By IANS
Hyderabad : Caritor, Inc, a global IT services provider, Tuesday announced the completion of its acquisition of Keane, Inc. for an all-cash purchase price of $854 million.
Under the terms of the merger agreement, holders of Boston-based Keane's common stock will receive $14.3 per share in cash, said a company statement here.
As a result of this transaction, Keane common stock is no longer traded on the New York Stock Exchange (NYSE). The resulting private company now operates globally under the Keane name and is based in San Ramon, California, with US client management located in Boston.
Keane now has over $1 billion in annual revenue and employs more than 14,000 professionals in 10 countries – Australia, Canada, France, India, New Zealand, Singapore, Switzerland, UAE, Britain and the US.
Keane is investing in the development and delivery of customised vertical market solutions that enable clients to transform their business and IT functions and dramatically improve business performance. These solutions comprise consulting, technology, and outsourcing services.
"The Caritor acquisition of Keane is a transformational event for the IT services industry," said Mani Subramanian, chairman and CEO of the new Keane.
"It brings together the pioneering global delivery model and client-centric philosophy of Caritor and the strength of Keane's brand, US presence, and 42-year heritage of delivering results for clients," he said.
In business since 1965, Keane is a global services firm that specialises in enabling transformation of its clients' business and IT functions.