SAN RAMON, Calif., Jan. 22, 2014 (GLOBE NEWSWIRE) -- Cloudeeva, Inc. (OTC:SYAI) ("Cloudeeva" or the "Company"), a global cloud and technology company specializing in Cloud, Big Data and Mobility solutions has completed due diligence regarding the previously announced Letter of Intent to acquire S&T AG (ISIN AT0000A0E9W5, WKN A0X9EJ, SANT) ("S&T"), one of the largest IT services and technology products provider in Central and Eastern Europe. As the result of the positive pre-transaction due diligence outcome, Cloudeeva and S&T intend to move forward with completion of Definitive Documents and closing of the proposed transaction.
"We have conducted the final stages of the due diligence process for the acquisition of S&T, including financial, legal and tax due diligence by spending last few weeks in Austria working with S&T team to better understand S&T finance and operations and plan our expansion strategy in Europe," stated Adesh Tyagi, Chairman & CEO of Cloudeeva. "After working so closely with each other for last few weeks at S&T facilities, we are even more confident and committed to combining our forces to build and combine Cloudeeva brand on a global scale. We look forward to closing of this transaction over the next several weeks."
As per terms of the previously proposed Letter of Intent, Cloudeeva shall acquire 100% of the shares of S&T for the aggregate purchase price of Euro €118 million to be offered in the takeover offer, whereby the purchase price will be corrected (upwards or downwards) by Cloudeeva prior to the announcement if its intention to make the Offer to adequately consider S&T's consolidated financial results since December 31, 2012.
This potential acquisition remains subject to, among other things, completion of Definitive Documents. Cloudeeva anticipate having Definitive Documents completed and closing this transaction with approvals required from shareholders and regulatory agencies on or around April 15, 2014. There can be no assurance that this transaction will be completed as proposed or at all.
About Cloudeeva, Inc.
Cloudeeva is a global cloud services and technology solutions company specializing in Cloud, Big Data and Mobility solutions and services with offices in California, New Jersey, Chicago, and India. Cloudeeva's unique business value is a results-driven enterprise-class methodology that enables business transformation. Cloudeeva offers a global systems integrator and solution services to enterprises, the speed and agility of a boutique tech services firm, leveraging global experience over 5,000 Cloud, Big Data, and Mobile engagements. Cloudeeva has provided consulting, managed services, change strategy and training, and technology staffing architected specifically for cloud-based, big data and mobile environments. Cloudeeva has worked with more than 800 enterprises, including organizations like Bank of the West, Jefferies, Fremont Bank, City of Beverly Hills, Ranbaxy, John Deere, Colgate Palmolive, and World Vision. For additional information about Cloudeeva, please visit http://www.cloudeeva.com/ or connect with us on Twitter , Facebook , Google+ and LinkedIn.
About S&T AG
S&T AG (ISIN AT0000A0E9W5, WKN A0X9EJ, SANT), formerly Quanmax AG, is listed on the Prime Standard segment of the Frankfurt Stock Exchange. The company has 1,500 employees. They work in offices located in 19 CEE (central and eastern European) countries. S&T is one of the three largest IT systems houses in Eastern Europe, in which it maintains a region-wide network. S&T AG has a broad-ranging portfolio. It features a large number of products containing proprietary technologies.
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Cloudeeva, Inc. Jan Schieberl IR Associate 925-226-2460
