Advanced Technology was sold for $65.5 million. Contahal - for NIS 98 million. AT’s managers may purchase part of its shares.
Ness Technologies of the US, controlled by the Wolfson family of New York, is acquiring from Tadiran the control in Advanced Technology for $65.5 million in cash. Tadiran announced today that Wolfson will acquire 87.4% of the shares of AT.
AT is one of Israel’s biggest software firms and is traded on the Tel Aviv Stock Exchange. It engages in software development, consultation and the set-up of information infrastructures for the Ministry of Defence and large organisations such as banks and insurance companies, and also operates in other countries.
AT has a payroll of 710, and in 1998 its sales totalled NIS 268 million.
On Thursday, a parallel deal was concluded, in which Ness Technologies acquired Contahal from Tadiran, for NIS 97.89 million.
Tadiran reported that the two deals were concluded in the framework of the strategy of focusing on the defence industries sector.
Published by Israel's Business Arena May 16, 1999