CRGT Inc. has completed its $40 million cash acquisition of CIBER Inc.’s federal division and related assets, the companies announced announced Friday and Monday.
The companies originally announced the $40 million cash sale in late January.
CRGT President and CEO Tom Ferrando said the acquisition adds to the company’s employee base and management team as the company pursues its growth strategy.
CIBER’s federal division has more than 1, 000 employees in 45 states and 6 countries worldwide.
The division provides information technology support for enterprise architecture, application development, systems implementation and integration, operations support and security.
CRGT is a portfolio company of Veritas Capital.
CIBER expects to generate around $34 million in net cash proceeds from the transaction.
Claude Pumilia, CIBER executive vice president, said the company will use at least $9 million of the proceeds to pay down debt under its existing credit facility.
