Cambridge Management Consulting To Be Given Greater Autonomy by Parent Cambridge Technology Partners Inc
CAMBRIDGE, Mass.--(BUSINESS WIRE)--July 27, 2000--
E-Business Leader Explores Strategic Options for Change Management Services Unit
Cambridge Technology Partners, Inc. (NASDAQ: CATP) (Cambridge), a global e-business services provider, today announced that it is exploring strategic options to allow its management consulting unit to operate as a more independent but majority-owned business of the company. Options being considered include finding a strategic partner and listing on a European stock exchange.
The changes Cambridge is considering for Cambridge Management Consulting (CMC) are designed to enable the consulting unit to grow faster and to recruit and retain the best talent, with share option and incentive programs directly aligned with CMC's performance.
"The speed with which the New Economy is reshaping businesses gives Cambridge the opportunity to change its business model," said Jack L. Messman, chief executive officer and president of Cambridge. "Cambridge believes the New Economy winners will be those companies that recognize their competencies and distinctive competitive strengths, leveraging them most effectively. The New Economy places a premium on profitable growth driven by innovative human capital and it rewards flexible, fast-moving companies who seize opportunities quickly."
As a first step toward greater autonomy, a new board of directors for CMC that will include Ian Clarkson and Quentin Baer, co-heads of the global consulting unit, will be appointed to assume greater responsibility for formulating and implementing CMC's strategies. Cambridge believes that by creating a more autonomous business unit it will enable CMC to take advantage of these new competitive circumstances; achieve higher growth; and become more responsive to the needs of its clients.
"We are very excited with the flexibility that we will have at our disposal to structure CMC and provide shareholders and employees with the greatest value," said Clarkson and Baer.
Cambridge Management Consulting, a 650-employee subsidiary of Cambridge headquartered in London with $124 million in 1999 revenues, delivers major performance improvement programs to a range of global and multinational clients. CMC's services include operational strategy, change management, product and process leadership, supply-chain improvement and asset optimization.
Background
Cambridge, the parent company, provides management consulting and systems integration services to transform its clients into e-Businesses. Working in collaboration with Global 1000, high-velocity middle market companies and dot-com companies, Cambridge combines a deep understanding of New Economy issues with integrated, end-to-end services, and a proven track record of shared risk and rapid, guaranteed delivery. Cambridge generated $628.1 million in revenue in 1999, with $243.3 million from its global e-Business solutions. Cambridge has approximately 4,000 employees and 53 offices worldwide. Cambridge is a Safeguard Scientifics (NYSE: SFE) partner company. Cambridge on the Web: ctp.com.
This press release does not constitute an offer of any securities for sale in any jurisdiction.
Approved for the purposes of section 57 of the Financial Services Act 1986 by Salomon Brothers International Limited (trading as Schroder Salomon Smith Barney) which is authorized by the SFA in the conduct of investment business.
FORWARD-LOOKING STATEMENTS
This Press Release includes forward-looking statements (statements that are not historical facts and relate to future activities and performance) that involve risks and uncertainties. These forward-looking statements include statements about strategic options, future strategies and the anticipated benefits of these strategies, and they are subject to risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statements based on a number of factors, including the early stage of Cambridge's consideration of these strategic options and strategies, the possibility that Cambridge may decide not to implement any particular strategy, the ability of Cambridge to successfully implement these strategies if and when Cambridge decides to implement them or any of them, and the possibility that the anticipated benefits of these strategies are not achieved. Cambridge assumes no obligation to update the information contained in this press release.
CONTACT:
Cambridge Technology Partners, Inc.
John Gavin
(617) 914-8117
john.gavin@ctp.com
or
Cambridge Technology Partners, Inc.
Claire Murphy
(617) 914-8862
claire.murphy@ctp.com
or
Cambridge Technology Partners, Inc.
Hal Thayer
(617) 914-8374
hal.thayer@ctp.com |
