Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) and information technology solutions developer Ness Technologies Ltd. (Nasdaq: NSTC; TASE: NSTC) joint venture NessBit has won a $25 million contract to supply an information management system for the Israeli Air Force.
The contract with the ministry of defense is for work over the next four years.
Elbit Systems and Ness Technologies will equally share the project, in the amount of $12.5 million each.
NessBit was established in order to develop the unique technological capabilities required for such a project.
Elbit Systems executive VP Bezhalel Machlis, and Ness TSG president Michael Zinderman said that the cooperation by two companies under the joint venture allowed a combination of diverse technological disciplines.
The announcement of the deal comes a day after Elbit Systems announced a $50 million contract to supply UAVs to Israel's army.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2010
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