ARLINGTON, Va., May 2, 2016 /PRNewswire/ -- CEB (NYSE: CEB),
a best practice insight and technology company, today announced
that it has closed its previously announced acquisition of Evanta
Ventures, Inc. and an affiliated business (collectively, "Evanta").
Portland, Ore.-based Evanta
fosters collaboration and the exchange of best practices between
Information Technology & Security, Human Resources and Finance
leaders through nearly 200 annual events, online and offline
learning platforms and subscription information offerings.
"CEB's mission calls on us to unlock the potential of leaders
and organizations by advancing the science and practice of
management. Adding Evanta helps us do just that," said CEB Chairman
& CEO, Tom Monahan. "Through the
acquisition, CEB expands our C-suite and senior executive reach by
nearly 50% to more than 30,000 leaders. This year alone, we will
have more than 130,000 executive interactions through an unmatched
range of avenues helping our customers more effectively manage
talent, customer and operations."
"This relationship and the related synergies will create near
and long-term value for clients, partners, colleagues and
shareholders," Monahan added. "And it goes without saying that
we're thrilled to add a team of Evanta's caliber to our
roster."
CEB also announced today that in connection with the completion
of the Evanta acquisition it amended its senior secured credit
agreement with Bank of America, N.A. and certain other parties
thereto by adding $150 million of
term loans to its existing term loan facility and increasing its
revolving credit facility by $100
million to a total of $350
million. Consistent with its announcement at the signing of
the Evanta acquisition, CEB used borrowings under the amended
credit facilities to fund the purchase price for the
acquisition.
About CEB
CEB is a best practice insight and technology company. In
partnership with leading organizations around the globe, we develop
innovative solutions to drive corporate performance. CEB equips
leaders at more than 10,000 companies with the intelligence to
effectively manage talent, customers, and operations. CEB is a
trusted partner to nearly 90% of the Fortune 500 and FTSE 100,
and more than 70% of the Dow Jones Asian
Titans. More at cebglobal.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements using words such as "estimates," "expects,"
"anticipates," "projects," "plans," "intends," "believes,"
"forecasts" and variations of such words or similar expressions are
intended to identify forward-looking statements. In addition, all
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. You are hereby
cautioned that these forward-looking statements are based upon
CEB's current expectations and assumptions and, as a result, are
subject to risks and uncertainties. These risks and
uncertainties could cause actual future events to differ materially
from the expectations reflected in the forward-looking statements,
including (among others) the following: the businesses of CEB
and Evanta may not be combined successfully, or the combination may
take longer or cost more to accomplish than expected; we may not
achieve anticipated operating and cost synergies through combining
the businesses of CEB and Evanta, or those synergies may be
realized less quickly than we anticipate; Evanta may not achieve
the results projected in its current 2016 full year forecast;
potential operating costs, customer loss and business disruption
(including employee loss or turnover) following the acquisition may
be greater than expected and could negatively affect the financial
results and performance of Evanta; Evanta may not perform at the
level we are expecting, and as a result the anticipated positive
impact of the acquisition of Evanta on the operations and future
financial results of CEB may not be achieved or may be lower than
expected; our leverage, which we increased in connection with
the acquisition of Evanta, could materially and adversely affect
our financial condition or operating flexibility; and other risks
and uncertainties regarding our business, the acquisition of Evanta
and our indebtedness included in our periodic and other reports
filed with the U.S. Securities and Exchange Commission, including
our reports filed on Forms 10-K, 10-Q and 8-K. Given these risks
and uncertainties, readers should not place undue reliance on any
of these forward-looking statements. These forward-looking
statements represent expectations and assumptions only as of the
date of this press release and CEB assumes no obligation to update
them to reflect new or future information, events or circumstances.
The forward-looking statements in this press release are made as of
May 2, 2016.
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SOURCE CEB