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MatrixIT negotiating outsourcing contract with Visa ICC-CAL

Wednesday 24 November 2004 10:23 CET | News

Formula Systems subsidiary Matrix IT is negotiating an outsourcing contract with Visa Israel Credit Card-CAL (ICC-CAL).

MatrixIT said the negotiations covered financing activities for several years, and that the results would have a significant impact on the company. The negotiations are reportedly for one of the largest outsourcing tenders in Israel. ICC-CAL has used over 100 outsourced computer staff in recent years. Market sources estimate the value of the tender at tens of millions of dollars, and it is expected to improve MatrixITs net profit margin, which was 3% in the previous quarter. Israels banking and financial sector is one of MatrixITs two main areas of business. High-tech is the other. The company recently signed a $5 million contract to develop a securities and analysis system, and it is expected to develop many projects derived from the Bachar committee recommendations and Basel II regulations on banking supervision in the coming years. MatrixIT and EDS Israel are jointly bidding in First International Bank of Israels outsourcing tender, which is worth an estimated $12 million a year over eight years. MatrixIT published its financial report for the third quarter last week. It posted a profit of NIS 7 million on NIS 225 million in revenue, compared with a profit of NIS 5 million on NIS 210.6 million in revenue for the second quarter of 2004.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce