Beleaguered tech company Ciber Inc. Monday said it's filing for Chapter 11 bankruptcy protection and said a French company will buy its assets for $50 million.
Greenwood Village-based Ciber (NYSE: CBR) said it's entered into a "stalking horse" deal with IT consulting company Capgemini, where the France-based company will acquire the company, although other offers could be entertained.
"After careful consideration of the alternatives available to maximize the value of the company, it's become clear that the best path forward for the company, its employees, customers and stakeholders is to accomplish a sale through the bankruptcy process. We are keenly focused on minimizing disruption to our customers, partners, and employees during the Chapter 11 process. The proposed sale will preserve jobs, ensure customers can benefit from continuity of services, and enable a smooth transition of Ciber's U.S. business to Capgemini or any other bidder providing a higher and better offer in accordance with court approved procedures," CEO Michael Boustridge said in a statement.
Capgemini officials said the deal will expand its U.S. presence, combining with its existing U.S. operations of its Technology and Engineering Services (Sogeti) division.
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