Aeries Technologies and Global Webb Acquisition Corp. (NASDAQ: WWAC) sign a Definitive Merger Agreement | GlobalSupplychain News

Aeries Technologies and Global Webb Acquisition Corp. (NASDAQ: WWAC) sign a Definitive Merger Agreement

Aeries Technologies and Global Webb Acquisition Corp. (NASDAQ WWAC) sign a Definitive Merger Agreement 
Written by Rajesh Tamada

Aark Singapore Pte Ltd, and its subsidiary (“Aeries Technology” or “Aeries”), a global professional services and consulting partner for business leadership teams, private equity sponsors, and their portfolio companies, and Worldwide Webb Acquisition Corp. (NASDAQ: WWAC), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Aeries Technology becoming a publicly listed company.

Aeries is a global professional services and consulting partner with a deep pool of talented employees 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. The Aeries team delivers an array of comprehensive and innovative business solutions to enable global organizations to achieve business objectives at an accelerated pace at a fraction of the cost of hiring internal resources. Aeries also offers an expanding specialty services practice in multiple verticals such as IT infrastructure, finance & accounting, process automation, business systems and implementation of emerging technologies encompassing organization-wide optimization opportunities while integrating into the client’s business structure.

Aeries’ deeply experienced management team, led by accomplished entrepreneur Raman Kumar, has worked together for two decades and founded a number of successful businesses, including formerly-Nasdaq listed M-Modal which was sold to One Equity Partners in 2012. In just two years since founding Aeries Technology, the business became cash flow positive, and now a decade later boasts partnerships with reputable businesses including leading Private Equity firms in the technology space and their Portfolio Companies, approximately 1,500 employees, expanding geographical coverage with service area augmentation, and increasing profitability. Priding themselves on purpose-built teams under a differentiated engagement model coupled with emerging technology and analytics solutions that transform the cost and operational structure of the client organizations, Aeries Technology’s streamlining and business process management solutions lead to a 65 percent annualized customer savings, on average.

Management Comments

“Aeries is excited to enter the public markets as we believe the opportunity provided by this transaction will fuel our projected growth and help us achieve our mission of providing superior solutions to our clients. We want to revolutionize the way companies outsource technology and business process services by helping to build internal solutions for their most complex challenges through our ‘One Team’ culture and seamlessly integrating Aeries Technology professionals across teams, from technology to finance, operations, and HR. This approach enables our client to face any future issues that may arise, with the quality talent we have selected specifically for their deployment enabling them to effectively meet the challenges of today’s short business cycles and competitive environment. As companies around the world seek to control costs while moving forward with mission critical digital transformation initiatives, Aeries is the perfect partner to help executive teams accomplish their business goals while continuing to optimize budgets. We look forward to joining forces with the Worldwide Webb team and believe we have found the right partner to enter the public markets.” – Sudhir Panikassery, CEO of Aeries

“Our team was incredibly impressed by Aeries Technology’s track record of proven results and their distinctive and innovative approach to problem solving for their customers. They have positioned themselves well for significant growth and increasing an already impressive profitability profile, which makes them the ideal target to take public in the current market. Aeries has shown they are capable of hiring exceptional talent to tackle the complex issues presented by portfolio companies and their private equity sponsors in a cost-efficient way, while keeping their own cost structure extremely low. With their unique business model and collaboration with leading companies and financial sponsors, they are set up to quickly gain market share in a massive addressable market. I could not be more thrilled to work with the Aeries Technology team and look forward to a very successful partnership.” – Daniel Webb, CEO of Worldwide Webb Acquisition Corp.

Transaction Details

The business combination values Aeries Technology at an implied market capitalization of $656 million, assuming no redemptions by Worldwide Webb Acquisition Corp. and including $50 million of additional capital. 3.75 million shares are available to incentivize investors to not redeem shares during the closing of the transaction. Aeries existing shareholders are rolling 100% of their equity into the transaction.

The board of directors of both Aeries Technology and Worldwide Webb Acquisition Corp. have each approved the proposed transaction. Completion of the proposed merger transaction is subject to the approval of Worldwide Webb stockholders and other customary closing conditions.


D.A. Davidson and Roth Capital Partners are acting as capital markets advisors on the deal. Norton Rose Fulbright and Shearman & Sterling are representing Aeries Technology and Worldwide Webb Acquisition Corp., respectively, as legal counsel.

News Source: Businesswire