3DV Systems Ltd. is firing most of its staff on the eve of the sale of the company's activity to Microsoft Corporation (Nasdaq: MSFT). Yokne'am-based 3DV develops three-dimensional video imaging technology and camera capture solutions. It has 40 employees.
Last week, controlling shareholder, IDB Holding Corp. Ltd. (TASE:IDBH) unit Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) announced that it had signed an MOU with Microsoft for the sale of its 43% stake in 3DV at company value of $34 million.
The layoffs signal that Microsoft is not interested in developing the company's technology at its R&D center in Israel.
3DV was not available for comment.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009
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