Home / M&A Activity / CenturyLink Subsidiary to Buy Ciber IT Outsourcing Assets; Ousley, Peterschmidt Comment

CenturyLink Subsidiary to Buy Ciber IT Outsourcing Assets; Ousley, Peterschmidt Comment

Savvis, a subsidiary of CenturyLink (NYSE: CTL), has agreed to acquire information technology outsourcing assets from Ciber (NYSE: CBR) for $7 million cash.

Savvis said the total transaction price will include additional future consideration in the form of a cash earn-out payment based on results through December 2013.

The transaction is expected to close in the fourth quarter of 2012.

Savvis intends to expand its IT outsourcing business including application management and help desk services, Savvis CEO Jim Ousley said.

Ciber completed a $40 million sale of its federal business to CRGT in March, expecting at the time to receive $34 million in net cash proceeds from that transaction.

Ciber CEO Dave Peterschmidt said his company is narrowing its focus on core offerings and market segments and plans to grow through strategic partnerships with businesses.

Check Also

SGI Global

Jimmy Viescas Joins SGI Global as Chief Financial Officer

Jimmy Viescas, a 14-year government contracting industry veteran and former director of finance at Octo Consulting …

GovConIndexUP

July 27 Market Close: GovCon Index Gets Lift on CGI, GD & Boeing Earnings Beats

Executive Mosaic’s GovCon Index advanced against choppy activity in the larger U.S. stock market Wednesday as five GCI stocks released …

Subscribe to our Newsletter
I will subscribe later