ManpowerGroup Spain signed an agreement to acquire Ciber Spain from Ciber, Inc. for $8 million.
February 14, 2017
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ManpowerGroup Spain signed an agreement to acquire Ciber Spain from Ciber, Inc. (NYSE:CBR) for $8 million on February 14, 2017. The total consideration includes $7 million as cash purchase price and a potential additional earnout of $1 million over two years. The purchase price is subject to two additional escrow amounts of firstly $2 million to be settled 90 days after closing and secondly $0.7 million for general claims to be released in equal parts at 12 and 18 months after closing. All the employees of Ciber Spain will transfer to ManpowerGroup. The transaction is subject to escrow conditions. The acquisition is expected to close by end of February 2017. Houlihan Lokey, Inc. acted as financial advisor for Ciber, Inc. KPMG acted as the fairness opinion provider for ManpowerGroup Spain in the transaction.
CMTSU Liquidation, Inc., formerly Ciber, Inc., is a global information technology (IT) services company. The Company operates in two segments: North America and International. Its Ciber International segment primarily consists of countries in Western Europe and the Nordic region. Its North America segment is organized into service offerings, which include Independent Software Vendor Relationships (ISV)/Channel Partner Platforms, Managed Services, Business Consulting, Application Development and Management/Staffing, and Software-as-a-Service. It provides project management, application and technical consulting, and database administration for both implementation projects and managed-services engagements. It also provides a solution, Ciber Compliance Suite, which helps SAP customers monitor the usage of their SAP systems. Its business consulting offering helps clients manage their business by offering expertise in IT strategy, enterprise architecture and vertical business processes.
CMTSU LIQUIDATION, INC. 
