GREENWOOD VILLAGE, Colorado – September 22, 2008 – CIBER, Inc. (NYSE: CBR), today announced it has entered into a letter of intent to acquire Iteamic Pvt. Ltd. (“Iteamic”) of Bangalore, India.
“We have been seeking to add both leadership and scale to our Indian operations for a long time. Iteamic has been in business since 2003 and has an excellent model established for offshore delivery of projects generated from the United States,” said Mac Slingerlend, CIBER?s President and Chief Executive Officer.
?It is anticipated Mr. Raghurama Kote, Iteamic?s founder and CEO, and his leadership team will play an instrumental role in the organization and growth of our offshore outsourcing opportunities, both from the U.S. and from Europe. We look forward to closing, combining our teams and delivering quality solutions to our clients,? added Tony Hadzi, CIBER?s Senior Vice President in charge of CIBER India.
Commenting on the acquisition, Raghurama Kote said, ?Iteamic is excited to become part of CIBER. CIBER?s strengths in the U.S. and Europe will bring great additional opportunities and synergies to the combined India operations in the future.?
Iteamic has approximately 200 employees and expects to do $7-8 million in revenue in its fiscal 2009, ending March. Closing is anticipated within 30 days.