March 26, 2010 (FinancialWire) — Ness Technologies, Inc. (NASDAQ: NSTC), a provider of IT services, said it has signed a definitive agreement to acquire Gilon Business Insight Ltd., a provider of business intelligence consulting and implementation services.

The purchase price in the all cash transaction is 65 million New Israeli Shekels, or around $17.5 million.

In addition, should Gilon achieve certain performance goals, Ness said it will pay an additional amount of up to NIS 9 million, or around $2.4 million. The company said that, in fiscal year 2009, Gilon generated revenues of about $22 million and was profitable.

Ness expects that the acquisition will be accretive for 2010, on a non-GAAP basis.

As of the end of December 2009, Gilon had approximately 230 employees and it currently has 280 employees, mainly in Israel. The acquisition is scheduled to close during Q2.

According to Ness, the acquisition better positions the firm as a provider of enterprise solutions, with a blend of ERP, BI and CRM capabilities.

Israel-based Ness Technologies offers software product engineering, system integration, application development and consulting; and software distribution.

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