Aeries Technology, Inc To Become Publicly Traded Company Following Close Of Business Combination With Worldwide Webb Acquisition Corp.
Aeries Technology, Inc ("Aeries" or "the Company"), a global professional services and consulting partner, today announced that it completed its previously announced business combination (the "Business Combination") with Worldwide Webb Acquisition Corp. (NASDAQ:WWAC) ("WWAC"), a publicly traded special purpose acquisition company, on November 6, 2023. Starting November 8, 2023, the ordinary shares and warrants of the combined company, Aeries Technology, Inc., will be listed on The Nasdaq Stock Market LLC under the symbols "AERT" and "AERTW", respectively. The Business Combination was approved at a General Meeting of Worldwide Webb Acquisition Corp.'s shareholders on November 2, 2023.
Aeries is a global professional management services partner offering a range of management consultancy services for private equity sponsors and their portfolio companies including software solutions, product management, IT infrastructure, information & cyber security, ERP & CRM platform management, business process management, and digital transformation services. The Company engages clients with a unique model that dedicates its employees to projects as if they were internal, giving each engagement the time and depth needed to implement solutions and help transform a client's business operations. Aeries currently has 30+ clients across a number of verticals in the U.S. and other international markets.
"This is an exciting time for Aeries Technology as we announce the closing of our business combination with Worldwide Webb Acquisition Corp. and begin trading as a public company," said Sudhir Panikassery, Chief Executive Officer and Co-Founder of Aeries. "This is one of the most significant milestones we have achieved since our founding over a decade ago, and would not be possible without the diligent execution and dedication of our entire team and all of our partners and stakeholders. We firmly believe that this transaction puts Aeries in a place of strength as we continue to accelerate our growth and capitalize on the massive amount of white space we have in front of us."
"We are thrilled to close our transaction with Aeries, and I believe in their business and mission so strongly that I will be joining the company as Chief Investment Officer in addition to being a member of the board of directors," said Daniel Webb, formerly Chief Executive Officer of WWAC. "There is huge opportunity in front of us to expand the business and effect real change in our client's businesses that improve their operations and financials. I look forward to continue working with the team, and am deeply committed to the success of the company."
Aeries has entered into binding non-redemption and equity purchase agreements and is in discussions with certain reputable institutions to raise further capital based on indicative terms sheets to execute on its previously announced organic growth and M&A strategy.
A more detailed description of the transaction terms will be included in a Current Report on Form 8-K to be filed by Aeries with the U.S. Securities and Exchange Commission ("SEC").
To memorialize the completion of the Business Combination, Aeries will be ringing the Closing Bell at the NASDAQ at 4:00 p.m. ET on November 7, 2023.
D.A. Davidson & Company and Roth MKM served as capital markets advisors to Aeries. Norton Rose Fulbright and Kirkland & Ellis LLP served as legal counsel to Aeries and WWAC, respectively.