FOR IMMEDIATE RELEASE
Corum Leads Sale of Logos to Ness Technologies
ZURICH, Switzerland, November 14, 2008 Corum Group Ltd. today announced the acquisition of its client, Logos a.s., a Czech-based leading IT services and consulting company, by Ness Technologies (NASDAQ:NSTC). Logos strong presence in the financial and telecom industries will complement Ness position in the utilities, manufacturing and public sectors.
We are delighted to join Ness Technologies and to become the major leader in the Czech IT services market, said Pavel tovcek, chairman of the board of directors of Logos. Together, we will continue in an approach based on very deep understanding of customers needs. Our highly skilled team of consulting and IT professionals will join Ness Czech specialists, creating large multi-disciplinary teams that will provide best-of-breed services based on our combined experience in business and technology.
Corum acted as the exclusive M&A advisor to the Logos shareholders. Frank Berger, regional director of Corum, led the transaction and ran the trade sale process from preparation on through the auction and supported Logos in all aspects of the process up to signing of their SPA. This transaction underscores our commitment to the CEE region and certainly confirms the benefits of running a global process through Corum, said Miro Parizek, Corums managing director.
By combining offerings, the merged Ness Czech will be able to provide its clients with an even broader range of services within the Czech IT services market itself as well as across the Central and Eastern European IT services market.
About Logos
Logos is a leading Czech provider of consulting and technology services. Through its innovative approach, Logos creates new opportunities for its customers and provides complex solutions specifically for the financial and telecommunications sectors. The company was founded in 1994 and currently employs more than 500 IT professionals. Logos has been named to Deloitte Fast 50 list of the fastest growing IT companies for seven consecutive years, was awarded the Progressive Employer award for 2006 and 2007 and was ranked as the Best Employer for 2008. For more information about Logos, visit www.logos.cz.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC) is a global provider of end-to-end IT services and solutions designed to help clients improve competitiveness and efficiency. The Ness portfolio of solutions and services consists of software product development, including both off shore and near-shore outsourcing; system integration, application development and consulting; and software distribution. With over 7,800 employees, Ness maintains operations in 18 countries, and partners with numerous software and hardware vendors worldwide. For more information about Ness Technologies, visit www.ness.com.
About Corum Group
Corum Group Ltd. is the global leader in merger and acquisition services, specializing in serving software and information technology companies worldwide. For nearly 25 years Corum has created the standard for success. With offices in eight countries, Corum has completed over US $6 billion in transactions spanning six continents. Corum also educates the industry with its popular conferences and publishes the most widely distributed IT M&A research. Corums principals are highly experienced former tech CEOs, who are supported by the industrys leading researchers, writers and valuators. The company has spent more than US $20 million to build the worlds largest and most comprehensive buyer database. This knowledge base combined with Corums experience and industry expertise, consistently ensures unequaled success in client engagements. For more information, visit www.corumgroup.com.
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