Covington Associates Advises on the Acquisition of ArcStream Solutions, Inc. by Keane, Inc.
Boston, MA — April 6, 2005 — Covington Associates LLC, financial advisors to healthcare, technology and consumer/industrial sectors, announced today that it has acted as the exclusive advisor to ArcStream Solutions, Inc., on its sale to Keane, Inc. (NYSE: KEA), a provider of information technology and business process services. The terms of the transaction were not disclosed.
ArcStream Solutions, Inc., based in Watertown, MA, is a business and technology consulting firm that helps companies better serve their customers by improving their sales, service and supply chain performance though mobile and wireless technology. ArcStream’s service offerings are a strategic fit with those of Keane, Inc., whose aim is to improve business and information technology effectiveness. The transaction will allow privately-held ArcStream’s mobile and wireless solutions to reach a nationwide audience, due to Keane’s worldwide presence as a premier IT consulting firm.
Mike Kent, a Vice President at Covington Associates and lead advisor to ArcStream on the transaction, commented “This transaction illustrates the scenario of a company with best-of-breed expertise in advanced technologies that needed to partner with a larger organization to realize its market potential. ArcStream should be able to expand its reach by leveraging Keane’s industry-leading brand name, increased scale and marketing support.”
About ArcStream Solutions, Inc.
ArcStream Solutions, Inc. helps companies achieve measurable performance improvements by providing services that facilitate real-time data visibility, operational efficiency and enhanced communication. ArcStream primarily serves publishing companies by improving their electronic content publishing performance, but also serves MedicalSchools and clients in Pharmaceuticals, Consumer Products/Retail, and Financial Services. To learn more about ArcStream Solutions, Inc., visit their website at www.arcstream.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising. For more than a decade, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology and industrial/consumer sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.