Dell's Perot Systems to buy BearingPoint China
Details: Perot Systems said that it would acquire BearingPoint Management Consulting (Shanghai) Ltd., also known as BearingPoint China Consulting, for an undisclosed sum. The overall combination will give enterprises in China access to a complete suite of IT, applications, business-process and consulting services. Perot Systems itself was acquired by Dell Computers in September.
BearingPoint was KPMG's consulting arm until the Big Four firm spun it off in 2000. The company changed its name from KPMG Consulting, and later encountered financial difficulty and filed for Chapter 11 bankruptcy protection in February of this year. PricewaterhouseCoopers subsequently acquired BearingPoint's North American commercial services business for $44 million, and Deloitte bought BearingPoint's North American public services practice for $350 million.
Hill, Barth & King merges in North
Details: Accounting firms Hill, Barth & King and North and Co. have merged, expanding HBK's presence and clientele in Florida.
The merger, which went into effect on Oct. 1, combines Sarasota-based North with Boardman, Ohio-based HBK. The 60-year-old HBK has three other offices in Florida - in Fort Myers, Naples and Stuart - along with three offices in Ohio and four in Pennsylvania.
With the addition of North, HBK and its investment advisory unit, HBK Sorce Financial, will have 280 professional and support staff. HBK ranked 68th on Accounting Today's 2009 list of the Top 100 Firms with $43 million in revenue. Financial terms of the merger were not disclosed.
William North Jr. sees advantages in combining his firm with HBK's tax, estate planning and financial planning services. "HBK's resources will enable us to provide options and specialized services that our growing clients need," he said.
"Both HBK and North and Co. have similar philosophies of a culture based on strong values, continuing education for employee development and world-class services," said HBK managing principal and CEO Chris Allegretti.
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