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Bankruptcy court approves $93 million Ciber deal

IT Staffing Report

Bankruptcy court approves $93 million Ciber deal

May 30, 2017
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A US Bankruptcy Court in Wilmington, Del., approved the sale of IT solutions and staffing provider Ciber Inc. (NYSE: CBR) to HTC Global Services Inc. for $93 million.

HTC Global’s bid prevailed in an auction last week and significantly exceeds the $50 million floor price set by a Paris-based IT services firm Capgemini Group, Fox Business reported. HTC also agreed to assume certain liabilities as part of the offer.

Greenwood Village, Colo.-based Ciber and certain US subsidiaries filed for Chapter 11 bankruptcy protection on April 9 after entering into a “stalking horse” purchase agreement with Capgemini Group.

“The asset purchase agreement constitutes the highest and best offer for the purchased assets, and will provide a greater recovery for the debtors’ estates than would be provided by any other available alternative,” US Bankruptcy Judge Brendan Shannon wrote in the court filing.

Ciber recently sold several of its European assets; in February, ManpowerGroup (NYSE: MAN) agreed to purchase its Spanish business. Also in February, the company agreed to sell its business in Germany and Denmark to Allgeier SE, a Munich-based IT staffing and software firm for an aggregate of approximately $8.8 million. Ciber Germany division on March 30 filed an insolvency proceeding in Cologne, Germany. Ciber also last month completed the $15.0 million sale of its Infor division to the enterprise software firm Infor itself.