June 4, 2007 - Caritor Completes Acquisition of Keane
Combined Company to Operate under ‘Keane’ Name
SAN RAMON, CA – June 4, 2007 – Caritor, Inc. today announced the completion of its acquisition of Keane, Inc. for an all-cash purchase price of approximately $854 million. Under the terms of the merger agreement, 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 US Client Management located in Boston, MA. Keane now has over $1 billion in annual revenue and employs more than 14,000 professionals in ten countries – Australia, Canada, France, India, New Zealand, Singapore, Switzerland, UAE, the United Kingdom, and the United States.
The new Keane organization is uniquely positioned to become clients’ transformational partner of choice. Keane is investing in the development and delivery of customized 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 and are supported by Keane’s distinctive capabilities – a track record of delivering results, fast and flexible delivery models, value-adding industry partnerships, and disciplined program management. Most importantly, the solutions are powered by a globally integrated team of professionals who are passionate about building satisfying and enduring relationships with clients.
"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. As a combined enterprise totally committed to customer satisfaction, we are uniquely positioned to deliver solutions that will help clients improve performance through higher quality and increased efficiency," continued Subramanian.
“I would like to thank Citigroup Venture Capital International (CVCI) and Dipak Rastogi, Head of CVCI, for their support in this process,” added Subramanian.
About Keane
In business since 1965 and based in the United States, Keane is a global services firm that specializes in enabling transformation of its clients’ business and IT functions. The transformation partner of choice for clients across a broad array of industries, Keane is unique in its passion for building satisfying and enduring relationships with clients. Keane’s solutions – which comprise consulting, technology, and outsourcing services – are customized to address clients’ industry-specific challenges and enable dramatic improvements in business performance.
For more information on Keane’s services portfolio, industry solutions, and global locations, visit www.keane.com.
About CVCI
Founded in 2001, Citigroup Venture Capital International (CVCI) is a leading private equity investor in growth markets globally with offices in New York, Miami, London, Hong Kong, India and Chile. Key industry focus areas include IT Services and Business Process Outsourcing, Retailing, Pharmaceuticals, Telecom, Alternate Energy and Financial Services.
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