Ness Technologies Announces Sale of its Ownership Interest in dbMotion
January 03 2007 - 7:03AM
PR Newswire (US)
HACKENSACK, New Jersey, January 3 /PRNewswire-FirstCall/ -- Ness
Technologies (NASDAQ:NSTC), a global provider of IT services and
solutions, today announced that it has sold its ownership interest
in dbMotion Ltd. for $6 million to other shareholders of dbMotion.
dbMotion was spun-off from Ness Technologies in 2004. dbMotion is a
provider of healthcare information integration software that
facilitates interoperability and Health Information Exchange (HIE)
for health information networks and integrated healthcare delivery
systems. The technology was originally developed by Ness
Technologies. In February 2006, the dbMotion(TM) Solution was
recognized as a "Best in Class" winner in the Interoperability/RHIO
category of the 2006 Microsoft Healthcare Users Group (MS-HUG)
annual awards. Recently, the University of Pittsburgh Medical
Center (UPMC) and dbMotion announced an $84 million initiative to
create one of the largest models of true interoperability in
healthcare. dbMotion will receive at least $35 million of this
amount, including an investment by UPMC. dbMotion's unique
technology will provide a flexible platform for UPMC's clinicians
to securely access integrated patient information across its 19
hospitals and 400 outpatient sites and doctors' offices, without
replacing existing systems. "We had a good opportunity to realize
value from our investment in dbMotion and decided to sell our
ownership interest in the company," said Raviv Zoller, President
and CEO of Ness Technologies. "This is the second time in recent
months that we surfaced value from the sale of IP, and the
divestment represents another step in Ness Technologies' strategy
to focus on its core business of IT services. We are proud of the
progress made by this Ness-originated enterprise and we will
continue to cooperate with dbMotion wherever our services are
required. We wish the management team, employees and shareholders
of dbMotion every success in the future." About dbMotion dbMotion
is a premier provider of healthcare information integration
software that facilitates interoperability and Health Information
Exchange (HIE) for health information networks and integrated
healthcare delivery systems. The dbMotion(TM) Solution gives
caregivers and information systems secure access to an integrated
patient record composed from the patient's medical data maintained
at facilities that are otherwise unconnected or have no common
technology through which to share data. The proven solution has
been implemented in demanding environments for the past six years -
serving millions of patients and integrating billions of individual
records of clinical information. For more information on dbMotion
visit http://www.dbmotion.com/ About Ness Technologies Ness
Technologies (NASDAQ:NSTC) is a global provider of end-to-end IT
services and solutions designed to help clients improve
competitiveness and efficiency. Ness specializes in outsourcing and
offshore, systems integration and application development, software
and consulting, and quality assurance and training. With 7,500
employees, Ness maintains operations in 16 countries, and partners
with over 100 software and hardware vendors worldwide. For more
information about Ness Technologies, visit http://www.ness.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 of Form 10-K filed with the Securities and Exchange
Commission on March 15, 2006. Media contact: David Kanaan USA:
+1-888-244-4919 Intl: +972-3-540-8188 Email: Investor contact: Drew
Wright USA: +1-888-267-8160 Email: DATASOURCE: Ness Technologies
Inc CONTACT: Media contact: David Kanaan, USA: +1-888-244-4919,
Intl: +972-3-540-8188, Email: . Investor contact: Drew Wright, USA:
+1-888-267-8160, Email:
Copyright
Ness (NASDAQ:NSTC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ness (NASDAQ:NSTC)
Historical Stock Chart
From Jul 2023 to Jul 2024