BearingPoint Completes Sale of its Europe, Middle East and Africa Practice to European Management Team
Dallas (ots)
BearingPoint, Inc., the management and technology consulting firm, announced today that it has completed the sale of the Company's Europe, Middle East and Africa (EMEA) practice to its European management team for an aggregate price of approximately $69 million in total consideration.
Following the transaction, the EMEA practice will operate as an independent, private partnership and will continue to serve clients under the BearingPoint brand. Peter Mockler, who has been serving as the EMEA leader for BearingPoint since 2006, and his management team will continue to lead the organization, providing leadership stability and continuity in the transition process.
"We are very pleased to finalize the purchase of BearingPoint EMEA and look forward to continuing to serve our valued clients for many years to come," said Peter Mockler. "The EMEA leadership team and approximately 3000 consultants are dedicated to the success of our business and remain steadfast in our commitment to providing leading- edge management and technology consulting services to our clients. We are confident that this is the best path forward for our clients and employees, as many examples have shown that the private business model makes sense for a professional services firm."
About BearingPoint, Inc.
BearingPoint, Inc. is a provider of management and technology consulting services to commercial and public sector organizations around the world. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. The Company's service offerings are designed to help its clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to next-generation technology. For more information, visit the Company's Web site at www.BearingPoint.com .
Some of the statements in this press release constitute "forward- looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, estimates and projections. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the BearingPoint, Inc. undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.
Contact:
Mike Kronfellner
Director Marketing & Communications EMEA
Tel.: 0049-89-54033-7070
mike.kronfellner@bearingpointconsulting.com