TEANECK, New Jersey, September 12, 2011 /PRNewswire/ -- Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of IT services and solutions, and Menora Mivtachim Group, one of Israel's leading insurance groups, announced today a multi-million dollar SAP ERP implementation and maintenance contract. The contract includes the implementation of a company-wide, SAP-based, enterprise resource planning (ERP) system at Menora Mivtachim Group with maintenance, support and development services for five years. The new ERP system comprises financial, logistics, human resources and profit analysis modules, as well as other insurance-related modules. The new system will upgrade various financial and procurement processes, improve the company's efficiency, including human capital issues among others, and help Menora Mivtachim provide its customers with the highest level of service. "The new ERP system will serve most of the companies of Menora Mivtachim Group, enabling optimal control over Menora Mivtachim's resources and business activity while satisfying relevant regulatory directives," said Moti Rosen, Chief Executive Officer of Menora Mivtachim. "We selected Ness Technologies due to its proven experience, knowledge and capabilities in large and complex ERP projects, as well as its unique knowledge of the Israeli insurance market's needs." "This contract reflects our excellent reputation as a market leader in implementing innovative and sophisticated solutions in the insurance industry - and ERP systems in particular - combined with integration, testing and implementation capabilities; as does the recent successful launch of an ERP system we implemented for a large Israeli insurance company," said Effi Kotek, President of Ness Israel. "We will harness the expertise and experience gained by Ness globally to ensure that Menora Mivtachim will receive the highest quality system and the best customer service." About Ness Technologies
Ness Technologies (Nasdaq:NSTC) hit a new 52-week high Tuesday as it is currently trading at $7.74, above its previous 52-week high of $7.73 with 1.2 million shares traded as of 2:30 p.m. ET. Average volume has been 418,100 shares over the past 30 days.
Ness Technologies (Nasdaq:NSTC) hit a new 52-week high Wednesday as it is currently trading at $7.72, above its previous 52-week high of $7.71 with 226,052 shares traded as of four p.m. ET. Average volume has been 828,000 shares over the past 30 days.
Ness Technologies (Nasdaq:NSTC) hit a new 52-week high Wednesday as it is currently trading at $7.64, above its previous 52-week high of $7.63 with 318,367 shares traded as of 11:37 a.m. ET. Average volume has been 626,800 shares over the past 30 days.
Shares of Ness Technologies (Nasdaq:NSTC) were gapping up Monday morning with an open price 13.8% higher than Friday's closing price. The stock closed at $6.68 yesterday and opened today's trading at $7.60.