Financial Daily from THE HINDU group of publications
Wednesday, Jun 22, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 22, 2005 |
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Info-Tech
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Mergers & Acquisitions Ciber signs deal to buy Knowledge Systems for $2.5m Our Bureau
Bangalore , June 21 GLOBAL system integration consultancy firm Ciber Inc is acquiring the Bangalore-based IT firm Knowledge Systems Pvt Ltd in a $2.5 million deal. Ciber has signed a definitive agreement to acquire Knowledge Systems and expects to close the deal by the end of this month pending final legal documentation. "The pending acquisition of Knowledge Systems is expected to help Ciber to more than double its current offshore commitment, size and capabilities," said Mr Mac Slingerlend, Ciber's President and CEO in a press release. Ciber currently has a development centre in Chennai. "Ciber is a perfect fit for us," Knowledge Systems' CEO, Mr H.K. Katti, was quoted in the press release posted on Ciber's Web site. "We have a quality delivery team and an infrastructure that can grow quickly. Our team meetings with Ciber management in Denver and here in India have been very comfortable," he was quoted as saying. However, when Business Line spoke to Mr Katti in Bangalore, he declined to confirm or deny the deal with Ciber. Knowledge Systems currently has some 175 consultants, 125 of whom are employees and 50 are subcontractors. Knowledge Systems' intellectual property includes a product called "Oyenok," which is used by commercial banks to secure major credit card transactions, and eBAS (eBusiness Application Solutions), a set of modules akin to ERP products wherein reusable components are applied to customer software development requirements. The purchase price, including balance sheet net assets of approximately $.5 million, is approximately $2.5 million initially, with an earn-out provision targeted at $0.6 million that can be achieved over two years, the Ciber release said.
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