Kanbay , a global IT services firm,
which is publicly-held and focused on the financial services industry,
has announced that it entered into a definitive agreement to acquire
privately-held Adjoined Consulting, a mid-sized provider of strategic
and operational consulting, technology integration and outsourcing services to Global 2000 clients. The purchase price of approximately $165 million includes the exchange of all outstanding stock of Adjoined for approximately $95.7 million in cash and approximately $69.3 million in Kanbay common stock. Making conservative estimates for synergies, the acquisition will be
immediately cash accretive and is expected to be accretive to income on
a run- rate basis within the next twelve months. The transaction has been approved by both companies' Board of Directors and Adjoined's
stockholders, and the acquisition is expected to close by mid-March
following standard regulatory approvals and the satisfaction of other
customary closing conditions. Headquartered in Miami, Florida, Adjoined offers a highly integrated
suite of strategic and operational consulting, technology integration
services, and outsourcing solutions to Global 2000 companies with a primary focus on the consumer and industrial products industry. Kanbay's Raymond Spencer will continue in his role as Chairman and Chief Executive Officer and Rodney Rogers, Chairman, Chief Executive Office and Founder of Adjoined, will become a Senior Managing Director at Kanbay. Mr. Rogers will report directly to Mr. Spencer and will join Kanbay's Global Executive Team. UBS Investment Bank acted as financial advisor to Kanbay and Citigroup represented Adjoined. Winston & Strawn acted as legal advisor to Kanbay and Greenberg Traurig advised Adjoined.

Kanbay To Buy Adjoined

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