BERLIN Ness Technologies, an IT services provider, will pay $68M to acquire all shares of Logos, a Prague-based IT services and consulting firm working in the financial and telecommunications sectors.
“The acquisition of Logos strengthens our already significant leadership position in Central and Eastern Europe, one of our fastest growing and most profitable geographies,” said Sachi Gerlitz, CEO of Ness Technologies, in a statement.
Logos, a privately-held company employing 570, was founded in 1994. For the fiscal year ended March 31, 2008, Logos generated revenues of 29.7M euros ($46.5M) and was profitable, according to the statement.
Ness, based in Hackensack, New Jersey, also runs a Czech subsidiary that employs 400.