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Thursday August 24, 6:30 am Eastern Time
Merrill Lynch (UK) Selects ForSoft's Life Insurance System for Stakeholder Pensions Management
ForSoft Applies Its New Strategy of Penetrating the International Markets With Advanced E-Business Solutions
HERZLIYA, Israel, Aug. 24 /PRNewswire/ -- ForSoft Ltd. (Nasdaq: FORS - news), a
leading provider of large scale Information Technology (IT) solutions and
services for vertical markets announced today that Merrill Lynch (UK)
(NYSE: MER - news) selected ForSoft's Life Insurance System (ALIS) for the
stakeholder pensions management. Merrill Lynch will use the life insurance
system installed at AMP's UK financial services. AMP has entered an agreement
with Merrill Lynch UK to provide third party administration ("TPA") services
on its ALIS platform.
AMP is the largest life insurer in Australia, with presence in the UK,
through several subsidiaries, including NPI which is using the ALIS system for
life insurance pension management. AMP provides the TPA services to Merrill
Lynch under a distribution agreement with ForSoft.
About ALIS
ALIS, the life insurance system, has been developed by ForSoft Insurance
Solutions, a division of ForSoft Ltd. ALIS is an advanced, comprehensive
administration system for life, pension and investments for both group and
individual products. The system supports the full policy lifecycle for a wide
range of insurance products including unit linked and stakeholder products.
The system is highly flexibile enabling it to implement new insurance
products, at low operational costs. The system is web enabled.
About Merrill Lynch
Merrill Lynch is a leading global financial management and advisory
company with presence in 43 countries across 6 continents. It serves the needs
of both individual and institutional clients with a diverse range of financial
services including: personal financial planning, securities underwriting,
trading and broker investment banking, banking and lending, and insurance with
total client assets of more than $1.5 trillion. Merrill Lynch is a leader in
planning based financial advise and management for individuals and small
businesses. For more information please visit the website http://www.ml.com.
About AMP
AMP Ltd. is one of the world's leading financial services businesses
providing around 9 million customers worldwide with wealth creation and asset
protection products and services. AMP has been the largest life insurer in
Australia and one of the largest in New Zealand, and has a significant
presence in the UK through its associated companies including: Pearl, London
Life, Virgin Direct, Henderson and NPI. For more information about AMP please
visit http://www.amp.com.au.
About ForSoft:
ForSoft is a leading provider of large scale Information Technology
solutions and services for large organizations in growing vertical markets.
The company focuses on e-Business driven IT solutions for the Telecom,
Banking, Insurance, Retail and Travel markets. The company integrates Internet
& e-Commerce technology across mission critical legacy systems, utilizing its
over 18 years accumulated practical full service experience in system
integration, software development projects, outsourcing & professional
services. For further information about ForSoft please visit our website
http://www.forsoft.co.il ForSoft, a member of the Formula Group (Nasdaq: FORTY - news), designs, develops
and implements high quality, innovative, business-critical information systems
and software solutions for large organizations.
The Formula Group is an international information technology company
principally engaged, through its subsidiaries and affiliates, in providing
software and consulting services, developing proprietary software products,
and providing computer-based business solutions.
For further information on ForSoft Ltd, ForSoft Inc. and
Consultingdirect.com, please visit the following web sites:
Except for historical information, the matters discussed in this news
release may be considered "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
Such statements include
declarations regarding the current intent, belief or expectations of the
Company and its management.
Prospective investors are cautioned that any such
forward-looking statements, including those regarding the ability to obtain
new contracts and future profitability, involve a number of risks and
uncertainties that could materially affect actual results.
Such risks and
uncertainties include our ability to keep pace with rapidly changing
technology, ability to recruit and retain IT personnel, dependence on large
contracts and fixed price contracts, dependence on key personnel, conditional
participation in government programs that provide tax benefits and other items
identified in the Company's registration statements filed with the Securities
and Exchange Commission.
 
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