CVCI completes Rs 1,500 cr acquisition of Ness Tech

IT services firm Ness Technologies today said an affiliate of Citi Venture Capital International (CVCI), a private equity fund, has completed the process of acquiring it in a deal valued at $307 million (approximately Rs 1,500 crore).

Ness shareholders will receive $7.75 in cash for each share of common stock, said the company in a statement.

The transaction was approved by Ness stockholders at a special meeting of stockholders held on August 30, it said.

Ness common stock will now cease trading and will be delisted from the Nasdaq Global Select Market and the Tel Aviv Stock Exchange, the company said.

In India, Ness operates technology centres in Bangalore, Mumbai, Hyderabad, Pune and Chennai. It has more than 2,800 employees working across these centres, according to the company's website.

"We are excited by the opportunity for Ness to grow and develop in partnership with CVCI, while continuing to provide superior solutions and services to our strong customer base," said Ness Technologies President and CEO Sachi Gerlitz.

CVCI MD Bob Khanna said, "We look forward to working with Ness management, employees and partners of all business units to build on Ness's outstanding reputation and deliver additional value to its customers through its global network."

CVCI is part of Citi Capital Advisors— a global asset management platform that offers a broad range of products for institutional and ultra-high-net-worth investors.

Ness will remain headquartered in Tel Aviv, Israel, and Teaneck, New Jersey, and Ness's Chief Executive Officer and Chief Financial Officer are continuing in their current roles, the company said.