HACKENSACK, New Jersey, October 21, 2010 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of IT services and solutions, announced today that it has been awarded an approximately NIS 4 million, or approximately $1.1 million contract from Israel Direct Insurance (IDI) to implement a company-wide, SAP-based, enterprise resource planning (ERP) system.
The new ERP system will comprise financial, logistics and human resources (HR) modules. The system will encompass a variety of activities including accounting, procurement, fixed asset management, budget and control, treasury, cash flow management, pricing and others.
"The new ERP system is a quantum leap in our enterprise IT systems and will help us to further streamline and improve IDI's processes," said Raviv Zoller, IDI's CEO. "Increased efficiency and rapid decision-making are key to better profitability in the competitive insurance market, and the new system will enable us to continue to navigate the market effectively in the coming years. Following a competitive bidding process, we selected Ness Technologies for the implementation of the ERP system. Ness has a well-deserved reputation for excellence in mission-critical, enterprise-wide system implementations, and we are very comfortable putting our trust in Ness for this important engagement."
"This contract is another step in the ongoing successful expansion of our ERP presence in the insurance and banking industries, and further strengthens our position as leading provider of IT services to financial institutions," said Effi Kotek, President of Ness Israel. "Our vast experience in SAP systems and the financial sector, and the deep knowledge of our experts, will enable us to provide the highest level of implementation services to IDI."
"The signing of the agreement with IDI is another link in SAP's chain of successes over the last year," said Miki Migdal, managing director of SAP Israel. "IDI joins 3,000 customers, including 200 large organizations, that chose to adopt SAP's solutions. As Israel's largest provider of business software, SAP provides its customers, including customers from the financial and insurance industries, with advanced software solutions as well as consulting, support and professional guidance that are the result of many years of experience. The engagement will provide IDI with a solution to its needs, and will help, at the bottom line, to achieve the organization's business objectives."
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 7,800 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 Israel Direct Insurance
Established in 1994, Israel Direct Insurance (IDI) is Israel's pioneer of direct insurance and the largest company of its kind in the country. IDI offers a broad range of insurance-related services, including motor and homeowner's insurance policies, life insurance, healthcare insurance, mortgage insurance, business insurance, and other products.
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 include the "Risk Factors" described in Ness' Annual Report of Form 10-K filed with the Securities and Exchange Commission on March 15, 2010. 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.
Media Contact: David Kanaan Intl: +972-54-425-5307 Email: firstname.lastname@example.org Investor Relations Contacts: Drew Wright USA: 1-201-488-3262 Email: email@example.com Maya Lustig Israel: +972-3-767-5110 Email: firstname.lastname@example.org
SOURCE Ness Technologies Inc