IDIT Technologies, a leading enterprise software provider for online insurance receives $2M investment from Formula Vision (TASE:FVT). Following the investment, Formula Vision's holdings in IDIT will increase to 52%

IDIT plans to utilize this investment primarily for expanding its international sales and marketing activities.  Zeev Zilber, an Executive Director at Formula Vision, has been appointed Chairman of the Board of IDIT in place of Ariel Landau, who will continue to serve as a Director on the company's Board.

 

According to Zeev Zilber;"Formula Vision's investment in IDIT is aimed at accelerating the company's growth, and enabling it to further establish itself as an upcoming leader in its field. IDIT has recently won a number of large international bids in Europe and the Asia-Pacific region, and is expected to expand its global operations considerably within the coming year."

 

IDIT's solution was recently selected by French insurance group Groupama, to provide the technological infrastructure for the management and operations of its newly established Chinese insurance company, in a deal worth 1.6 Million USD.   IDIT's solution for the project was chosen by IBM Global Services, who assessed several companies offering global insurance solutions.  IBM Global Services ranked the IDIT solution as the best in its field. 

 

Formula Vision Technologies (TASE: FVT) has a portfolio of 15 Israeli-based companies, which develop and market IT solutions for international markets.  The Formula Group is the largest software group in Israel, and is active both in Israel and worldwide.  www.formulavision.com