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Our Bureau

Bangalore , Feb. 7

IT services firm Ness Technologies Inc said on Monday that it has signed a definitive agreement to acquire Innova Solutions, which operates from the US and India, in a $25-million all cash deal of which $10 million will be paid over two years.

Privately held Innova, which generated $30 million revenues for 2005, has over 700 employees mainly in Hyderabad, Ness said in a press release. The acquisition is expected to close prior to March 31, 2006 and would strengthen Ness' operations both in India and the US.

Innova offers IT services to the financial services industry and its clientele includes Franklin Templeton, Standard & Poor's, Finaplex Inc, ING Investment Management and Sanofi-Aventis.

Following the Innova acquisition, the Hyderabad delivery centre will become Ness' third major delivery centre in India, complementing its existing delivery centres in Bangalore and Mumbai.

More Stories on : Mergers & Acquisitions | Software

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