Cloudeeva Has Requested to Extend Timelines to Complete Acquisition of S&T AG as it Receives Cancellation of Letter of Intent

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SAN RAMON, Calif., Feb. 26, 2014 (GLOBE NEWSWIRE) -- Cloudeeva, Inc. (OTC:SYAI) ("Cloudeeva" or the "Company"), a global cloud and technology company specializing in Cloud, Big Data and Mobility solutions has announced that Cloudeeva has requested to extend timelines to complete acquisition of S&T AG (ISIN AT0000A0E9W5, WKN A0X9EJ, SANT) ("S&T"), one of the largest IT services and technology products provider in Central and Eastern Europe. The Letter of Intent required Cloudeeva to submit a publication by February 20, 2014 of documents detailing how the issuance of a voluntary takeover could proceed – or the steps needed to complete the transaction in a timely manner. Cloudeeva has been in extremely encouraging discussions with several highly revered institutional debt investors to finance the acquisition of S&T, although Cloudeeva has not been able to receive 100% financing commitment to launch the announcement and takeover offer by February 20, 2014 as agreed in the Letter of Intent. There are a number of debt investors who have indicated to Cloudeeva that they need more time to put together a firm commitment for financing. Cloudeeva and S&T have agreed to renegotiate terms as soon as Cloudeeva receives financing commitment from debt investors.

As per terms of the previously Letter of Intent, Cloudeeva shall acquire 100% of the shares of S&T for the aggregate purchase price of Euro €118 million to be offered in the takeover offer, whereby the purchase price will be corrected (upwards or downwards) by Cloudeeva and launch an offer by February 20, 2014, and close this transaction with approvals required from shareholders and regulatory agencies on or around April 15, 2014.

Cloudeeva remains committed to complete the acquisition of S&T AG as soon as it receives a definitive financing commitment, which may take few weeks, at that time Cloudeeva will provide an update of timelines for completion of the transaction with S&T. There can be no assurance that this transaction will be completed as proposed or at all.

About Cloudeeva, Inc.

Cloudeeva is a global cloud services and technology solutions company specializing in Cloud, Big Data and Mobility solutions and services with offices in California, New Jersey, Chicago, and India. Cloudeeva's unique business value is a results-driven enterprise-class methodology that enables business transformation. Cloudeeva offers a global systems integrator and solution services to enterprises, the speed and agility of a boutique tech services firm, leveraging global experience over 5,000 Cloud, Big Data, and Mobile engagements. Cloudeeva has provided consulting, managed services, change strategy and training, and technology staffing architected specifically for cloud-based, big data and mobile environments. Cloudeeva has worked with more than 800 enterprises, including organizations like Bank of the West, Jefferies, Fremont Bank, City of Beverly Hills, Ranbaxy, John Deere, Colgate Palmolive, and World Vision. For additional information about Cloudeeva, please visit http://www.cloudeeva.com/ or connect with us on Twitter, Facebook, Google+ and LinkedIn.

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CONTACT: Cloudeeva, Inc. Jan Schieberl IR Associate 925-226-2460 ir@cloudeeva.com

Source:Cloudeeva, Inc.