IT solutions and staffing provider Ciber Inc. (NYSE: CBR) announced revenue fell 24% on a constant currency basis in the third quarter, with revenue in its international segment falling 42% in constant currency.

The Greenwood Village, Colo.-based company in September agreed to sell its business in Sweden to Bouvet Stockholm AB, a service provider of information technology, digital communication and enterprise management. ManpowerGroup (NYSE: MAN) in August agreed to acquire Ciber’s Norwegian business for $7.0 million; that deal followed ManpowerGroup’s acquisition of Ciber Netherlands in June for $25 million.

Excluding revenue from Norway and the Netherlands, Ciber revenue fell 13% in constant currency and 14% in US dollars compared with last year’s third quarter, while revenue in the international segment fell 18% in constant currency and 20% in US dollars.

Ciber's board of directors hired Houlihan Lokey, a global investment bank, to assist in exploring strategic alternatives for the company. Ciber also announced it reached an agreement with Wells Fargo to waive the previously existing events of default under its current credit facility and has established a new credit facility agreement with Faunus Group International.

Quote

“Ciber is continuing its efforts to become a more competitive and profitable enterprise,” said President and CEO Michael Boustridge. “We are investing in selected areas for growth, exiting non-strategic businesses, and reducing our cost structure.”

Revenue by segment

Share price and market cap

Ciber shares fell 14.10% in early afternoon trading to 69 cents. The company had a market cap of $56.04 million, according to Yahoo.