Ness Technologies Provides Update on Merger
Poster: SySAdmin
Posted on September 27, 2011 at 12:07:01 PM
Ness Technologies Provides Update on Merger
TEANECK, New Jersey, September 27, 2011/PRNewswire-FirstCall/ --
Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider
of IT services and solutions, announced today that the company's proposed
merger with an affiliate of Citi Venture Capital International (CVCI), a
global private equity investment fund, is now expected to close next month.
The parties are working towards completing the merger as soon as
possible, subject to the satisfaction or waiver of all closing conditions.
The company currently expects to complete the merger in October.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global provider of
IT and business services and solutions with specialized expertise in
software product engineering; and system integration, application
development, consulting and software distribution. Ness delivers its
portfolio of solutions and services using a global delivery model combining
offshore, near-shore and local teams. With about 7,000 employees, Ness has
operations in North America, Europe, Israel and India, has customers in over
20 countries, and partners with numerous software and hardware vendors
worldwide. For more information about Ness, visit http://www.ness.com.
About Citi Venture Capital International
CVCI is a leader in global emerging markets private equity investing,
and currently manages over $7 billion in equity investments and committed
capital. CVCI has an internationally integrated investment team with over 45
professionals worldwide with a local presence in Singapore, Mumbai, New
Delhi, Hong Kong, London, New York and Santiago. CVCI-advised funds have
made significant investments in Business Services and Cross-Border
Outsourcing companies and have an established track record of investments in
this sector and a global perspective of the trends and drivers in the
industry. Over the last decade, funds and entities advised by CVCI have
invested in business services and IT Services companies in China, the U.S.,
India, Mexico, and Korea.
CVCI is part of Citi Capital Advisors. Citi Capital Advisors is a global
alternative asset management platform that offers a broad range of
innovative strategies and products to select institutional and
ultra-high-net-worth investors.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements often are preceded by words such as "believes,"
"expects," "may," "anticipates," "plans," "intends," "assumes," "will" or
similar expressions. Forward-looking statements reflect management's current
expectations, as of the date of this press release, and involve certain
risks and uncertainties that could cause actual results to differ materially
from those expressed in or implied by these statements. Factors that could
cause actual results to materially differ from those projected in
forward-looking statements include, but are not limited to, the following:
(i) the occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (ii) the inability to
complete the merger due to the failure to obtain stockholder approval or the
failure to satisfy other conditions to the completion of the merger; (iii)
risks related to disruption of management's attention from the company's
ongoing business operations due to the merger; and (iv) the effect of the
announcement of the merger on the company's relationships with its
customers, operating results and business generally. Additional factors that
may cause results to differ materially from those described in the
forward-looking statements are included under the heading "Risk Factors" in
the company's filings with the Securities and Exchange Commission. The
company is under no obligation, and expressly disclaims any obligation, to
update or alter its forward-looking statements, whether as a result of such
changes, new information, subsequent events or otherwise.
Media Contacts:
David Kanaan
Intl: +972-54-425-5307
Email: media.int@ness.com
Investor Relations Contacts:
Drew Wright
USA: +1-201-488-3262
Email: investor@ness.com
Maya Lustig
Israel: +972-3-767-5110
Email: maya.lustig@ness.com
Source: Ness Technologies Inc
.
TEANECK, New Jersey, September 27, 2011/PRNewswire-FirstCall/ --
Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider
of IT services and solutions, announced today that the company's proposed
merger with an affiliate of Citi Venture Capital International (CVCI), a
global private equity investment fund, is now expected to close next month.
The parties are working towards completing the merger as soon as
possible, subject to the satisfaction or waiver of all closing conditions.
The company currently expects to complete the merger in October.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global provider of
IT and business services and solutions with specialized expertise in
software product engineering; and system integration, application
development, consulting and software distribution. Ness delivers its
portfolio of solutions and services using a global delivery model combining
offshore, near-shore and local teams. With about 7,000 employees, Ness has
operations in North America, Europe, Israel and India, has customers in over
20 countries, and partners with numerous software and hardware vendors
worldwide. For more information about Ness, visit http://www.ness.com.
About Citi Venture Capital International
CVCI is a leader in global emerging markets private equity investing,
and currently manages over $7 billion in equity investments and committed
capital. CVCI has an internationally integrated investment team with over 45
professionals worldwide with a local presence in Singapore, Mumbai, New
Delhi, Hong Kong, London, New York and Santiago. CVCI-advised funds have
made significant investments in Business Services and Cross-Border
Outsourcing companies and have an established track record of investments in
this sector and a global perspective of the trends and drivers in the
industry. Over the last decade, funds and entities advised by CVCI have
invested in business services and IT Services companies in China, the U.S.,
India, Mexico, and Korea.
CVCI is part of Citi Capital Advisors. Citi Capital Advisors is a global
alternative asset management platform that offers a broad range of
innovative strategies and products to select institutional and
ultra-high-net-worth investors.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements often are preceded by words such as "believes,"
"expects," "may," "anticipates," "plans," "intends," "assumes," "will" or
similar expressions. Forward-looking statements reflect management's current
expectations, as of the date of this press release, and involve certain
risks and uncertainties that could cause actual results to differ materially
from those expressed in or implied by these statements. Factors that could
cause actual results to materially differ from those projected in
forward-looking statements include, but are not limited to, the following:
(i) the occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (ii) the inability to
complete the merger due to the failure to obtain stockholder approval or the
failure to satisfy other conditions to the completion of the merger; (iii)
risks related to disruption of management's attention from the company's
ongoing business operations due to the merger; and (iv) the effect of the
announcement of the merger on the company's relationships with its
customers, operating results and business generally. Additional factors that
may cause results to differ materially from those described in the
forward-looking statements are included under the heading "Risk Factors" in
the company's filings with the Securities and Exchange Commission. The
company is under no obligation, and expressly disclaims any obligation, to
update or alter its forward-looking statements, whether as a result of such
changes, new information, subsequent events or otherwise.
Media Contacts:
David Kanaan
Intl: +972-54-425-5307
Email: media.int@ness.com
Investor Relations Contacts:
Drew Wright
USA: +1-201-488-3262
Email: investor@ness.com
Maya Lustig
Israel: +972-3-767-5110
Email: maya.lustig@ness.com
Source: Ness Technologies Inc
.