"Accept the challenges so that you can feel the exhilaration of victory."
-George S. Patton
Ciber Engages Advisor to Explore Strategic Alternatives
- Ciber Enterprise Value $112.5 million
- Ciber, Inc. (NYSE: CBR), a global IT consulting and outsourcing firm, announced in an 8-K filed yesterday that its board of directors engaged an advisor to explore strategic alternatives.
- The announcement did not include any indication as to the timing of a potential transaction.
Another Effort to Change Course
- Sustained Difficulties: Ciber has encountered significant market headwinds, enduring a share price decline of more than 70 percent this year prompted by revenue declines and earnings losses. As of June 30 the company lost $148 million, with $340 million in revenue for the first six months of the year.
- Paring Down to Enhance Focus: Ciber has this year sold its Netherlands, Norway and Sweden operations, and its CEO Michael Boustridge indicated in August that it will continue to explore opportunities to divest in Europe. The company also had an agreement to sell its Australian business to local management, but the deal did not go through.
- Making Waves: The company’s divestitures followed its naming independent director Mark Floyd as chairman, following his appointment to the board in an agreement with activist investor Lone Star Value.
- A Pattern of Challenge: Ciber’s shares are currently at an all-time low, closing today at $0.895 per share. As tracked by CRN, the company was the worst performing of the 25 major publicly-traded solution providers and distributors in North America through the first half of 2016.
For more information about this transaction, click here to read an article in CRN.
martinwolf was not the advisor in this transaction.