NU Online News Service, Feb. 11, 2004, 12:17 p.m. EST – Keane Inc., Boston, has agreed to pay up to $35 million for Nims Associates Inc.[@@]
Keane is a big technology services firm that handles technology services and other services for many big companies, including life and health insurers.
Nims is a 25-year-old Decatur, Ill.-based technology consulting firm that generated $48 million in revenue in 2003 by selling a similar mix of services. Nims has focused mainly on marketing to insurers and other financial services companies.
Keane is paying $20 million in cash up front for Nims, but it could end up paying $15 million more if Nims does well after the deal is completed.
Nims Chairman Bruce Nims will retire, but Dwight Berryman, Nims’ president, will join Keane as a group vice president, Keane says.