The former Hoops boss revealed the newly-promoted Easter Road outfit had to fight off interest from elsewhere to clinch the move for the 28-year-old defender when he became a free agent.
Lennon believes the successful period Ambrose spent with the club on an emergency loan in the second half of the season had played a huge part in his decision.
The Hibs gaffer said: “I think it’s worked out well for both parties. To get a player of that calibre on a two-year deal is very exciting. I think we saw how good a player he is during his time with us.
“He was a much-maligned character, but he showed what a quality player he is. He is always healthy, he’s never injured, so I think it’s a great bit of business.
“Credit to the people behind the scenes for making it happen.”
Lennon brought Ambrose to Parkhead from Israeli club Ashdod in the summer of 2012 and he is positive the player’s experience will be crucial as the Edinburgh side return to the Premiership after a three-year absence.
He added: “The club is on the up. We are not getting carried away, but have a big season ahead of us. There is a lot of anticipation and we feel we are back where the club should be.
“I think we can say we’ve pulled off a real coup in signing Efe for the next two years. There was other interest in him, but his family want to stay in Scotland.
“He’s just had a baby boy, so there were personal reasons, as well. We are getting him at a good age, good experience, good record. He’s won trophies already.
“That’s good business – a quality player at the right time of his career.”
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