Ness Technologies to be Acquired by Citigroup Unit
Israel's Ness Technologies is to be acquired by Citigroup's international venture capital unit (CVCI), the company has announced.
The deal, in cash, is valued at $307 million. Stockholders who hold Ness shares, which are traded on the NASDAQ and Tel Aviv Stock Exchanges, will receive $7.75 per share in cash for each share of common stock they hold,17.6% more than the value of the shares at the close of the market last Thursday.
"We believe this transaction provides attractive value for our stockholders and represents an exciting opportunity for Ness, our over-500 customers and our 6,900 employees to continue our growth and development in partnership with CVCI," said Tzachi Gerlitz, president and CEO of Ness Technologies. “ We look forward to completing the transaction and continuing to provide superior solutions and services to our strong customer base, as we build upon our leadership position in our markets and continue to implement our strategic plan.”
Speaking for CVCI, Bob Khanna, the group's managing director, said "Ness is the leader in several segments of the IT services marketplace, serves the most sophisticated global clients and has an outstanding reputation for delivering complex projects. We look forward to working with management, employees and partners of all business units to ensure that Ness becomes even more valuable to its clients and fully leverages the strengths of its global network.”
Ness, established in 1999, is headquartered in Ra'anana, and provides information technology and business planning services in North America, Europe, the Middle-East, and the Asia Pacific. It provides services in software product engineering, system integration, application development and consulting, and software distribution, operating in 18 countries. The company, which has 7,800 employees worldwide, includes among its clients IBM, Cisco, Lockheed Martin, the Israel Police, Pfizer, and Visa.