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Press Release |
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| | September 15, 2009 |
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Ness Technologies joins the dual listed companies traded on the TASE |
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September 14, 2009 - The Tel Aviv Stock Exchange (TASE) announced today that Ness Technologies, Inc. (NASDAQ: NSTC), a global provider of information technology solutions and services, has listed its shares on the TASE. Ness will continue to trade on the NASDAQ, where they have been listed since 2004.
“We look forward to our new TASE dual listing,” said Sachi Gerlitz, president and CEO of Ness Technologies. “Although we are a U.S.-based corporation, almost a third of our business is for Israeli customers or delivered by our Israeli workforce. This dual listing reinforces our visibility and stature in the Israeli marketplace, and we believe it will make our shares accessible to a range of new investors and funds. We also believe that the aggregate trading volume of Ness shares will expand, increasing liquidity for institutional investors. Finally, the dual listing will provide trading access for European investors during regular European business hours and will afford Ness investors worldwide with more than 13 hours of continuous trading access.”
“We are very pleased to welcome Ness Technologies to the Tel Aviv Stock Exchange,” said Ester Levanon, CEO of the TASE. “Ness is one of Israel's leading IT services providers, both in Israel and globally. We appreciate the opportunity to dual-list Ness’ shares on the TASE, making them accessible to a wider range of investors. Ness joins a growing number of hi-tech companies listed on the TASE, which strengthens our bond with the hi-tech world.”
Ness, with a market capitalization of approximately $230 million, is expected to become part of the TA-100 index using the TASE’s fast track system. This enables dual-listed companies to enter the leading stock exchange indices shortly after they have been dual-listed.
Trading on the TASE occurs Sunday through Thursday from 9:45 AM to 4:30 PM Israel time, except on TASE trading holidays. Through the Dual Listing Law that took effect in October 2000, U.S.-listed companies may dual-list on the TASE without any additional regulatory requirements. TASE links to the U.S. markets with a direct link to DTC, a subsidiary of the Depository Trust & Clearing Corporation, which facilitates the trading of dually-listed securities.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC) is a global provider of IT and business services and solutions with specialized expertise in software product engineering; system integration, application development and consulting; and software distribution. Ness delivers its portfolio of solutions and services using a global delivery model combining offshore, near-shore and local teams. With about 7,800 employees, Ness maintains operations in 18 countries, and partners with numerous software and hardware vendors worldwide. For more information about Ness Technologies, visit www.ness.com.
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