ManpowerGroup (NYSE: MAN) agreed to acquire the Norwegian business of IT solutions and staffing provider Ciber Inc. (NYSE: CBR).
The deal was expected to close in late August, pending regulatory approval, and follows ManpowerGroup’s acquisition of Ciber Netherlands in June for $25 million. Ciber Norway’s business, including 130 employees, will transition to ManpowerGroup.
According to a Ciber Inc. filing with the US Securities and Exchange Commission, Ciber International BV, a subsidiary of Ciber Inc., and ManpowerGroup subsidiary Experis AS signed a purchase agreement for the sale of all of the outstanding shares of Ciber Norge AS, which operates Ciber’s business in Norway. Experis agreed to pay an aggregate cash purchase price of $7.0 million. The purchase price is subject to adjustment 12 months after closing with respect to the retention of certain Ciber Norge customers; the adjustment is capped at $1.75 million.
ManpowerGroup launched Experis in 2011, combining the company’s three North America professional talent and solutions organizations — Manpower Professional, Comsys and Jefferson Wells — into the brand. Experis operates in the engineering, IT and finance verticals.
ManpowerGroup opened its first office Norway in 1952 and operates 30 locations and four brands — Manpower, Experis, ManpowerGroup Solutions and Right Management — making 20,000 placements in Norway each year. Ciber has operated in Norway for 10 years.
“We’re pleased to announce this acquisition that continues to build on the strength of our Experis business in Norway and further accelerates our strategy to shift our business mix towards higher value and professional services,” said Maalfrid Brath, managing director, ManpowerGroup Norway. “As clients across every sector continue to invest in rapidly changing technology and upgrade their capabilities, ManpowerGroup is well-equipped to deliver the best talent and provide in-demand skills at all levels of the IT market.”
Ciber International will continue to be involved in the full transition of the business to Experis after the closing of the transaction, according to the SEC filing. It anticipates using the proceeds from the sale for working capital and to reduce its borrowings by approximately $3.0 million.
