Company Overview
Highlights
Acquired by Caritor in 2007 for an estimated $854 million. The company continues to be known as Keane and ceases to be publicly traded.
Ranked among the top health care IT providers on the “Healthcare Informatics 100” list for the 14th consecutive year in 2007.
In 2006, ranked 20th on the “Healthcare Informatics 100” list of top health care IT companies, up seven places from the previous year.
In 2005, won contract with the state of Victoria, Australia, and starts its first Australian office.
In 2004, it purchased Fastrak Holdings, a U.K.-based SAP integrator, and Nims, expanding its strength in the Midwest and in the financial services and insurance markets.
Keane targets “career consultants” in its hiring strategy; be prepared to relocate and to travel if you work for Keane.
The dreaded Y2K problem menaced businesses worldwide, but for Keane it was an outright boon. After positioning itself as the world’s leading Y2K-preparedness company in the late 1990s, Keane achieved widespread name recognition and earned plenty of new business. The firm, which got its start in 1965 as a consultant to companies needing help with their mainframe computers, has since moved into application development and management consulting.
In June 2007, IT outsourcing specialist Caritor completed its acquisition of Keane for an estimated $854 million. The combined company still goes by the name Keane, although the corporate headquarters moved from Keane’s former Boston digs to Caritor’s spread in San Ramon, a California suburb about a 40-minute drive from San Francisco. Keane, no longer a publicly traded company, claims to now generate more than $1 billion in annual revenue and employ 14,000 workers in 10 countries. U.S. client management is still based out of Keane’s Boston office.
The bulk of Caritor’s workforce was in India; today, 20 percent of Keane’s employees are on the subcontinent. Along with a boost in outsourcing, Keane continues to focus on its three major revenue streams: application development and integration (ADI), application development and management (ADM), and business consulting. Keane has its thumb in various sectors, with recent big-name clients like Countrywide Financial, CSX, Geico, La Quinta, SEI Investments, the state of Maine, and the U.S. Department of Defense.
Thanks to the firm’s growth and a series of mergers and acquisitions, Keane’s workforce mushroomed from 800 employees in the early ’90s to more than 9,500 in 2005 and about10,500 in 2006. In SEC filings made at the time of the acquisition, Caritor and its financier, Citigroup Venture Capital International, said they don’t anticipate large layoffs but favor investment and growth.