar.
For more information, visit www.gigaspaces.com
GigaSpaces provides the fastest in-memory computing platforms for real-time insight to action and extreme transactional processing. With GigaSpaces, enterprises can operationalize machine learning and transactional processing to gain real-time insights on their data and act upon them in the moment. The always-on platforms for mission-critical applications across cloud, on-premise or hybrid, are leveraged by hundreds of Tier-1 and Fortune-listed organizations worldwide across financial services, retail, transportation, telecom, healthcare, and more. GigaSpaces offices are located in the US, Europe and Asia. More at www.gigaspaces.com and www.gigaspaces.com/blog/
About Fortissimo Capital
Fortissimo Capital is a private equity fund, established in 2004, that invests primarily in Israeli-related technology and industrial companies to expedite growth. Fortissimo raised $1.6 billion across five funds. A few notable portfolio companies that the fund exited include: Kornit Digital (Nasdaq:KRNT), AOD (sold to Primus), SodaStream (SODA, later sold to Pepsi), Dip-Tech (sold to Ferro), Nur Macroprinters (sold to HP), Cadent (sold to Align) and Starhome (sold to Tomia Global). Fortissimo has invested in several software companies, including IncrediBuild Software, Priority Software and One Hour Translation. More information about Fortissimo Capital is available at www.ffcapital.com