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Ciber to sell Infor division; delays 10-K filing

March 21, 2017

Ciber Inc. (NYSE: CBR) agreed to sell its Infor practice for $15.0 million, according to a filing with the US Securities and Exchange Commission. The move follows the sale of several other divisions. Just last month, the Greenwood Village, Colo.-based IT staffing solutions provider sold its Spanish business to ManpowerGroup Inc. (NYSE: MAN) and its German and Danish business to Allgeier SE.

On Friday, Ciber also reported a delay in filing its annual 10-K report as it works to come up with strategic alternatives for the company, including a sale, or new financing arrangements, according to an SEC filing. Ciber owed $28.2 million to Wells Fargo as of March 3, but the company said it doesn’t expect to be able repay the amount, which is due March 31, without other financing or proceeds from a strategic alternative.

“Without a transaction sufficient to address the company’s financial situation, the company expects to conclude in the Form 10-K when filed that there is substantial doubt about the company’s ability to continue as a going concern, according to a filing with the SEC.

Separately, Ameri Holdings Inc. (OTCMKTS: AMRH) had announced a proposal last week to acquire Ciber in a deal that valued the company at 75 cents per share. Ameri already owned approximately 4.5 million shares of Ciber. In addition, Ameri proposed two new board members.

In the Infor deal announced Monday, Ciber would sell its Infor division to enterprise software firm Infor software firm Infor itself.

“The sale of our Infor practice reflects a fundamental decision to hone our business to a focused IT staffing foundation with complementary integrated business consulting and application development management capabilities in a synergistic digital transformation offering,” Ciber President and CEO Michael Boustridge said in a statement. “We are working to provide a seamless transition and great continuity and service to our affected customers and our employees.”