M&A

M&A

UST acquires automation unit of Information Services Group for $27-M

Press Release (Buyer)   Press Release (Seller)  

Trivandrum- and US-based IT services company UST has acquired the automation unit of US-based Nasdaq-listed Information Services Group (ISG) for USD 27 million in an all-cash transaction.ISG received USD 20 million in cash at closing with the remaining USD 7 million held in escrow. Of the escrowed amount, USD 4 million will be released in 90 days as certain contractual conditions with clients are met, and the remaining USD 3 million would be released after the end of the first quarter of 2025, based on the achievement of certain revenue targets.Sett & Lucas served as financial advisor to ISG, and Katten Muchin Rosenman LLP served as legal advisor.Information Services Group provides intelligent automation solutions, using artificial intelligence (AI), robotic process automation (RPA), and automation technologies. The acquired unit has over 120 senior automation consultants and technologists across the US, the UK, India, Canada, and Germany.