HACKENSACK, New Jersey, March 15, 2011 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of information technology solutions and services, announced today that it has won a contract with Barclays Capital, the investment banking division of Barclays Bank PLC, to establish an Israel Development and Engineering Center ("IDEC"). The center will provide technology development and engineering services. The engagement is expected to be worth more than $75 million over five years.
The center will be built, rapidly scaled up and managed by Ness Technologies' Software Product Labs(TM) division, a world leader in the creation and operation of technology development centers. The Israeli Ministry of Finance will provide a range of financial incentives and cost offsets.
"We are pleased to partner with Barclays Capital on this significant initiative to establish a software development and engineering center in Israel," said Sachi Gerlitz, president and CEO, Ness Technologies. "During the course of the engagement, we will contribute our knowledge and expertise in building and managing software development labs. We will employ our unique software development methodology, taking good advantage of Israel's pool of high quality engineering talent."
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 7,700 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 Ness Software Product Labs
Ness Software Product Labs is focused on providing software R&D and software product engineering and consulting services that extend software development capacity and drive innovation for independent software vendors and product-centric firms. Today, Ness Software Product Labs runs more than 50 ongoing client labs in India, Israel and Eastern Europe. By combining a global delivery model with local management and shared control, Ness Software Product Labs becomes a seamless extension and an appreciating asset of client organizations, helping them measurably improve product competitiveness. For more information about Ness Software Product Labs, visit http://www.ness.com/spl.
About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. Barclays Capital has offices around the world, employs over 23,000 people and has the global reach, advisory services and distribution power to meet the needs of issuers and investors worldwide. For further information about Barclays Capital, please visit our website http://www.barclayscapital.com.
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 144,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide. For further information about Barclays, please visit our website http://www.barclays.com.
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 on Form 10-K filed with the Securities and Exchange Commission on March 4, 2011. 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: Gretchen Rice Phone: +1-781-743-0704 Email: firstname.lastname@example.org Maya Lustig Israel: +972-3-767-5110 Email: email@example.com Investor Relations Contacts: Drew Wright USA: +1-201-488-3262 Email: firstname.lastname@example.org Maya Lustig Israel: +972-3-767-5110 Email: email@example.com
SOURCE Ness Technologies Inc