Patsystems selects GigaSpaces grid infrastructure for new trading platform
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NEW YORK, May 11, 2004 - GigaSpaces, a leading provider of grid-based infrastructure for real-time business applications, announced today that Patsystems (AIM: PTS), a leading global provider of high performance trading technology, has selected the GigaSpaces Grid infrastructure as a key server component in its new trading platform, TradeMark.

Targeted at global investment banks with worldwide order books and highly complex trading requirements, TradeMark is highly scalable, customizable and built with leading-edge technologies.It is the first in the industry to provide high availability industrial strength computing for organizations wishing to trade exchange-based instruments.

GigaSpaces grid transaction server is now deployed in the TradeMark product, which will be generally available in the second half of 2004.

“GigaSpaces is a grid transaction server capable of processing substantial amounts of financial transactions in real time. It will allow Patsystems’ customers to benefit from the dynamic grid technology, handling the ever increasing demand for performance and reliability, whilst keeping hardware and software costs in check,” said William Todd, Director of Strategic Development at Patsystems.

The GigaSpaces grid transaction server for intensive, scalable enterprise applications allows organizations to process massive transaction volumes in real-time while benefiting from the cost reductions and high flexibility of Grid Technology.

“Patsystems is establishing itself as a leading brand in the financial software and trading industry. With a growing presence in Europe, US and Asia Pac, and continuous technological innovation, it has shown leadership in the trading software industry” said Yaron Benvenisti, CEO of GigaSpaces.

About Patsystems

Business

Patsystems provides traders with industry-leading technology: fast, reliable, secure electronic systems that ensure global connectivity from a single screen. The platform offers comprehensive risk management; superior customer support; order routing to electronic and open outcry exchanges; and matching and settlement through the Patsystems Matching Engine.

Customers

Futures and options brokers worldwide distribute Patsystems’ technology to thousands of end users. They range from independent traders and arcades up to large financial institutions and global brands.

History

Patsystems was founded in 1994 by a team of derivatives traders and IT experts. Their aim was to create a hand-held product that would allow traders to deal from the floors of open outcry exchanges. Since then, Patsystems has developed a range of high-performance electronic systems to meet the needs of all types of trader. The company was floated on the London Stock Exchange in March 2000, and re-listed on AIM in 2003

About GigaSpaces

GigaSpaces offers the first grid server for real-time distributed transaction processing. Specifically designed to enable the high-speed execution of business applications with high and volatile transaction volumes, GigaSpaces enables grid architecture over low-cost open platforms - such blade and Linux servers.
Headquartered in New York with an R&D center in Israel, GigaSpaces' technology is used by major financial, telecom and manufacturing organizations worldwide such as AIG, Nortel Networks and Hutchison 3G. The company was founded in 2000, and is a subsidiary of Formula Vision (TASE: FVT), and part of the Formula Group (NASDAQ: FORTY), Israel's largest publicly held IT company.
www.gigaspaces.com
Best Regards,
        Shay
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Shay Hassidim
Product Manager, GigaSpaces Technologies
Email: shay at gigaspaces dot com
Website: www.gigaspaces.com