CIBER said it expects to generate $35 million in net cash proceeds from the transaction. The company said it plans to dedicate the proceeds “in excess of $25 million” to reduce its revolving credit commitments.
CRGT said it has received necessary approvals from its creditors to sell the division to CRGT, which is a portfolio company of Veritas Capital.
CIBER expects the transaction to close within the next three months.
“Selling this division is a logical step for us as we continue to narrow our focus, streamline our business mix and concentrate our resources on our core offerings and market segments, ” said CIBER President and CEO Dave Peterschmidt.