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IBM acquires PricewaterhouseCoopers Consulting. (Update: trends / standards / products).
IBM IS ACQUIRING PRICEWATERHOUSECOOPERS (PwC) Consulting, an addition that will beef up IBM's already substantial Global Services consulting branch.
PwC Consulting split from the PwC accounting division in mid-June 2002 to avoid concerns raised by simultaneously auditing and consulting for the same clients. The consultancy expects to bring in approximately US$4.9 billion in revenue in 2002. The unit includes about 30,000 employees. IBM plans to combine PwC Consulting with the Business Innovation Services unit of its Global Services division, creating a new global unit that provides business and technology consulting. Ginni Rometty, the general manager of IBM Global Services Americas, will become general manager of the new unit.
IBM expects to complete the acquisition by the end of the third quarter 2002. IBM will pay $3.5 billion in cash and stock, $14.5 billion less than IBM competitor HP offered in a bid to acquire PwC's consulting group two years ago. (HP eventually withdrew the offer, claiming the price was too high.) HP claims to have recently declined to purchase the consultancy, instead choosing to partner with Deloitte Touche Tohmatsu consulting at the end of June 2002.
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Source: HighBeam Research, IBM acquires PricewaterhouseCoopers Consulting. (Update: trends /...