Ciber agrees to buy India-based Iteamic

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By AP
23 September 2008 @ 07:19 am AEST

GREENWOOD VILLAGE, Colo. - Technology consulting company Ciber Inc. said Monday it signed a letter of intent to buy Bangalore-based Iteamic Pvt. Ltd. for an undisclosed amount in a move to expand its operations in India.

"We have been seeking to add both leadership and scale to our Indian operations for a long time," said Ciber President and Chief Executive Mac Slingerlend, in a statement. "Iteamic has been in business since 2003 and has an excellent model established for offshore delivery of projects generated from the United States."

Iteamic has about 200 employees and expects to do between $7 million and $8 million in revenue in its 2009 fiscal year, which ends in March. The buyout is expected to close in 30 days.

Shares of Ciber fell 62 cents, or 7.6 percent, to close at $7.56. The stock has traded between $4.20 and $8.97 over the last 52 weeks.

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