Acquisition
September 06 2007 - 3:05AM
UK Regulatory
RNS Number:3998D
Management Consulting Group PLC
06 September 2007
Acquisition
Management Consulting Group PLC ("MCG" or "the Group"), the international
management consultancy group, today announces that it has acquired CBH from its
current shareholders, Mr Joe Baird, Mr Kevin Hartwick, Mr Rory Smith and Mr
Myron Weber. The transaction closed yesterday, Wednesday, in California after
the close of business in London. The total consideration agreed for the
acquisition is $10.6m which will be satisfied by the payment of $6.3m (#3.1m)
in cash and the issue of 4,156,054 new ordinary shares of 25 pence each in MCG.
The business will be known as CBH Consulting.
CBH Consulting provides performance management and business intelligence
solutions for enterprises. It assists management to obtain timely, accurate and
well presented information on business performance and the information necessary
to make well informed decisions. It serves the commercial and public sectors
with particular industry expertise in financial services, healthcare and state
and local government. It works closely with and is a preferred partner of, the
leading corporate performance planning and business intelligence software
provider, Cognos Corporation.
Kevin Parry, Chief Executive of MCG, said:
"This acquisition broadens our portfolio of consultancies, adding a new fast
developing specialisation to our existing service offering. CBH Consulting's
strong North American client base further balances the Group's geographic reach
and provides a solid platform for further growth."
Joe Baird, Chief Executive of CBH Consulting, said:
"We look forward to working with MCG to grow and develop the business in the
North America and other key global markets. Joining MCG allows us to broaden our
deep content expertise and work with new colleagues in other parts of the
Group."
Les Rechan, Chief Operating Officer of Cognos said:
"We see this as an excellent opportunity for one of our premiere partners to not
only bring forth unparalleled value to Cognos customers, but to allow CBH to
grow its existing performance management expertise into a global industry
solutions portfolio.
"We are very excited to continue to work with CBH and its new parent company MCG
on future efforts to enable our customers to achieve the highest of levels
performance."
Further Information:
Management Consulting Group PLC
Kevin Parry, Chief Executive +44 20 7710 5000
Chris Povey, Director of M&A +44 20 7710 5000
Luke Williams, COO, Enterprises +44 20 7710 5000
Maitland
Suzanne Bartch +44 20 7379 5151
Peter Ogden +44 20 7379 5151
About MCG:
Management Consulting Group PLC (MMC:L) is a group comprising a range of
consulting and professional services offerings.
It now operates through six divisions: CBH Consulting, Ineum Consulting, Parson
Consulting, Proudfoot Consulting, Salzer Consulting and Viaduct Consulting.
Ineum Consulting provides services with industry expertise. Parson Consulting
specialises in financial management consulting. Proudfoot Consulting
specialises in operational improvement consulting. Salzer Consulting
specialises starting, managing and restructuring businesses in Asian markets and
Viaduct Consulting specialises in commercial due diligence. The businesses
operate worldwide. For further information visit www.mcgplc.com
About CBH Consulting:
CBH Consulting designs effective performance management solutions to assist
enterprise to access timely, accurate, well communicated information on business
performance. Its solutions embrace enterprise wide planning (budgeting and
forecasting), business intelligence (information to aid decision making) and
scorecarding for a complete performance management solution offering. The
services are provided to all industries with particular vertical expertise in
financial services, healthcare and state and local government. The vast majority
of its solutions leverage Cognos software products to optimise results.
CBH Consulting is a preferred partner of the leading corporate performance
planning and business intelligence software provider, Cognos. It has for the
last five years been a strategic platinum reseller of their products; in 2007 it
received its second North American reseller partner of the year award; and was
the Solution Provider of the year.
The business is headquartered in Irvine, California with regional offices in San
Ramon, California, Seattle, Washington, and Dallas, Texas. Its clients have
included over 200 mid size and Fortune 1000 companies. These clients include
Experian, The Nebraska Medical Centre, The City and County of San Francisco and
Kaiser Permanente.
For further information visit www.cbhinc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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