“We sought immediate access to additional working capital in order to successfully execute our strategic transformation plan. In a very short period of time, FGI was able to provide us with a $12 million facility which allowed us to pay off our European lender, infuse working capital into our subsidiaries in the UK and Germany and allocate funds to our subsidiary in Spain, where we previously had no availability.”
Founded in 1974 and based in Greenwood Village, Colorado, Ciber is a global IT consulting company with employees in North America, Europe and Asia/Pacific. Ciber partners with organizations in the manufacturing, financial services, healthcare and life sciences, public sector and education, retail and consumer products, energy and utilities, and distribution logistics and transportation sectors to develop technology strategies and solutions that deliver tangible business value.
As part of its strategic transformation strategy, Ciber sought a more aggressive international lender. The company’s goal was to pay off its current lender in Europe and secure financing that would provide it with the ability to move funds freely, so that it could pay off a portion of its credit facility debt and provide adequate working capital to subsidiaries in the UK, Germany and Spain.
FGI worked with Ciber across multiple countries, languages and time zones. Within a short window of time, FGI provided the company with a $12 million covenant lite facility for its subsidiaries in the UK and Germany, as well as in Spain where the company previously had no availability.