Document:

EXHIBIT 4.5

                                WARRANT AGREEMENT

         Agreement  made as of  _____________,  2005 between  Israel  Technology
Acquisition Corp., a Delaware corporation, with offices at 23 Karlibach St., Tel
Aviv 67132, Israel ("Company"),  and Continental Stock Transfer & Trust Company,
a New York  corporation,  with offices at 17 Battery  Place,  New York, New York
10004 ("Warrant Agent").

         WHEREAS,   the  Company  is  engaged  in  a  public  offering  ("Public
Offering") of Units  ("Units") and, in connection  therewith,  has determined to
issue and  deliver up to (i)  13,800,000  Warrants  ("Public  Warrants")  to the
public investors, and (ii) 600,000 Warrants to EarlyBirdCapital, Inc. ("EBC") or
its  designees  ("Representative's  Warrants"  and,  together  with  the  Public
Warrants, the "Warrants"),  each of such Public Warrants evidencing the right of
the holder  thereof to purchase one share of the  Company's  common  stock,  par
value $.0001 per share  ("Common  Stock"),  for $5.00,  subject to adjustment as
described herein; and

         WHEREAS,  the  Company  has  filed  with the  Securities  and  Exchange
Commission a Registration  Statement on Form S-1, No. 333-123331  ("Registration
Statement"), for the registration,  under the Securities Act of 1933, as amended
("Act") of, among other  securities,  the Warrants and the Common Stock issuable
upon exercise of the Warrants; and

         WHEREAS,  the Company desires the Warrant Agent to act on behalf of the
Company,  and the  Warrant  Agent is willing to so act, in  connection  with the
issuance,  registration,  transfer,  exchange,  redemption  and  exercise of the
Warrants; and

         WHEREAS,  the Company desires to provide for the form and provisions of
the Warrants,  the terms upon which they shall be issued and exercised,  and the
respective  rights,  limitation of rights,  and  immunities of the Company,  the
Warrant Agent, and the holders of the Warrants; and

         WHEREAS,  all acts and things  have been done and  performed  which are
necessary  to make the  Warrants,  when  executed  on behalf of the  Company and
countersigned  by or on behalf of the Warrant  Agent,  as provided  herein,  the
valid,  binding and legal  obligations  of the  Company,  and to  authorize  the
execution and delivery of this Agreement.

         NOW,  THEREFORE,  in  consideration  of the  mutual  agreements  herein
contained, the parties hereto agree as follows:

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1.  APPOINTMENT OF WARRANT AGENT.  The Company hereby appoints the Warrant Agent
to act as agent for the Company for the  Warrants,  and the Warrant Agent hereby
accepts such  appointment  and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.

2. WARRANTS.

         2.1. FORM OF WARRANT.  Each Warrant shall be issued in registered  form
only, shall be in substantially the form of Exhibit A hereto,  the provisions of
which are  incorporated  herein  and shall be signed  by, or bear the  facsimile
signature of, the Chairman of the Board or President and Treasurer, Secretary or
Assistant  Secretary of the Company and shall bear a facsimile of the  Company's
seal. In the event the person whose facsimile signature has been placed upon any
Warrant  shall have ceased to serve in the capacity in which such person  signed
the Warrant before such Warrant is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

         2.2. EFFECT OF COUNTERSIGNATURE.  Unless and until countersigned by the
Warrant Agent pursuant to this  Agreement,  a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof.

         2.3. REGISTRATION.

                  2.3.1.  WARRANT  REGISTER.  The Warrant  Agent shall  maintain
books ("Warrant  Register"),  for the registration of original  issuance and the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions delivered to the Warrant Agent by the Company.

                  2.3.2.   REGISTERED  HOLDER.  Prior  to  due  presentment  for
registration  of transfer of any Warrant,  the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant  shall be  registered  upon
the  Warrant  Register  ("registered  holder"),  as the  absolute  owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant  Certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof,  and
for all other  purposes,  and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

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         2.4.  DETACHABILITY  OF WARRANTS.  The securities  comprising the Units
will not be separately  transferable  until 90 days after the date hereof unless
EBC informs the Company of its decision to allow earlier separate  trading,  but
in no event will EBC allow  separate  trading of the  securities  comprising the
Units until the  Company  files a Current  Report on Form 8-K which  includes an
audited  balance  sheet  reflecting  the  receipt  by the  Company  of the gross
proceeds of the Public Offering  including the proceeds  received by the Company
from  the  exercise  of  the   Underwriter's   over-allotment   option,  if  the
over-allotment option is exercised prior to the filing of the Form 8-K.

         2.5  WARRANTS  AND  REPRESENTATIVE'S   WARRANTS.  The  Representative's
Warrants  shall  have  the same  terms  and be in the  same  form as the  Public
Warrants  except with respect to the Warrant Price as set forth below in Section
3.1.

3.       TERMS AND EXERCISE OF WARRANTS

         3.1. WARRANT PRICE.  Each Public Warrant shall,  when  countersigned by
the  Warrant  Agent,  entitle  the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $5.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last  sentence  of this  Section  3.1.  Each  Representative's
Warrant shall, when  countersigned by the Warrant Agent,  entitle the registered
holder thereof,  subject to the provisions of such Representative's  Warrant and
of this Warrant Agreement,  to purchase from the Company the number of shares of
Common Stock stated therein,  at the price of $____ per whole share,  subject to
the adjustments  provided in Section 4 hereof.  The term "Warrant Price" as used
in this  Warrant  Agreement  refers to the price per share at which Common Stock
may be  purchased  at the time a Warrant is  exercised.  The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date.

         3.2.  DURATION OF WARRANTS.  A Warrant may be exercised only during the
period  ("Exercise  Period")  commencing on the later of (i) the consummation by
the Company of a merger,  capital stock  exchange,  asset  acquisition  or other
similar business combination  ("Business  Combination") (as described more fully
in  the  Company's  Registration  Statement)  and  (ii)  __________,  2006,  and
terminating  at 5:00  p.m.,  New York City time on the  earlier  to occur of (i)
___________,  2009 or (ii) the date  fixed for  redemption  of the  Warrants  as
provided in Section 6 of this Agreement ("Expiration Date"). Except with respect
to the  right to  receive  the  Redemption  Price  (as set  forth in  Section  6
hereunder),  each Warrant not exercised on or before the  Expiration  Date shall
become void, and all rights  thereunder and all rights in respect  thereof under
this Agreement shall cease at the close of business on the Expiration  Date. The

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Company in its sole  discretion  may  extend the  duration  of the  Warrants  by
delaying the Expiration Date.

         3.3. EXERCISE OF WARRANTS.

                  3.3.1.  PAYMENT.  Subject to the provisions of the Warrant and
this Warrant Agreement,  a Warrant, when countersigned by the Warrant Agent, may
be exercised by the registered  holder thereof by surrendering it, at the office
of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed,  and by paying in full, in lawful money
of the United States,  in cash,  good certified check or good bank draft payable
to the order of the  Company (or as  otherwise  agreed to by the  Company),  the
Warrant  Price for each full  share of Common  Stock as to which the  Warrant is
exercised and any and all applicable  taxes due in connection  with the exercise
of the  Warrant,  the  exchange  of the Warrant  for the Common  Stock,  and the
issuance  of the  Common  Stock;  provided,  however,  that with  respect to any
Warrants  purchased by the Company's initial  stockholders  during the six-month
period  following  separate  trading of the Warrants  included in the  Company's
Units,  in  the  event  of  redemption   pursuant  to  Section  6  hereof,  such
stockholders  may pay the Warrant Price by  surrendering  his or her Warrant for
that number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock  underlying the Warrant,
multiplied  by the  difference  between the Warrant  Price and the "Fair  Market
Value"  (defined  below) by (y) the Fair Market  Value.  The "Fair Market Value"
shall mean the average  reported  last sale price of the Common Stock for the 10
trading days ending on the 3rd trading day prior to the date on which the notice
of redemption is sent to holders of Warrant pursuant to Section 6 hereof.

                  3.3.2. ISSUANCE OF CERTIFICATES.  As soon as practicable after
the  exercise of any Warrant  and the  clearance  of the funds in payment of the
Warrant Price, the Company shall issue to the registered  holder of such Warrant
a certificate or  certificates  for the number of full shares of Common Stock to
which he is  entitled,  registered  in such name or names as may be  directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned  Warrant for the number of shares as to which such  Warrant  shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
a  registration  statement  under the Act with  respect to the  Common  Stock is
effective.  Warrants  may not be  exercised  by, or  securities  issued  to, any
registered holder in any state in which such exercise would be unlawful.

                  3.3.3. VALID ISSUANCE.  All shares of Common Stock issued upon
the proper  exercise of a Warrant in  conformity  with this  Agreement  shall be
validly issued, fully paid and nonassessable.

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                  3.3.4.  DATE OF  ISSUANCE.  Each person in whose name any such
certificate  for  shares of Common  Stock is issued  shall for all  purposes  be
deemed to have  become the holder of record of such  shares on the date on which
the  Warrant  was  surrendered  and  payment  of the  Warrant  Price  was  made,
irrespective  of the date of delivery of such  certificate,  except that, if the
date of such  surrender and payment is a date when the stock  transfer  books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business  on the next  succeeding  date on which the
stock transfer books are open.

                  3.3.5. INTENTIONALLY OMITTED.

4. ADJUSTMENTS.

         4.1. STOCK DIVIDENDS - SPLIT-UPS. If after the date hereof, and subject
to the  provisions  of Section 4.6 below,  the number of  outstanding  shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock,
or by a split-up of shares of Common Stock, or other similar event, then, on the
effective date of such stock dividend,  split-up or similar event, the number of
shares of Common Stock  issuable on exercise of each Warrant  shall be increased
in proportion to such increase in outstanding shares of Common Stock.

         4.2.  AGGREGATION OF SHARES.  If after the date hereof,  and subject to
the provisions of Section 4.6, the number of outstanding  shares of Common Stock
is  decreased  by  a   consolidation,   combination,   reverse  stock  split  or
reclassification  of shares of Common Stock or other similar event, then, on the
effective  date  of  such  consolidation,   combination,  reverse  stock  split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

         4.3  ADJUSTMENTS  IN EXERCISE  PRICE.  Whenever the number of shares of
Common Stock  purchasable  upon the  exercise of the  Warrants is  adjusted,  as
provided in Section 4.1 and 4.2 above,  the Warrant  Price shall be adjusted (to
the nearest cent) by multiplying  such Warrant Price  immediately  prior to such
adjustment  by a  fraction  (x) the  numerator  of which  shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such  adjustment,  and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

         4.4. REPLACEMENT OF SECURITIES UPON REORGANIZATION, ETC. In case of any
reclassification or

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reorganization  of the  outstanding  shares of Common Stock (other than a change
covered by Section  4.1 or 4.2 hereof or that  solely  affects  the par value of
such shares of Common Stock),  or in the case of any merger or  consolidation of
the Company  with or into another  corporation  (other than a  consolidation  or
merger in which the  Company  is the  continuing  corporation  and that does not
result in any  reclassification  or reorganization of the outstanding  shares of
Common Stock),  or in the case of any sale or conveyance to another  corporation
or entity of the  assets or other  property  of the  Company as an  entirety  or
substantially  as an entirety in connection with which the Company is dissolved,
the Warrant  holders  shall  thereafter  have the right to purchase and receive,
upon the basis and upon the terms and  conditions  specified in the Warrants and
in lieu of the shares of Common  Stock of the  Company  immediately  theretofore
purchasable and receivable upon the exercise of the rights represented  thereby,
the  kind and  amount  of  shares  of stock  or  other  securities  or  property
(including cash) receivable upon such reclassification,  reorganization,  merger
or  consolidation,  or upon a  dissolution  following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised
his,  her  or  its  Warrant(s)  immediately  prior  to  such  event;  and if any
reclassification  also results in a change in shares of Common Stock  covered by
Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1,
4.2,  4.3 and this  Section  4.4.  The  provisions  of this  Section  4.4  shall
similarly  apply to successive  reclassifications,  reorganizations,  mergers or
consolidations, sales or other transfers.

         4.5.  NOTICES OF  CHANGES IN  WARRANT.  Upon  every  adjustment  of the
Warrant Price or the number of shares  issuable upon exercise of a Warrant,  the
Company shall give written  notice  thereof to the Warrant  Agent,  which notice
shall state the Warrant Price resulting from such adjustment and the increase or
decrease,  if any,  in the number of shares  purchasable  at such price upon the
exercise  of a  Warrant,  setting  forth in  reasonable  detail  the  method  of
calculation  and the facts  upon  which  such  calculation  is  based.  Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
such event, the Company shall give written notice to each Warrant holder, at the
last  address set forth for such holder in the warrant  register,  of the record
date or the  effective  date of the event.  Failure to give such notice,  or any
defect therein, shall not affect the legality or validity of such event.

         4.6. NO FRACTIONAL SHARES.  Notwithstanding  any provision contained in
this Warrant  Agreement to the contrary,  the Company shall not issue fractional
shares upon exercise of Warrants.  If, by reason of any adjustment made pursuant
to this  Section  4, the  holder  of any  Warrant  would be  entitled,  upon the
exercise of such  Warrant,  to receive a  fractional  interest  in a share,  the
Company  shall,  upon such  exercise,  round up to the nearest  whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

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         4.7. FORM OF WARRANT.  The form of Warrant need not be changed  because
of any  adjustment  pursuant to this Section 4, and  Warrants  issued after such
adjustment  may state the same Warrant Price and the same number of shares as is
stated in the Warrants initially issued pursuant to this Agreement. However, the
Company  may at any time in its sole  discretion  make any change in the form of
Warrant  that the  Company  may deem  appropriate  and that does not  affect the
substance thereof,  and any Warrant thereafter issued or countersigned,  whether
in exchange or substitution for an outstanding  Warrant or otherwise,  may be in
the form as so changed.

5.       TRANSFER AND EXCHANGE OF WARRANTS.

         5.1.  REGISTRATION  OF TRANSFER.  The Warrant Agent shall  register the
transfer,  from  time to time,  of any  outstanding  Warrant  upon  the  Warrant
Register,  upon surrender of such Warrant for transfer,  properly  endorsed with
signatures properly  guaranteed and accompanied by appropriate  instructions for
transfer.  Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

         5.2.  PROCEDURE FOR SURRENDER OF WARRANTS.  Warrants may be surrendered
to the Warrant Agent,  together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new
Warrants as requested by the registered  holder of the Warrants so  surrendered,
representing an equal aggregate number of Warrants;  provided,  however, that in
the event that a Warrant  surrendered  for transfer bears a restrictive  legend,
the  Warrant  Agent  shall not cancel  such  Warrant  and issue new  Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company  stating that such transfer may be made and  indicating  whether the
new Warrants must also bear a restrictive legend.

         5.3.  FRACTIONAL  WARRANTS.  The Warrant Agent shall not be required to
effect any  registration  of  transfer  or  exchange  which  will  result in the
issuance of a warrant certificate for a fraction of a warrant.

         5.4. SERVICE CHARGES.  No service charge shall be made for any exchange
or registration of transfer of Warrants.

         5.5.  WARRANT  EXECUTION  AND  COUNTERSIGNATURE.  The Warrant  Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of
this Section 5, and the Company,  whenever  required by the Warrant

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Agent,  will supply the Warrant  Agent with  Warrants duly executed on behalf of
the Company for such purpose.

6. REDEMPTION.

         6.1.  REDEMPTION.  Subject to Section 6.4 hereof,  not less than all of
the outstanding  Warrants may be redeemed,  at the option of the Company, at any
time after they become exercisable and prior to their expiration,  at the office
of the Warrant Agent,  upon the notice referred to in Section 6.2., at the price
of $.01 per Warrant ("Redemption Price"),  provided that the last sales price of
the  Common  Stock has been at least  $8.50 per  share,  on each of twenty  (20)
trading  days  within any thirty  (30)  trading  day period  ending on the third
business  day prior to the date on which  notice  of  redemption  is given.  The
provisions of this Section 6.1 may not be modified,  amended or deleted  without
the prior written consent of EBC.

         6.2.  DATE FIXED  FOR,  AND  NOTICE  OF,  REDEMPTION.  In the event the
Company shall elect to redeem all of the Warrants,  the Company shall fix a date
for the  redemption.  Notice of redemption  shall be mailed by first class mail,
postage  prepaid,  by the  Company not less than 30 days prior to the date fixed
for redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be  conclusively  presumed to have been duly
given whether or not the registered holder received such notice.

         6.3.  EXERCISE  AFTER  NOTICE  OF  REDEMPTION.   The  Warrants  may  be
exercised,  for cash (or on a "cashless  basis" in accordance  with Section 3 of
this Agreement with respect to any of the Company's initial stockholders) at any
time after notice of redemption shall have been given by the Company pursuant to
Section 6.2. hereof and prior to the time and date fixed for redemption.  On and
after the  redemption  date,  the record  holder of the  Warrants  shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

         6.4  OUTSTANDING  WARRANTS  ONLY.  The  Company  understands  that  the
redemption  rights  provided  for by this  Section 6 apply  only to  outstanding
Warrants.  To the  extent a person  holds  rights  to  purchase  Warrants,  such
purchase  rights shall not be  extinguished  by redemption.  However,  once such
purchase  rights are exercised,  the Company may redeem the Warrants issued upon
such exercise  provided that the criteria for  redemption is met. The provisions
of this  Section 6.4 may not be modified,  amended or deleted  without the prior
written consent of EBC.

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7. OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

         7.1.  NO  RIGHTS  AS  STOCKHOLDER.  A  Warrant  does  not  entitle  the
registered  holder thereof to any of the rights of a stockholder of the Company,
including,  without  limitation,  the  right  to  receive  dividends,  or  other
distributions,  exercise  any  preemptive  rights  to vote or to  consent  or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

         7.2. LOST, STOLEN,  MUTILATED, OR DESTROYED WARRANTS. If any Warrant is
lost, stolen,  mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their  discretion  impose
(which  shall,  in the  case  of a  mutilated  Warrant,  include  the  surrender
thereof),  issue a new  Warrant  of like  denomination,  tenor,  and date as the
Warrant so lost,  stolen,  mutilated,  or destroyed.  Any such new Warrant shall
constitute a substitute  contractual  obligation of the Company,  whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

         7.3.  RESERVATION  OF  COMMON  STOCK.  The  Company  shall at all times
reserve and keep  available a number of its  authorized  but unissued  shares of
Common  Stock  that will be  sufficient  to permit the  exercise  in full of all
outstanding Warrants issued pursuant to this Agreement.

         7.4. REGISTRATION OF COMMON STOCK. The Company agrees that prior to the
commencement  of the  Exercise  Period,  it shall file with the  Securities  and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration  statement,  for the registration,  under the Act, of, and it
shall take such action as is necessary  to qualify for sale,  in those states in
which the  Warrants  were  initially  offered by the  Company,  the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best  efforts  to  cause  the  same to  become  effective  and to  maintain  the
effectiveness  of  such  registration  statement  until  the  expiration  of the
Warrants in accordance with the provisions of this Agreement.  The provisions of
this  Section  7.4 may not be  modified,  amended or deleted  without  the prior
written consent of EBC.

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8. CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

         8.1.  PAYMENT OF TAXES. The Company will from time to time promptly pay
all taxes and charges that may be imposed upon the Company or the Warrant  Agent
in  respect  of the  issuance  or  delivery  of shares of Common  Stock upon the
exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

         8.2. RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.

                  8.2.1.  APPOINTMENT OF SUCCESSOR  WARRANT  AGENT.  The Warrant
Agent, or any successor to it hereafter appointed,  may resign its duties and be
discharged from all further duties and liabilities  hereunder after giving sixty
(60) days' notice in writing to the Company.  If the office of the Warrant Agent
becomes  vacant by  resignation  or incapacity to act or otherwise,  the Company
shall  appoint  in writing a  successor  Warrant  Agent in place of the  Warrant
Agent. If the Company shall fail to make such appointment  within a period of 30
days after it has been notified in writing of such  resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall,  with such notice,
submit  his  Warrant  for  inspection  by the  Company),  then the holder of any
Warrant may apply to the  Supreme  Court of the State of New York for the County
of New York for the  appointment  of a successor  Warrant Agent at the Company's
cost. Any successor  Warrant Agent,  whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal  office in the Borough of
Manhattan,  City and  State of New  York,  and  authorized  under  such  laws to
exercise  corporate  trust powers and subject to  supervision  or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested  with all the  authority,  powers,  rights,  immunities,  duties,  and
obligations of its  predecessor  Warrant Agent with like effect as if originally
named as Warrant Agent  hereunder,  without any further act or deed;  but if for
any reason it becomes  necessary or appropriate,  the predecessor  Warrant Agent
shall  execute  and  deliver,  at the  expense  of the  Company,  an  instrument
transferring  to such  successor  Warrant Agent all the authority,  powers,  and
rights of such  predecessor  Warrant  Agent  hereunder;  and upon request of any
successor  Warrant  Agent the Company  shall  make,  execute,  acknowledge,  and
deliver  any and all  instruments  in  writing  for more  fully and  effectually
vesting in and  confirming to such successor  Warrant Agent all such  authority,
powers, rights, immunities, duties, and obligations.

                  8.2.2.  NOTICE  OF  SUCCESSOR  WARRANT  AGENT.  In the event a
successor  Warrant  Agent  shall be  appointed,  the  Company  shall give notice
thereof to the  predecessor  Warrant Agent and the transfer agent for the Common
Stock not later than the effective date of any such appointment.

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                  8.2.3.   MERGER  OR   CONSOLIDATION   OF  WARRANT  AGENT.  Any
corporation  into which the Warrant  Agent may be merged or with which it may be
consolidated or any corporation  resulting from any merger or  consolidation  to
which the Warrant  Agent shall be a party shall be the  successor  Warrant Agent
under this Agreement without any further act.

         8.3. FEES AND EXPENSES OF WARRANT AGENT.

                  8.3.1.  REMUNERATION.  The  Company  agrees to pay the Warrant
Agent  reasonable  remuneration for its services as such Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all  expenditures  that the
Warrant Agent may reasonably incur in the execution of its duties hereunder.

                  8.3.2.  FURTHER  ASSURANCES.  The  Company  agrees to perform,
execute,   acknowledge,  and  deliver  or  cause  to  be  performed,   executed,
acknowledged,  and delivered all such further and other acts,  instruments,  and
assurances  as may  reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

         8.4. LIABILITY OF WARRANT AGENT.

                  8.4.1.   RELIANCE  ON  COMPANY  STATEMENT.   Whenever  in  the
performance of its duties under this Warrant Agreement,  the Warrant Agent shall
deem it necessary or desirable  that any fact or matter be proved or established
by the Company prior to taking or suffering any action  hereunder,  such fact or
matter  (unless  other  evidence  in  respect  thereof  be  herein  specifically
prescribed)  may be  deemed  to be  conclusively  proved  and  established  by a
statement  signed by the  President  or Chairman of the Board of the Company and
delivered to the Warrant  Agent.  The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the  provisions
of this Agreement.

                  8.4.2. INDEMNITY.  The Warrant Agent shall be liable hereunder
only for its own negligence, willful misconduct or bad faith. The Company agrees
to  indemnify  the  Warrant  Agent  and  save it  harmless  against  any and all
liabilities,  including  judgments,  costs  and  reasonable  counsel  fees,  for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                                       11
<PAGE>

                  8.4.3.   EXCLUSIONS.   The   Warrant   Agent   shall  have  no
responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature  thereof);
nor shall it be  responsible  for any breach by the  Company of any  covenant or
condition  contained  in this  Agreement  or in any  Warrant;  nor  shall  it be
responsible to make any  adjustments  required under the provisions of Section 4
hereof or responsible for the manner,  method,  or amount of any such adjustment
or the  ascertaining  of the  existence  of facts  that would  require  any such
adjustment;   nor  shall  it  by  any  act  hereunder  be  deemed  to  make  any
representation  or warranty as to the authorization or reservation of any shares
of Common Stock to be issued  pursuant to this Agreement or any Warrant or as to
whether any shares of Common  Stock will when issued be valid and fully paid and
nonassessable.

         8.5.  ACCEPTANCE OF AGENCY. The Warrant Agent hereby accepts the agency
established  by this Agreement and agrees to perform the same upon the terms and
conditions  herein set forth and among other things,  shall account  promptly to
the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of Warrants.

9.       MISCELLANEOUS PROVISIONS.

         9.1. SUCCESSORS.  All the covenants and provisions of this Agreement by
or for the benefit of the  Company or the Warrant  Agent shall bind and inure to
the benefit of their respective successors and assigns.

         9.2.  NOTICES.  Any  notice,  statement  or demand  authorized  by this
Warrant  Agreement to be given or made by the Warrant  Agent or by the holder of
any Warrant to or on the Company shall be  sufficiently  given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service  within  five  days  after  deposit  of such  notice,  postage  prepaid,
addressed  (until  another  address is filed in writing by the Company  with the
Warrant Agent), as follows:

                           Israel Technology Acquisition Corp.
                           23 Karlibach St.
                           Tel Aviv 67132
                           Israel
                           Attn: Chairman

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant  Agent shall
be sufficiently  given when so delivered if by hand or overnight  delivery or if
sent by certified mail or private courier service within five days after deposit

                                       12
<PAGE>

of such notice,  postage  prepaid,  addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

                           Continental Stock Transfer & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn: Compliance Department

with a copy in each case to:

                           Kramer Levin Naftalis & Frankel LLP
                           1177 Avenue of the Americas
                           New York, New York 10036
                           Attn: Richard Gilden, Esq.

and

                           Graubard Miller
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, New York 10174
                           Attn: David Alan Miller, Esq.

and

                           EarlyBirdCapital, Inc.
                           275 Madison Avenue, Suite 1203
                           New York, New York 10016
                           Attn: Steven Levine

         9.3. APPLICABLE LAW. The validity,  interpretation,  and performance of
this Agreement and of the Warrants shall be governed in all respects by the laws
of the State of New York,  without  giving effect to conflicts of law principles
that  would  result  in the  application  of the  substantive  laws  of  another
jurisdiction.  The Company  hereby  agrees that any action,  proceeding or claim
against it arising  out of or  relating  in any way to this  Agreement  shall be
brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction,  which  jurisdiction  shall be exclusive.  The Company hereby
waives  any  objection  to such  exclusive  jurisdiction  and that  such  courts
represent an inconvenience  forum. Any such process or summons to be served upon
the  Company  may be served by  transmitting  a copy  thereof by  registered  or
certified mail, return receipt  requested,  postage prepaid,  addressed to it at
the  address  set forth in Section  9.2  hereof.  Such  mailing  shall be deemed
personal  service and shall be legal and binding upon the

                                       13
<PAGE>

Company in any action, proceeding or claim.

         9.4.  PERSONS  HAVING  RIGHTS  UNDER  THIS  AGREEMENT.  Nothing in this
Agreement  expressed and nothing that may be implied from any of the  provisions
hereof is  intended,  or shall be  construed,  to confer  upon,  or give to, any
person or corporation  other than the parties hereto and the registered  holders
of the Warrants  and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2 hereof,
EBC, any right, remedy, or claim under or by reason of this Warrant Agreement or
of any covenant, condition, stipulation, promise, or agreement hereof. EBC shall
be deemed to be a  third-party  beneficiary  of this  Agreement  with respect to
Sections 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions,  stipulations,
promises,  and agreements  contained in this Warrant  Agreement shall be for the
sole and  exclusive  benefit of the parties  hereto (and EBC with respect to the
Sections 6.1, 6.4, 7.4 and 9.2 hereof) and their  successors  and assigns and of
the registered holders of the Warrants.

         9.5.  EXAMINATION  OF THE WARRANT  AGREEMENT.  A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of  Manhattan,  City and State of New York,  for  inspection  by the
registered holder of any Warrant.  The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

         9.6.  COUNTERPARTS.  This  Agreement  may be  executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

         9.7.  EFFECT  OF  HEADINGS.   The  Section   headings  herein  are  for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

                                       14
<PAGE>

         IN  WITNESS  WHEREOF,  this  Agreement  has been duly  executed  by the
parties hereto as of the day and year first above written.

Attest:                                      ISRAEL TECHNOLOGY ACQUISITION CORP.

__________________                           By:  ______________________________
                                                  Name:  Israel Frieder
                                                  Title: Chief Executive Officer

Attest:                                      CONTINENTAL STOCK TRANSFER
                                              & TRUST COMPANY

__________________                           By:  ______________________________
                                                  Name:  Steven Nelson
                                                  Title: Chairman

                                       15EXHIBIT 10.5

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

                  This  Agreement  is  made  as of  _____________,  2005  by and
between Israel  Technology  Acquisition  Corp.  (the  "Company") and Continental
Stock Transfer & Trust Company ("Trustee").

                  WHEREAS, the Company's registration statement on Form S-1, No.
333-123331  ("Registration  Statement"),  for its  initial  public  offering  of
securities  ("IPO")  has been  declared  effective  as of the date hereof by the
Securities and Exchange Commission ("Effective Date"); and

                  WHEREAS,  EarlyBirdCapital,  Inc.  ("EBC")  is  acting  as the
representative of the underwriters in the IPO; and

                  WHEREAS,  as described in the Registration  Statement,  and in
accordance with the Company's  Certificate of Incorporation,  $31,200,000 of the
gross proceeds of the IPO ($36,168,000 if the underwriters over-allotment option
is exercised in full) will be delivered to the Trustee to be deposited  and held
in a trust  account  for the  benefit  of the  Company  and the  holders  of the
Company's  common  stock,  par  value  $.0001  per  share,  issued in the IPO as
hereinafter  provided  and in the event the Units are  registered  in  Colorado,
pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the
Colorado  Statute is  attached  hereto and made a part  hereof (the amount to be
delivered  to the  Trustee  will be referred  to herein as the  "Property";  the
stockholders  for whose  benefit the  Trustee  shall hold the  Property  will be
referred to as the "Public  Stockholders,"  and the Public  Stockholders and the
Company will be referred to together as the "Beneficiaries"); and

                  WHEREAS, the Company and the Trustee desire to enter into this
Agreement  to set forth the terms and  conditions  pursuant to which the Trustee
shall hold the Property;

                  IT IS AGREED:

1. AGREEMENTS AND COVENANTS OF TRUSTEE.  The Trustee hereby agrees and covenants
to:

                  (a)  Hold  the  Property  in trust  for the  Beneficiaries  in
accordance  with the terms of this  Agreement,  including  the terms of  Section
11-51-302(6)  of the Colorado  Statute,  in a segregated  trust account  ("Trust
Account")  established  by the  Trustee  at a branch of  JPMorgan  Chase NY Bank
selected by the Trustee;

                  (b) Manage, supervise and administer the Trust Account subject
to the terms and conditions set forth herein;

                  (c) In a timely manner,  upon the  instruction of the Company,
to invest and  reinvest  the  Property  in any  "Government  Security."  As used
herein, Government Security means any Treasury Bill issued by the United States,
having a maturity of one hundred and eighty days or less;

                  (d) Collect and receive,  when due, all  principal  and income
arising from the

<PAGE>

Property,  which  shall  become  part of the  "Property,"  as such  term is used
herein;

                  (e) Notify the  Company of all  communications  received by it
with respect to any Property requiring action by the Company;

                  (f) Supply any  necessary  information  or documents as may be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

                  (g)  Participate  in any plan or proceeding  for protecting or
enforcing  any  right or  interest  arising  from the  Property  if, as and when
instructed by the Company to do so;

                  (h) Render to the Company and to EBC, and to such other person
as the Company may instruct, monthly written statements of the activities of and
amounts in the Trust Account  reflecting all receipts and  disbursements  of the
Trust Account; and

                  (i)  Commence  liquidation  of the Trust  Account  only  after
receipt  of and  only in  accordance  with the  terms of a letter  ("Termination
Letter"),  in a form  substantially  similar to that  attached  hereto as either
Exhibit A or Exhibit B,  signed on behalf of the  Company  by its  President  or
Chairman of the Board and  Secretary  or Assistant  Secretary,  and complete the
liquidation  of the Trust  Account  and  distribute  the  Property  in the Trust
Account  only as  directed  in the  Termination  Letter and the other  documents
referred to therein.

2.  AGREEMENTS  AND  COVENANTS OF THE  COMPANY.  The Company  hereby  agrees and
covenants to:

                  (a) Give all instructions to the Trustee hereunder in writing,
signed by the Company's President or Chairman of the Board. In addition,  except
with  respect to its duties under  paragraph  1(i) above,  the Trustee  shall be
entitled  to rely on,  and shall be  protected  in  relying  on,  any  verbal or
telephonic  advice or instruction which it in good faith believes to be given by
any one of the persons authorized above to give written  instructions,  provided
that the Company shall promptly confirm such instructions in writing;

                  (b) Hold the Trustee  harmless and  indemnify the Trustee from
and  against,  any and all  expenses,  including  reasonable  counsel  fees  and
disbursements,  or loss suffered by the Trustee in  connection  with any action,
suit or other proceeding  brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement,  the services of the Trustee  hereunder,  or the Property or any
income earned from  investment  of the Property,  except for expenses and losses
resulting from the Trustee's gross  negligence or willful  misconduct.  Promptly
after  the  receipt  by  the  Trustee  of  notice  of  demand  or  claim  or the
commencement  of any action,  suit or proceeding,  pursuant to which the Trustee
intends  to seek  indemnification  under  this  paragraph,  it shall  notify the
Company in writing of such claim  (hereinafter  referred to as the  "Indemnified
Claim").  The  Trustee  shall have the right to conduct  and manage the  defense
against such  Indemnified  Claim,  provided,  that the Trustee  shall obtain the
consent of the Company with respect to the  selection of counsel,  which consent
shall not

                                       2
<PAGE>

be  unreasonably  withheld.  The Trustee may not agree to settle any Indemnified
Claim  without  the prior  written  consent  of the  Company.  The  Company  may
participate in such action with its own counsel; and

                  (c) Pay the Trustee an initial acceptance fee of $1,000 and an
annual fee of $3,000 (it being expressly  understood that the Property shall not
be used to pay  such  fee).  The  Company  shall  pay the  Trustee  the  initial
acceptance  fee  and  first  year's  fee at the  consummation  of  the  IPO  and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with  respect to any period  after the
liquidation  of the Trust Fund.  The Company  shall not be  responsible  for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being  expressly  understood  that the Property  shall not be used to
make any payments to the Trustee under such paragraph).

3.  LIMITATIONS  OF  LIABILITY.  The  Trustee  shall have no  responsibility  or
liability to:

                  (a) Take any action with respect to the  Property,  other than
as directed in paragraph 1 hereof and the Trustee shall have no liability to any
party except for  liability  arising out of its own gross  negligence or willful
misconduct;

                  (b)  Institute  any  proceeding  for  the  collection  of  any
principal  and  income  arising  from,  or  institute,  appear in or defend  any
proceeding of any kind with respect to, any of the Property  unless and until it
shall have received instructions from the Company given as provided herein to do
so and the Company shall have  advanced or guaranteed to it funds  sufficient to
pay any expenses incident thereto;

                  (c)  Change  the  investment  of any  Property,  other than in
compliance with paragraph 1(c);

                  (d) Refund any depreciation in principal of any Property;

                  (e) Assume that the authority of any person  designated by the
Company to give  instructions  hereunder shall not be continuing unless provided
otherwise  in such  designation,  or unless the Company  shall have  delivered a
written revocation of such authority to the Trustee;

                  (f) The other parties  hereto or to anyone else for any action
taken or omitted by it, or any action suffered by it to be taken or omitted,  in
good faith and in the  exercise of its own best  judgment,  except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected  in acting upon any order,  notice,  demand,  certificate,  opinion or
advice  of  counsel  (including  counsel  chosen  by  the  Trustee),  statement,
instrument,  report or other paper or document (not only as to its due execution
and the validity and  effectiveness of its provisions,  but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee,  in good  faith,  to be genuine  and to be signed or  presented  by the
proper  person or  persons.  The  Trustee  shall  not be bound by any  notice or
demand, or any waiver, modification, termination or rescission of this agreement
or any of the terms hereof,  unless evidenced by a written instrument  delivered
to the Trustee signed by the proper party or parties and,

                                       3
<PAGE>

if the duties or rights of the  Trustee are  affected,  unless it shall give its
prior written consent thereto;

                  (g) Verify the correctness of the information set forth in the
Registration  Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated  by the  Registration
Statement; and

                  (h) Pay any taxes on behalf  of the  Trust  Account  (it being
expressly  understood  that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in
the Trust Account).

4. TERMINATION. This Agreement shall terminate as follows:

                  (a) If the Trustee gives written notice to the Company that it
desires to resign under this  Agreement,  the Company  shall use its  reasonable
efforts to locate a successor  trustee.  At such time that the Company  notifies
the Trustee that a successor  trustee has been  appointed by the Company and has
agreed to become  subject  to the terms of this  Agreement,  the  Trustee  shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust  Account,  whereupon  this  Agreement  shall  terminate;  provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the  resignation  notice from the Trustee,  the
Trustee may submit an application to have the Property deposited with the United
States  District  Court  for the  Southern  District  of New York and upon  such
deposit, the Trustee shall be immune from any liability whatsoever;

                  (b)  At  such  time  that  the  Trustee  has   completed   the
liquidation of the Trust Account in accordance  with the provisions of paragraph
1(i) hereof,  and  distributed the Property in accordance with the provisions of
the Termination  Letter,  this Agreement shall terminate  except with respect to
Paragraph 2(b); or

                  (c) On such date after  _____________,  2007 when the  Trustee
deposits the Property  with the United  States  District  Court for the Southern
District of New York in the event that,  prior to such date, the Trustee has not
received a Termination Letter from the Company pursuant to paragraph 1(i).

5. MISCELLANEOUS.

                  (a) The  Company  and the Trustee  each  acknowledge  that the
Trustee  will follow the  security  procedures  set forth below with  respect to
funds transferred from the Trust Account.  Upon receipt of written instructions,
the Trustee will confirm such instructions  with an Authorized  Individual at an
Authorized  Telephone  Number listed on the attached  Exhibit C. The Company and
the Trustee will each restrict  access to confidential  information  relating to
such security procedures to authorized persons. Each party must notify the other
party  immediately  if it has reason to believe  unauthorized  persons  may have
obtained  access  to  such  information,  or of any  change  in  its  authorized
personnel.  In  executing  funds  transfers,  the Trustee will rely upon account
numbers or other  identifying  numbers of a beneficiary,  beneficiary's  bank or
intermediary  bank,

                                       4
<PAGE>

rather than names.  The Trustee  shall not be liable for any loss,  liability or
expense  resulting  from any error in an  account  number  or other  identifying
number, provided it has accurately transmitted the numbers provided.

                  (b) This  Agreement  shall be  governed by and  construed  and
enforced in accordance  with the laws of the State of New York,  without  giving
effect to conflicts of law  principles  that would result in the  application of
the  substantive  laws of another  jurisdiction.  It may be  executed in several
counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

                  (c)  This   Agreement   contains  the  entire   agreement  and
understanding  of the parties  hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed,  amended or modified
by a writing signed by each of the parties hereto;  provided,  however,  that no
such change,  amendment or  modification  may be made without the prior  written
consent of EBC. As to any claim, cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

                  (d) The parties hereto consent to the  jurisdiction  and venue
of any  state or  federal  court  located  in the City of New York,  Borough  of
Manhattan, for purposes of resolving any disputes hereunder.

                  (e) Any notice,  consent or request to be given in  connection
with any of the terms or  provisions of this  Agreement  shall be in writing and
shall be sent by express mail or similar private courier  service,  by certified
mail (return receipt requested), by hand delivery or by facsimile transmission:

                  if to the Trustee, to:

                           Continental Stock Transfer
                             & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn:  Steven G. Nelson
                           Fax No.: (212) 509-5150

                  if to the Company, to:

                           Israel Technology Acquisition Corp.
                           23 Karlibach St.
                           Tel Aviv 67132
                           Israel
                           Attn:  Israel Frieder, Chief Executive Officer
                           Fax No.:  (___) ___-____

                                       5
<PAGE>

                  in either case with a copy to:

                           EarlyBirdCapital, Inc.
                           275 Madison Avenue, Suite 1203
                           New York, New York 10016
                           Attn:    David M. Nussbaum, Chairman
                           Fax No.:  (212) 269-3796

                  (f) This Agreement may not be assigned by the Trustee  without
the prior consent of the Company.

                  (g) Each of the Trustee and the Company hereby represents that
it has the full right and power and has been duly  authorized to enter into this
Agreement and to perform its respective  obligations as contemplated  hereunder.
The Trustee acknowledges and agrees that it shall not make any claims or proceed
against  the  Trust  Account,  including  by way of  set-off,  and  shall not be
entitled to any funds in the Trust Account under any circumstance.

                  (h) Each of the  Company and the  Trustee  hereby  acknowledge
that EBC is a third party beneficiary of this Agreement.

                                       6
<PAGE>

                  IN  WITNESS  WHEREOF,  the  parties  have duly  executed  this
Investment Management Trust Agreement as of the date first written above.

                                            CONTINENTAL STOCK TRANSFER & TRUST
                                            COMPANY, as Trustee

                                            By: ____________________________
                                                Name:
                                                Title:

                                            ISRAEL TECHNOLOGY ACQUISITION CORP.

                                            By: ____________________________
                                                Name: Israel Frieder
                                                Title: Chief Executive Officer

                                       7
<PAGE>

                                                                       EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven Nelson

                  Re:   TRUST ACCOUNT NO. 530-           TERMINATION LETTER

Gentlemen:

                  Pursuant to paragraph 1(i) of the Investment  Management Trust
Agreement   between  Israel  Technology   Acquisition   Corp.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"),  dated as of __________,
2005  ("Trust  Agreement"),  this is to advise you that the  Company has entered
into  an  agreement  ("Business  Agreement")  with  __________________  ("Target
Business") to consummate a business  combination with Target Business ("Business
Combination")  on or about [INSERT DATE].  The Company shall notify you at least
48 hours in advance  of the  actual  date of the  consummation  of the  Business
Combination ("Consummation Date").

                  In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence  liquidation  of the Trust Account to the effect that,
on the  Consummation  Date,  all of  funds  held in the  Trust  Account  will be
immediately  available  for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

                  On the  Consummation  Date (i) counsel  for the Company  shall
deliver to you written  notification that (a) the Business  Combination has been
consummated  and (b) the provisions of Section  11-51-302(6)  and Rule 51-3.4 of
the Colorado  Statute have been met, and (ii) the Company  shall  deliver to you
written instructions with respect to the transfer of the funds held in the Trust
Account  ("Instruction  Letter").  You are hereby  directed  and  authorized  to
transfer the funds held in the Trust  Account  immediately  upon your receipt of
the counsel's letter and the Instruction Letter, in accordance with the terms of
the  Instruction  Letter.  In the event that certain  deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will
notify the  Company of the same and the Company  shall  direct you as to whether
such  funds  should  remain  in the  Trust  Account  and  distributed  after the
Consummation Date to the Company.  Upon the distribution of all the funds in the
Trust  Account  pursuant  to the  terms  hereof,  the Trust  Agreement  shall be
terminated.

                  In the event that the Business  Combination is not consummated
on the  Consummation  Date  described  in the  notice  thereof  and we have  not
notified you on or before the original  Consummation  Date of a new Consummation
Date,  then the funds held in the Trust  Account shall be reinvested as provided
in  the  Trust  Agreement  on  the  business  day   immediately   following  the
Consummation Date as set forth in the notice.

                                            Very truly yours,

                                            ISRAEL TECHNOLOGY ACQUISITION CORP.

                                       8
<PAGE>

                                            By:________________________________
                                                 Israel Frieder, Chairman

                                            By:________________________________
                                                 Glen Shear, Secretary
cc: EarlyBirdCapital, Inc.

                                       9
<PAGE>

                                                                       EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:

                  Re:    TRUST ACCOUNT NO. 530-            TERMINATION LETTER

Gentlemen:

                  Pursuant to paragraph 1(i) of the Investment  Management Trust
Agreement   between  Israel  Technology   Acquisition   Corp.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of ___________,
2005 ("Trust Agreement"), this is to advise you that the Company has been unable
to effect a Business  Combination  with a Target  Company  within the time frame
specified in the Company's prospectus relating to its IPO.

                  In accordance with the terms of the Trust Agreement, we hereby
(a) certify to you that the provisions of Section  11-51-302(6)  and Rule 51-3.4
of the  Colorado  Statute  have  been met and (b)  authorize  you,  to  commence
liquidation of the Trust Account. You will notify the Company and JPMorgan Chase
NY Bank  ("Designated  Paying  Agent") in writing as to when all of the funds in
the Trust Account will be available for immediate  transfer  ("Transfer  Date").
The  Designated  Paying Agent shall  thereafter  notify you as to the account or
accounts  of the  Designated  Paying  Agent that the funds in the Trust  Account
should be  transferred  to on the Transfer  Date so that the  Designated  Paying
Agent may commence  distribution  of such funds in accordance with the Company's
instructions.  You shall have no  obligation  to oversee the  Designated  Paying
Agent's  distribution  of the funds.  Upon the payment to the Designated  Paying
Agent of all the  funds in the  Trust  Account,  the  Trust  Agreement  shall be
terminated.

                                            Very truly yours,

                                            ISRAEL TECHNOLOGY ACQUISITION CORP.

                                            By:________________________________
                                                 Israel Frieder, Chairman

                                            By:________________________________
                                                 Glen Shear, Secretary
cc: EarlyBirdCapital, Inc.

                                       10
<PAGE>

                                                EXHIBIT C

AUTHORIZED INDIVIDUAL(S)                             AUTHORIZED
FOR TELEPHONE CALL BACK                              TELEPHONE NUMBER(S)
-----------------------                              -------------------

COMPANY:

Israel Technology Acquisition Corp.
23 Karlibach St.
Tel Aviv 67132
Israel
Attn: Israel Frieder, Chief Executive Officer        972-3-6247396

TRUSTEE:

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven G. Nelson, Chairman                     (212) 845-3200

                                       11

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