Ness Technologies, which is backed by The Rohatyn Group, has agreed to sell TSG to Israel Aerospace Industries and Formula Systems. No financial terms were disclosed. Based in Israel, TSG is a provider of command and control, intelligence and homeland security solutions.
TEANECK, N.J.–(BUSINESS WIRE)–Ness Technologies, a portfolio company of The Rohatyn Group (TRG), today announced that it has entered into an agreement with Israel Aerospace Industries (IAI) and Formula Systems for the sale of its TSG subsidiary. TSG is an Israel-based provider of command and control, intelligence and homeland security solutions.
Commenting on the transaction, Bob Khanna, Partner of TRG and Ness Technologies Board member, said, “We would like to extend our appreciation to the management and employees of TSG for all of their contributions to the Ness group over the years. We wish them luck in their next chapter. ”
Ness Technologies’ principal businesses include Ness Software Engineering Services (SES), a premier global provider of outsourced engineering services, Ness CEE, a leading provider of IT services in Central & Eastern Europe and SwiftNess, a data & financial clearinghouse for the long-term savings market in Israel.
Israel Discount Capital Markets & Investments Ltd. and Fischer, Behar, Chen, Well, Orion & Co. advised Ness Technologies on the sale.
About Ness Technologies
Ness Technologies is a global provider of IT services with operations across the US, Europe, India and Israel. The company’s portfolio of solutions and services, offered via its Ness SES, Ness CEE and SwiftNess subsidiaries, consists of software product development, system integration and application development and maintenance.
Ness SES (headquartered in NJ, USA) is a premier provider of outsourced engineering services. Ness SES helps organizations compete and grow in today’s digital economy by providing deep expertise in products and platforms, data and analytics, and experience engineering. Ness SES delivers consumer-grade experiences with commercial-grade quality and stability through its global delivery model that offers the flexibility and efficiencies of on-site, on-shore, near-shore and off-shore sourcing, leveraging sophisticated distributed agile techniques. Visit www.ness-ses.com for more information.
Ness CEE (headquartered in Prague, Czech Republic) is a leading IT services and solutions provider in Central and Eastern Europe. Ness CEE offers a comprehensive portfolio of systems integration, application development and maintenance services capabilities. It has strong expertise in the public sector, financial services, utilities and telecom verticals. Visit www.ness-tech.eu for more information.
SwiftNess (headquartered in Tel Aviv, IL) is a data & financial clearinghouse for the long-term savings market in Israel which aims to simplify and automate the communication processes of the pension market in Israel.
Founded in 2002, The Rohatyn Group is a leading emerging markets asset management firm. Headquartered in New York, with offices around the globe including, Singapore, Hong Kong, London, Buenos Aires, Lima, Montevideo, Mexico City, São Paulo, Mumbai and New Delhi. For more information, please visit www.rohatyngroup.com.
About Israel Aerospace Industries
IAI Ltd. is Israel’s largest aerospace and defense company and a globally recognized technology and innovation leader, specializing in developing and manufacturing advanced, state-of-the-art systems for air, space, sea, land, cyber and homeland security. Since 1953, the company has provided advanced technology solutions to government and commercial customers worldwide including: satellites, missiles, weapon systems and munitions, unmanned and robotic systems, radars, C4ISR and more. IAI also designs and manufactures business jets and aerostructures, performs overhaul and maintenance on commercial aircraft and converts passenger aircraft to refueling and cargo configurations.
About Formula Systems
Formula Systems (1985) Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products, and providing computer-based business solutions.
For more information, visit www.formulasystems.com.