3DV fires workers ahead of Microsoft acquisition

The move signals that Microsoft will not develop the company's technology in Israel.

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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