US Citigroup said that it would acquire information technology service provider Ness Technologies Inc, for about $307 million in cash.
The acquisition is being done by Citigroup's venture capital arm Citi Venture Capital International (CVCI), which will pay Ness $7.75 per share, a 16 per cent premium to yesterday's closing price of Ness on Nasdaq.
Founded in 1999 and based in Tel Aviv, Israel, Ness provides IT and business services and solutions with specialised expertise in software product engineering; and system integration, application development, consulting and software distribution.