Aark Singapore Pte Ltd, and its subsidiary Aeries Technology, and Worldwide Webb Acquisition today announced that they have entered into a definitive merger agreement at an implied market capitalization of $656 million.
Aeries is a global professional services and consulting firm “specializing in Technology Services, Business Process Management, and Digital Transformation initiatives that are specifically tailored to meet the unique needs of top management and leadership teams of businesses including leading private equity sponsors and their portfolio companies, who are seeking higher operational effectiveness, greater flexibility and consistent, guaranteed cost efficiencies,” according to a press release.
The deal includes $50 million of additional capital as well as 3.75 million shares to incentivize investors to not redeem during the closing. Aeries’ existing shareholders are rolling 100% of their equity into the transaction.
Worldwide Webb raised $200 million in an October 2021 IPO. Read more.
