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Hyderabad June 5 Caritor Inc on Tuesday announced the completion of its acquisition of IT services provider Keane Inc, which has significant India presence, for an all-cash purchase price of approximately $854 million.

Holders of Keane's common stock will receive $14.30 per share in cash. As a result of this transaction, Keane common stock is no longer traded on the New York Stock Exchange. The resulting private company now operates globally under the Keane name and is based in San Ramon, CA, with the US Client Management located in Boston, MA.

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, the UAE, the United Kingdom, and the US.

The Chairman and Chief Executive Officer of Keane, Mr Mani Subramanian, in a statement said "the Caritor acquisition of Keane brings together the global delivery model and client-centric philosophy of Caritor. As a combined enterprise we are positioned to deliver solutions that will help clients improve performance."

More Stories on : Mergers & Acquisitions | Software

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