Citi Private-Equity Fund To Buy Ness Technologies For $307 Million
June 10 2011 - 5:31PM
Dow Jones News
DOW JONES NEWSWIRES
Information-technology company Ness Technologies Inc. (NSTC,
NSTC.TV) said Friday it has agreed to be acquired by a Citigroup
Inc. (C) private-equity fund for $307 million.
Ness shares rose 12% in after-hours trading to $7.50 following
the announcement. Under the deal, an affiliate of Citi Venture
Capital International will pay $7.75 a share in cash, a 16% premium
to the stock's Friday close.
The deal comes as the company, whose specialties include
software-product engineering, system integration and application
development, has seen its bottom line swing to the black on higher
revenue in recent quarters.
President and Chief Executive Sachi Gerlitz said last month the
company's "record first quarter results in Israel as well as
ongoing improvement in Central and Eastern Europe" drove
improvement in the latest period.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
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