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EDS To Pay $420M For Saber Holdings

Plano, Texas-based information technology outsourcing firm EDS announced Tuesday that it has agreed to purchase a 93-percent equity interest in Saber Holdings Inc., a publisher of software for local and state governments. EDS said it will pay Saber's various owners, including majority shareholder Accel-KKR, roughly $420 million in cash. EDS noted that Nitin Khanna, Saber's chief executive officer, and Karan Khanna, the company’s president and chief operating officer, will retain their positions and an approximate 7 percent interest in the business, which is headquartered in Portland, Ore. Founded in 1997, Saber maintains operations in 35 states. EDS added that the transaction is subject to federal approval and is expected to close before the year’s end.