ManpowerGroup

Company acquired: Ciber, Spain

Head count: 600

Annual revenue: undisclosed

Purchase price: $7 million

Date of announcement: Feb. 15

To raise funds to help pay off the $39.7 million it owes Wells Fargo on an outstanding loan, Greenwood Village, Colo.-based Ciber, has agreed to sell its Spanish business to human resources consultancy ManpowerGroup.

Ciber, No. 43 on the CRN Solution Provider 500, agreed to sell its Spanish unit to ManPower for $7 million in cash and up to an additional $1 million in earnouts depending on the performance of a certain Ciber Spain contract over the next 24 months.

Ciber reported that it plans to use $3.2 million of the transaction proceeds to reimburse Wells Fargo. The transaction is expected to close by the end of February and is subject to the consent of Wells Fargo.