NSTC Ness Technologies, Inc. (MM)

    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