Israel-based Ness Technologies, a global provider of information technology solutions and services, has finalized a deal which will see it sold to Citigroup's venture capital arm – Citi Venture Capital International (CVCI).
CVCI, a global private equity investment fund, will acquire Ness Technologies in an all-cash transaction valued at approximately $307 million.
According to a Ness press release, the terms of the agreement will see Ness stockholders receive $7.75 per share in cash for each share of common stock they hold, representing a premium of 17.6% over the closing price of the company's shares on the Nasdaq Global Select Market on the say of the sale.
The company's Board of Directors voted on the sale unanimously, saying that approving the transaction was "in the best interests of Ness Technologies and its stockholders."
"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," Sachi Gerlitz, president and CEO of Ness Technologies said.
"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."
"We are excited about the prospect of increasing our investment in Ness," Bob Khanna, CVCI's Managing Director, added. "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."
Golan Hazani from Calcalist contributed to this report