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Ness Technologies acquires Innova Solutions
By siliconindia staff writer
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Tuesday, 07 February 2006, 20:30 IST
BANGALORE: Ness Technologies Inc, an information technology services and solution provider has signed an agreement to acquire Innova Solutions.
The acquisition is done in all cash transaction is $25.0 million, of which $10.0 million will be paid over the next two years based on the achievement of certain performance goals. Acquisition is likely to close prior to March 31, 2006 and is subject to customary closing conditions.
Innova brings a wealth of expertise and experience in financial services, as well as an excellent delivery organization, and will complement Ness' IT services and solutions in our core verticals, while expanding our Indian offshore delivery capacity, said Raviv Zoller, President and CEO of Ness Technologies.
For the financial year of 2005, Innova generated revenues of over $30 million and was profitable. The acquisition is expected to be accretive to 2006 earnings per share. At present Innova have over 700 employees, mainly in India.
The company provides IT services and solutions, with a focus on financial services, which is also a core strength and strategic growth area for Ness.
The acquisition is expected to provide synergies with Ness' current operations in the U.S. and India, adding directly to Ness financial services practice as well as expanding the capacity of and further strengthening Ness other core verticals.