IT services provider Ness Technologies Ltd. (Nasdaq: NSTC) has acquired FMC Consulting and Informatics Ltd. a private Hungarian IT consulting and services company. Sources inform ''Globes'' that Ness paid €14 million and could pay up to €14 million more over the next two years subject to FMC meeting certain milestones. The acquisition will enable Ness to deepen its activities in Eastern Europe.
Ness said that FMC posted $25 million revenue in 2006 and was profitable. The company over 200 consultants working on its projects, and its customers include Audi Hungaria Motor, Gedeon Richter, K&H Bank, Magyar Telekom (NYSE:MTA; BUX: MTELEKOM), MKB Bank, MOL, OTP Bank (BUX:OTP), Raiffeisen Bank, and Sanofi-Aventis SA (NYSE:SNY; Euronext:SAN). FMC provides a broad range of integrated consulting and services, including elaboration of strategy, process re-engineering, and implementation of IT systems in the areas of banking solutions, business intelligence and customer relationship management, supply chain solutions, finance, accounting and controlling, human resources, and e-business solutions.
Ness has acquired three companies since Sachi Gerlitz took over as CEO a year ago: Selesta SpA of Italy, MS9 Consulting LLC for of the US, and Thai software distributor Advanced Industrial Management.
Ness rose 1% in morning trading on Nasdaq, giving a market cap of $375 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007