Former US-owned subsidiary Ciber UK was acquired by Rcapital in September 2017. Rcapital made significant financial and operational capital available to restructure the business and pursue growth plans.
Following an intensive period of re-organisation and rebranding, this leading IT services and consulting specialist relaunched as Innervate Technology Solutions Limited in September 2017. Although the UK business had a strong reputation for technical expertise – and contracts with leading banks, blue-chip companies and top educational institutions – the business was at risk of failure when US parent Ciber Inc filed for Chapter 11 Bankruptcy.
Rcapital and the management team stabilised the business following separation from its insolvent parent; and streamlined operational and financial activities to make the business way more efficient and able to focus on what it is known and respected for. This included relocating the head office and completing a full review of the overhead base and significantly improving the utilisation performance.
Rcapital’s involvement, including the appointment of a Chairman and CFO to support management, provided stability and acted as a real catalyst for change. In a very short period, the team transformed this business from a failing corporate orphan to a stable business with a solid platform to achieve long-term growth. It was sold to Brightbridge, a well respected and successful player in the technology space, within a year of the transformation.