Ness wins $75m Barclays Capital's Israeli center contract

Ness Technologies will build, expand, and manage Israel Development and Engineering Center.

IT integrator and services company Ness Technologies Ltd. (Nasdaq: NSTC; TASE: NSTC) has won a five-year $75 million contract from Barclays Capital Ltd. to set up its Israel Development and Engineering Center (IDEC), which will provide technology development and engineering services.

Ness Technologies' Software Product Labs will build, expand, and manage IDEC. The company added that the Ministry of Finance will provide a range of financial incentives and cost offsets.

Ness president and CEO Sachi Gerlitz said, "We are pleased to partner with Barclays Capital on this significant initiative to establish a software development and engineering center in Israel. 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."

Barclays Capital is the investment banking division of Barclays Bank plc (LSE: BARC).

Ness's share price rose 1.7% on Nasdaq yesterday to $5.44, giving a market cap of $207 million, but fell 0.8% by early afternoon on the TASE to NIS 18.99.

Published by Globes [online], Israel business news - - on March 15, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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