Penny Stock On Buyers Radar: CIBER, Inc. (NYSE:CBR)

Investors who are seeking to buy NASDAQ stocks can add CIBER, Inc. (NYSE:CBR) in their list.  The company is a recognized leader in offering innovative IT solutions and associating with customers to use technology in current e-commerce business-driven industry. It delivers solutions to help organizations get knowledge from the market, derive value for their clients, reduce cost and time across the supply chain, and achieve international competitive advantage.

The buzz

In the last trading session, the stock price of CIBER gained more than 3% to secure a place in the list of top penny stocks for the day. This optimism in the CBR stock can be accredited to the news coming that the firm had closed another agreement to raise up to $8 million. These funds will help the company close a Wells Fargo credit line in February, this time reporting Ciber Spain sale to a subsidiary unit of ManpowerGroup Inc. (NYSE:MAN).

This reported agreement is the fourth European segment the IT outsourcer has sold to ManpowerGroup in 2016. Ciber Spain will be integrated with the Experis subsidiary firm of ManpowerGroup. The latter will compensate $7 million for Ciber Spain, and the possibility of compensating additional $1 million in 2 years, based upon the unit performance.

Ciber has been offering global operations for sale as it struggles to close a credit line from Wells Fargo by February 28. The company’s deteriorating financial performance, particularly in its European businesses, prompted the bank to advance repayment last fall.

Michael Boustridge, the CEO and President, said that Ciber Spain sale reflects continued implementation against their plans to simplify the geographic footprint and focus portfolio of offerings. As a strategic investor with local businesses, they consider Experis/ Manpower will offer a seamless transition and impressive service and continuity for their Spanish employees and customers. Ciber is a known outsourcing and IT consulting firm that had 5,000 employees in the U.S., Germany, Britain and elsewhere.

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