Caritor buys Keane for $854 million

“Caritor Inc, a $100 million California-headquartered global provider of IT services with a predominant presence in India, is acquiring US-based Keane Inc for $854 million in an all cash deal. Keane is a Boston headquartered publicly listed $900 million IT and BPO service provider. The combined entity will storm into the $1 billion league employing 14,000 employees… The new entity will have Keane as its name and the company will be taken private. The chairman of Caritor, Mani Subramanian, will be the Chairman and CEO of the new firm. Subramanian was among the key senior executives of Wipro during its growth days before leaving to start Caritor in 1993. The company was started as IT Solutions, which was then re-christened Caritor during 2004.”