UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No.1)*

                                 RADVISION LTD.
                                 --------------
                                (Name of Issuer)

                   Ordinary shares, par value NIS .1 per share
                   -------------------------------------------
                         (Title of Class of Securities)

                                    M81869105
                                    ---------
                                 (CUSIP Number)

                                October 31, 2005
                                -----------------
                      (Date of Event which Requires Filing
                               of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [X] Rule 13d-1(b)
                                [ ] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)


*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

                          Continued on following pages
                               Page 1 of 11 Pages
                              Exhibit Index: Page 9






                                  SCHEDULE 13G

CUSIP No.  M81869105                                           Page 2 of 8 Pages




1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  SARANAC CAPITAL MANAGEMENT LP

2        Check the Appropriate Box If a Member of a Group (See Instructions)

                                                     a. [ ] 
                                                     b. [X]

3        SEC Use Only

4        Citizenship or Place of Organization

                  DELAWARE

                            5             Sole Voting Power
Number of                                         2,324,100
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                        0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                        2,324,100
    With
                            8             Shared Dispositive Power
                                                  0

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    2,324,100

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [  ]

11       Percent of Class Represented By Amount in Row (9)

                                    11.0%

12       Type of Reporting Person (See Instructions)

                                    IA; PN





                                  SCHEDULE 13G

CUSIP No.  M81869105                                           Page 3 of 8 Pages


1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  SARANAC CAPITAL MANAGEMENT GP LLC

2        Check the Appropriate Box If a Member of a Group (See Instructions)

                                                     a. [ ] 
                                                     b. [X]

3        SEC Use Only

4        Citizenship or Place of Organization

                  DELAWARE

                            5             Sole Voting Power
Number of                                         2,324,100
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                        0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                        2,324,100
    With
                            8             Shared Dispositive Power
                                                  0

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    2,324,100

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [  ]

11       Percent of Class Represented By Amount in Row (9)

                                    11.0%

12       Type of Reporting Person (See Instructions)

                                    HC; OO





                                  SCHEDULE 13G

CUSIP No.  M81869105                                           Page 4 of 8 Pages


1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  ROSS MARGOLIES

2        Check the Appropriate Box If a Member of a Group (See Instructions)

                                                     a. [ ] 
                                                     b. [X]

3        SEC Use Only

4        Citizenship or Place of Organization

                  UNITED STATES

                            5             Sole Voting Power
Number of                                         2,344,112
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                        0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                        2,344,112
    With
                            8             Shared Dispositive Power
                                                  0

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    2,344,112

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [   ]

11       Percent of Class Represented By Amount in Row (9)

                                    11.1%

12       Type of Reporting Person (See Instructions)

                                    HC; IN




                                                              Page 5 of 11 Pages


Item 1(a)         Name of Issuer:

                  Radvision Ltd. (the "Issuer")

Item 1(b)         Address of the Issuer's Principal Executive Offices:

                  24 Raoul Wallenberg Street, Tel Aviv 69719, Israel

Item 2(a)         Name of Person Filing:

                  The  Statement  is filed on  behalf  of each of the  following
persons (collectively, the "Reporting Persons"):

                  i)   Saranac   Capital   Management   LP   ("Saranac   Capital
Managment");

                  ii)  Saranac  Capital  Management  GP  LLC  ("Saranac  Capital
Management GP"); and

                  iii) Ross Margolies ("Mr. Ross Margolies").

                  This Statement  relates to Shares (as defined herein) held for
the  account of Saranac  Capital  Management  and for the  accounts  of Mr. Ross
Margolies and members of his immediate family.

                  Saranac  Capital  Management GP LLC is the general  partner of
Saranac  Capital  Management  and,  in  such  capacity  may be  deemed  to  have
investment  discretion  over and be the beneficial  owner of securities held for
the account of Saranac Capital  Managment In his capacity as the managing member
of Saranac  Capital  Management  GP, Mr.  Ross  Margolies  may be deemed to have
investment  discretion  over, and may be deemed to be the  beneficial  owner of,
securities held for the account of Saranac Capital Management.

Item 2(b)         Address of Principal Business Office or, if None, Residence:

                  The address of the  principal  business  office of each of the
Reporting Persons is 31 West 52nd Street, New York, NY 10019.

Item 2(c)         Citizenship:

                  1)  Saranac   Capital   Management   is  a  Delaware   limited
partnership;

                  2)  Saranac  Capital  Management  GP  is  a  Delaware  limited
liability company; and

                  3) Mr. Ross Margolies is a citizen of the United States.

Item 2(d)         Title of Class of Securities:

                  Ordinary Shares, par value NIS .1 per share (the "Shares").

Item 2(e)         CUSIP Number:

                  M81869105





                                                              Page 6 of 11 Pages


Item 3.           If this statement is filed pursuant to Rule 13d-1(b), or 
                  13d-2(b) or (c), check whether the person filing is a:

If this Statement is Filed Pursuant to Sections  240.13d-1(b) or 240.13d-2(b) or
(c), Check Whether the Person Filing is a(n):

                    (a)  [ ] Broker or dealer registered under Section 15 of the
                         Act (15 U.S.C. 78o);

                    (b)  [ ] Bank as defined  in Section  3(a)(6) of the Act (15
                         U.S.C. 78c);

                    (c)  [ ] Insurance company as defined in Section 3(a)(19) of
                         the Act (15 U.S.C. 78c);

                    (d)  [ ] Investment  company  registered  under Section 8 of
                         the Investment Company Act of 1940 (15 U.S.C. 80a-8);

                    (e)  [X]  Investment  adviser  in  accordance  with  Section
                         240.13d-1(b)(1)(ii)(E);

                    (f)  [  ]  Employee   benefit  plan  or  endowment  fund  in
                         accordance with Section 240.13d-1(b)(1)(ii)(F);

                    (g)  [X]  Parent  holding   company  or  control  person  in
                         accordance with Section 240.13d-1(b)(1)(ii)(G);

                    (h)  [ ] Savings  association  as defined in Section 3(b) of
                         the Federal Deposit Insurance Act (12 U.S.C. 1813);

                    (i)  [ ] Church plan that is excluded from the definition of
                         an investment  company  under  Section  3(c)(14) of the
                         Investment Company Act of 1940 (15 U.S.C. 80a-3);

                    (j)  [    ]    Group,    in    accordance    with    Section
                         240.13d-1(b)(1)(ii)(J).

Item 4.           Ownership:

Item 4(a)         Amount Beneficially Owned:

                  As  of  October  31,  2005,   each  of  the  Saranac  Capital
Management and Saranac Capital  Management GP may be deemed to be the beneficial
owner  of  the  2,324,100  Shares  held  for  the  account  of  Saranac  Capital
Management.  Mr.  Ross  Margolies  may be deemed to be the  beneficial  owner of
2,344,112 Shares, including the 2,324,100 Shares held for the account of Saranac
Capital Management and 20,012 Shares held for members of his immediate family.

Item 4(b)         Percent of Class:

                  The number of Shares each of Saranac  Capital  Management  and
Saranac  Capital  Management GP may be deemed to  beneficially  own  constitutes
approximately  11.0% of the total  number of  Shares  outstanding  (based  upon
21,131,000 Shares  outstanding).  The number of Shares Mr. Ross  Margolies  may
be deemed to  beneficially  own  constitutes  approximately 11.1% of the total
number of Shares outstanding.



                                                              Page 7 of 11 Pages

Item 4(c)         Number of shares as to which such person has:

         Saranac Capital Management
         (i)       Sole power to vote or direct the vote               2,324,100

         (ii)      Shared power to vote or to direct the vote                  0

         (iii)     Sole power to dispose or to direct the 
                   disposition of                                      2,324,100

         (iv)      Shared power to dispose or to direct the 
                   disposition of                                              0

         Saranac Capital Management GP
         (i)       Sole power to vote or direct the vote               2,324,100

         (ii)      Shared power to vote or to direct the vote                  0

         (iii)     Sole power to dispose or to direct the 
                   disposition of                                      2,324,100

         (iv)      Shared power to dispose or to direct the 
                   disposition of                                              0

         Mr. Ross Margolies
         (i)       Sole power to vote or direct the vote               2,344,112

         (ii)      Shared power to vote or to direct the vote                  0

         (iii)     Sole power to dispose or to direct the 
                   disposition of                                      2,344,112

         (iv)      Shared power to dispose or to direct the 
                   disposition of                                              0

Item 5.           Ownership of Five Percent or Less of a Class:

                  This Item 5 is not applicable.

Item 6.           Ownership of More than Five Percent on Behalf of Another 
                  Person:

                  The limited  partners of Saranac  Capital  Management have the
right to participate in the receipt of dividends from, or proceeds from the sale
of, securities held for the account of Saranac Capital  Management in accordance
with their respective ownership interests in Saranac Capital Management.

Item 7.           Identification and Classification of the Subsidiary Which 
                  Acquired the Security Being Reported on by the Parent
                  Holding Company or Control Person:

                  This Item 7 is not applicable.

Item 8.           Identification and Classification of Members of the Group:

                  This Item 8 is not applicable.

Item 9.           Notice of Dissolution of Group:

                  This Item 9 is not applicable.





                                                              Page 8 of 11 Pages


Item 10. Certification:

                  By signing below the Reporting  Person  certifies that, to the
best of such person's  knowledge and belief,  the  securities  referred to above
were not  acquired  and are not held for the  purpose  of or with the  effect of
changing or  influencing  the control of the Issuer of such  securities and were
not  acquired and are not held in  connection  with or as a  participant  in any
transaction having such purpose or effect.





                                                              Page 9 of 11 Pages


                                   SIGNATURES


     After  reasonable  inquiry and to the best of my knowledge and belief,  the
undersigned  certifies that the information set forth in this statement is true,
complete and correct.


Date:    November 10, 2005                 SARANAC CAPITAL MANAGEMENT LP

                                           By: Saranac Capital Management GP LLC
                                                  its General Partner

                                           By: /s/ Ross Margolies
                                           -------------------------------------
                                           Name: Ross Margolies
                                           Title: Managing Member

Date:    November 10, 2005                 SARANAC CAPITAL MANAGEMENT GP LLC


                                           By: /s/ Ross Margolies
                                           -------------------------------------
                                           Name: Ross Margolies
                                           Title: Managing Member

Date:    November 10, 2005                 ROSS MARGOLIES


                                           /s/ Ross Margolies
                                           -------------------------------------





                                                             Page 10 of 11 Pages

                                  EXHIBIT INDEX

                                                                        Page No.

     A.   Joint Filing  Agreement,  dated as of November 10,
          2005, by and among Saranac Capital  Management LP,
          Saranac  Capital  Management  GP LLC and Mr.  Ross
          Margolies                                                           11







                                                             Page 11 of 11 Pages


                                    EXHIBIT A

                             JOINT FILING AGREEMENT

     The  undersigned  hereby  agree that the  statement  on  Schedule  13G with
respect to the Ordinary Shares of Radvision Ltd., dated as of November 10, 2005,
is, and any amendments thereto (including  amendments on Schedule 13D) signed by
each of the undersigned  shall be, filed on behalf of each of us pursuant to and
in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange
Act of 1934.


Date:    November 10, 2005                 SARANAC CAPITAL MANAGEMENT LP

                                           By: Saranac Capital Management GP LLC
                                                  its General Partner

                                           By: /s/ Ross Margolies
                                           -------------------------------------
                                           Name: Ross Margolies
                                           Title: Managing Member

Date:    November 10, 2005                 SARANAC CAPITAL MANAGEMENT GP LLC


                                           By: /s/ Ross Margolies
                                           -------------------------------------
                                           Name: Ross Margolies
                                           Title: Managing Member

Date:    November 10, 2005                 ROSS MARGOLIES


                                           /s/ Ross Margolies
                                           -------------------------------------