Resources Connection Acquires Deloitte Re:sources From Australia’s Deloitte Touche Tohmatsu
Resources Connection Acquires Deloitte Re:sources From Australia’s Deloitte Touche Tohmatsu
Resources Connection Acquires Deloitte Re:sources From Australia’s Deloitte Touche Tohmatsu
COSTA MESA, Calif., June 3, 2003 – Resources Connection, Inc. (Nasdaq: RECN), an international professional services firm, announced today that it has signed a definitive agreement to acquire the assets of Deloitte Re:sources Pty Ltd. from Deloitte Touche Tohmatsu in Australia. Deloitte Re:sources helps companies source qualified accounting, tax and finance executives who support clients on a contract, project or permanent basis to solve specialist accounting and technical needs. Deloitte Re:sources is one of the last remaining financial and accounting project management businesses within Deloitte Touche Tohmatsu following a buyout of the US-based business in 1999 by the current management team of Resources Connection
Under the terms of the agreement, Resources Connection will acquire Deloitte Re:sources’ practices in Sydney and Melbourne. Both practices for the time being will continue to operate from their existing space. They will be run by the existing Deloitte Re:sources management team and will adopt the Resources Connection brand name. The acquisition expands Resources Connection’s presence in the Asia Pacific region by adding to the Company’s existing offices in Hong Kong and Taipei. Deloitte Re:sources’ revenue for the year ended May 31, 2003 were AUD$4 million. Financial terms of the agreement were not disclosed.
“Over the past year, one of our key business goals has been to expand our global offering in both Europe and the Asia Pacific region. This acquisition combined with our announced intention to acquire Ernst & Young’s ETM business in the Netherlands has created a clear global footprint for the Company,” said Donald B. Murray, Chief Executive Officer of Resources Connection. “The acquisition of Deloitte Re:sources is an opportunity to build our presence in the Asia Pacific region and reunite Resources Connection with its sister company. Besides the obvious operational synergies of the two companies stemming from our joint history, this acquisition provides Resources Connection with a presence in key financial centers of the Asia Pacific region.”
ABOUT RESOURCES CONNECTION
Resources Connection, Inc. is an international professional services firm that provides accounting and finance, human resources, information technology, and internal audit on a project basis. Headquartered in Costa Mesa, California, the company operates from 50 US offices and five international offices. More information about the company is available at www.resourcesconnection.com. On March 20, 2003 Resources Connection reported US$143 million revenues for the 9 months ended February 28, 2003.
Resources Connection was founded in June 1996 by a team from Deloitte & Touché, and became independent in April 1999, following a management buyout. In December 2000, the company completed its initial public offering and listed on NASDAQ. The U.S. client portfolio boasts more than 30 of the Fortune 50 companies. The company was recently named to Forbes Best 200 Small Companies list.