Israeli e-payments software company Fundtech (Nasdaq:FNDT) will be dual-listing its stock for trade in Tel Aviv within days, Tel Aviv Stock Exchange director Sam Bronfeld disclosed today.
Two other Israeli companies are expected to join the ranks of the Israeli market within days: Orckit Communications (Nasdaq:ORCT) and Nova Measuring Instruments (Nasdaq:NVMI).
Fundtech will be listing at a company value of $60 million. It becomes the 17th Israeli company to dual-list its shares on Wall Street and in Tel Aviv.
Fundtech develops solutions to make payments and conduct banking operations over the Internet.
Ten days ago it announced income of $9.2 million for the first quarter of 2002, about the same as in the previous quarter and 30% less than in the parallel quarter of 2001. Company chairman Reuven Ben-Menachem stated that the market conditions have not changed since the last quarter, and that banks ¿ the company's client base ¿ are putting off investment decisions.
After deducting intangible assets, the company presented a quarterly loss of $3.7 million, or 26 cents per share. In the fourth quarter of last year it lost $4.3 million, and in the parallel quarter of 2001 it netted $3,000.