Information technology services provider Ness Technologies Ltd. (Nasdaq: NSTC; TASE: NSTC) said that it has won a four-year, NIS 18 million, (about $4.9 million) maintenance and development contract extension with Derech Eretz Highways Management Corporation and HaCarmel Lanes (overseen by Carmelton) the operator of Haifa's Carmel tunnels.
Derech Eretz operates Road 6 (the Cross-Israel Highway or Yitzhak Rabin Highway) toll road. HaCarmel Lanes operates the Carmel toll road tunnels in the city of Haifa.
Under the terms of the contract, Ness will upgrade and maintain the toll road revenue management system used on the two toll roads. The system is connected to an automated license plate recognition system, and manages the entire billing and customer relationship management processes of toll roads. The billing component of the overall system was developed by Ness.
Ness shares closed on Friday at $5.76, giving a market cap of $220.45 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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