CEB Completes Evanta Ventures Acquisition
CEB Inc. (NYSE: CEB) revealed that it closed its acquisition of Evanta Ventures, Inc. and an affiliated business as announced earlier. According to the company, Evanta fosters collaboration, as well as the exchange of best practices among the Information Technology & Security, Human Resources and Finance leaders through nearly 200 annual events, online and offline learning platforms and subscription information offerings.
The company's Chairman and CEO, Tom Monahan, said, "CEB's mission calls on us to unlock the potential of leaders and organizations by advancing the science and practice of management. Adding Evanta helps us do just that. Through the acquisition, CEB expands our C-suite and senior executive reach by nearly 50% to more than 30,000 leaders."
He continued, "This year alone, we will have more than 130,000 executive interactions through an unmatched range of avenues helping our customers more effectively manage talent, customer and operations. This relationship and the related synergies will create near and long-term value for clients, partners, colleagues and shareholders."
CEB also indicated that in line with the Evanta acquisition, it would amend its senior secured credit deal with Bank of America, N.A., as well as some other parties. As a result, it plans to add $150 million of term loans to its current term loan facility and boost its revolving credit facility to $350 million.
On Monday, the stock traded 0.44 percent higher.
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