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.
About Barclays
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: gretchen.rice@ness.com
Maya Lustig
Israel: +972-3-767-5110
Email: maya.lustig@ness.com
Investor Relations Contacts:
Drew Wright
USA: +1-201-488-3262
Email: investor@ness.com
Maya Lustig
Israel: +972-3-767-5110
Email: maya.lustig@ness.com
SOURCE Ness Technologies Inc