Sep 18, 2007, 07.54 PM | Source: Moneycontrol.com
Headstrong completes divesture of Metamor Enterprises Solutions. Reiterates focus on Capital Markets
Headstrong, a leader in domain led IT consulting, announced today that it has completed the sale of Metamor Enterprises Solutions, a SAP consulting and implementation services provider focused on the Apparel and Footwear (AFS) industry, to CIBER, Inc. (NYSE:CBR) with immediate effect.
Under the terms of the agreement, CIBER, Inc will acquire the assets and operations of Metamor in the United States. CIBER has a defined Retail Services vertical under which SAP implementation is its main business. CIBER's last four acquisitions have been in the SAP domain.
"Headstrong's focus has been on providing domain led IT services in the Capital Markets vertical and this was a logical conclusion with our growth strategy. Capital Markets currently contributes 63% to our current revenues and we will grow this to 70% by end 2007 time. Additionally, our growth related investments would continue to focus on building this expertise and domain differentiators," said Nicki Mehra, Managing Director, Corporate Strategy and Marketing for Headstrong.
"The AFS segment is not aligned to key focus and the Metamor divesture is in line with our growth strategy. It was also critical for the growth of Metamor and its people. I am glad that we are moving Metamor to an organization which shares its industry focus and would nurture it." said Arjun Malhotra, Chairman and CEO of Headstrong.
Avendus Advisors were the sole advisors to Headstrong for the transaction.
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