Allgeier

Company acquired: Ciber, Germany and Denmark

Head count: undisclosed

Annual revenue: undisclosed

Purchase price: $8.8 million

Date of announcement: Feb. 3

Only 12-days before selling its Spanish operations, Ciber also agreed to sell its German and Danish businesses to German IT company Allgeier, in order to help raise the money it needs to repay Wells Fargo.

The Greenwood Village, Colo.-based company reported that it plans to use up to half of the $8.8 million from the sale to reimburse Wells Fargo, and will invest the remaining money to fund existing working capital needs.

Ciber will receive proceeds from the deal in three separate installments: at closing, in March 2018, and in March 2019. Part of the purchase price is contingent on the Ciber business unit hitting operational performance targets in 2017 and 2018.

Following the close of the deal, Allgeier plans to combine the acquired Ciber entities with its own existing SAP business under the umbrella of Allgeier Enterprise Services AG. The company said it could further expand Ciber's business thanks to relationships with enterprise domestic and international companies, as well as upper mid-market firms in Germany, France and Denmark.