To Add Leadership for Scale and Growth
GREENWOOD VILLAGE, Colo., Sept. 22 /PRNewswire-FirstCall/ -- CIBER, Inc. (NYSE: CBR), today announced it has entered into a letter of intent to acquire Iteamic Pvt. Ltd. ("Iteamic") of Bangalore, India.
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"We have been seeking to add both leadership and scale to our Indian operations for a long time. Iteamic has been in business since 2003 and has an excellent model established for offshore delivery of projects generated from the United States," said Mac Slingerlend, CIBER's President and Chief Executive Officer.
"It is anticipated Mr. Raghurama Kote, Iteamic's founder and CEO, and his leadership team will play an instrumental role in the organization and growth of our offshore outsourcing opportunities, both from the U.S. and from Europe. We look forward to closing, combining our teams and delivering quality solutions to our clients," added Tony Hadzi, CIBER's Senior Vice President in charge of CIBER India.
Commenting on the acquisition, Raghurama Kote said, "Iteamic is excited to become part of CIBER. CIBER's strengths in the U.S. and Europe will bring great additional opportunities and synergies to the combined India operations in the future."
Iteamic has approximately 200 employees and expects to do $7-8 million in revenue in its fiscal 2009, ending March. Closing is anticipated within 30 days.
About CIBER, Inc.
CIBER, Inc. (NYSE: CBR) is a pure-play international system integration consultancy with superior value-priced services and reliable delivery for both private and government sector clients. CIBER's services are offered globally on a project- or strategic-staffing basis, in both custom and enterprise resource planning (ERP) package environments, and across all technology platforms, operating systems and infrastructures. Founded in 1974 and headquartered in Greenwood Village, Colo., CIBER now serves client businesses from over 60 U.S. offices, 25 European offices and seven offices in Asia/Pacific. Operating in 18 countries, with more than 8,500 employees and annual revenue approximately $1.2 billion, CIBER and its IT specialists continuously build and upgrade clients' systems to "competitive advantage status." CIBER is included in the Russell 2000 Index and the S&P Small Cap 600 Index. CIBER, the Reliable Global IT Services Partner. http://www.ciber.com.
Forward-Looking and Cautionary Statements
Statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. CIBER undertakes neither intention nor obligation to publicly update or revise any forward-looking statements. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc. Copyright(C) 2008.
SOURCE CIBER, Inc.
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