Ness Technologies and Menora Mivtachim Group Sign Multi-Million Dollar SAP ERP Implementation and Maintenance Contract
TEANECK, New Jersey, September 12, 2011 /PRNewswire/ --
Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of IT services and solutions, and Menora Mivtachim Group, one of Israel's leading insurance groups, announced today a multi-million dollar SAP ERP implementation and maintenance contract. The contract includes the implementation of a company-wide, SAP-based, enterprise resource planning (ERP) system at Menora Mivtachim Group with maintenance, support and development services for five years.
The new ERP system comprises financial, logistics, human resources and profit analysis modules, as well as other insurance-related modules. The new system will upgrade various financial and procurement processes, improve the company's efficiency, including human capital issues among others, and help Menora Mivtachim provide its customers with the highest level of service.
"The new ERP system will serve most of the companies of Menora Mivtachim Group, enabling optimal control over Menora Mivtachim's resources and business activity while satisfying relevant regulatory directives," said Moti Rosen, Chief Executive Officer of Menora Mivtachim. "We selected Ness Technologies due to its proven experience, knowledge and capabilities in large and complex ERP projects, as well as its unique knowledge of the Israeli insurance market's needs."
"This contract reflects our excellent reputation as a market leader in implementing innovative and sophisticated solutions in the insurance industry - and ERP systems in particular - combined with integration, testing and implementation capabilities; as does the recent successful launch of an ERP system we implemented for a large Israeli insurance company," said Effi Kotek, President of Ness Israel. "We will harness the expertise and experience gained by Ness globally to ensure that Menora Mivtachim will receive the highest quality system and the best customer service."
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global provider of IT and business services and solutions with specialized expertise in software product engineering; and system integration, application development, consulting and software distribution. Ness delivers its portfolio of solutions and services using a global delivery model combining offshore, near-shore and local teams. With about 7,000 employees, Ness has operations in North America, Europe, Israel and India, has customers in over 20 countries, and partners with numerous software and hardware vendors worldwide. For more information about Ness, visit http://www.ness.com.
About Menora Mivtachim Group
Menora Mivtachim Group specializes in the management of insurance, pension and finance businesses. The group manages assets worth about NIS 85 billion. Menora Mivtachim offers solutions in the fields of life insurance, health insurance, general insurance, new pension funds, provident funds, investment portfolios management, mutual funds management and advanced financial products. Menora Mivtachim Holdings holds all ownership of Israel's largest pension fund, the new Mivtachim, which manages assets of more than NIS 35 billion. During its years of operation, since 1935, Menora Mivtachim has established itself as a reliable, stable and creative company, providing its customers with a professional, reliable and efficient service and among the highest yields in the insurance industry and long term savings market, over many years. For more information about Menora Mivtachim, visit http://www.menoramivt.co.il.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as "believes," "expects," "may," "anticipates," "plans," "intends," "assumes," "will" or similar expressions. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Ness' actual results could differ materially from those anticipated in these forward looking statements as a result of various factors. Some of the factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements are included under the heading "Risk Factors" in Ness' filings with the Securities and Exchange Commission. Ness is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements, whether as a result of such changes, new information, subsequent events or otherwise.
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SOURCE Ness Technologies Inc
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