The Channel logo

News

By | Lucy Sherriff 26th October 2006 13:24

CapGemini waves $1.25bn at Kanbay

Expanding in the US and India

Services firm CapGemini has made a $1.25bn bid for Kanbay, the US-based IT consultants, in a bid to expand its footprint into the US and Indian markets. The offer of $29 per share, represents a 16 per cent premium on Kanbay's closing price, yesterday.

The firm said the deal was part of its growth strategy, and that once bedded in, Kanbay would add 45 per cent to its US consulting sales, and up its Indian operations by 89 per cent. Kanbay employs 5,000 people on the subcontinent.

It also strengthens its foothold in the financial services sector. Two of Kanbay's major clients are HSBC and Morgan Stanley.

Kanbay's board has approved the deal, and chief executive Raymond Spencer describes it as "excellent news for our shareholders, clients and partners", according to a report on Bloomberg. ®

alert Send corrections

Opinion

Neil McAllister

Claims that cloud will drive Oracle's future growth ring hollow
Pure Storage array

Neil McAllister

How the cloud taught Redmond to play by a new set of rules

Features

Pebble Steel
Meet the man who accidentally created the smartwatch hype
No, silly... he was the fall guy for years of Finnish folly
Fraud image