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.
