Korn Ferry Enters Into Definitive Agreement To Acquire Three Leadership Development Companies
30 September 2019 - 8:25PM
Business Wire
Combination Bolsters Learning &
Development and Training Offerings
Korn Ferry (NYSE: KFY) today announced that it has entered into
a definitive agreement to acquire three companies from
TwentyEighty, Inc. in the leadership development area: Miller
Heiman Group, AchieveForum, and Strategy Execution. The
transaction, which is subject to customary closing conditions, is
expected to close by November 1.
“The combination brings a world-class portfolio of learning,
development, and performance improvement offerings and expertise to
Korn Ferry and will bolster our firm’s substantial leadership
development capabilities,” said Gary D. Burnison, CEO, Korn
Ferry.
Byron Matthews of Miller Heiman Group, Christoffer Ellehuus of
Strategy Execution, and Scott Bohannon of AchieveForum said: “We
are delighted to find the perfect strategic home at Korn Ferry. We
are enthusiastic about what the future will bring from this
acquisition in terms of synergistic product and consulting solution
offerings for our customers as well as career opportunities for our
employees.”
Miller Heiman Group specializes in transforming sales
performance and customer experience. AchieveForum offers frontline
leadership development. Strategy Execution provides organizational
and project management training. Combined, the three companies have
trained thousands of professionals and hundreds of clients across
the globe and have substantial expertise in sales performance and
customer experience, frontline leadership development, and project
management, which will greatly benefit future clients.
These companies will be part of a newly branded Korn Ferry
Digital (formerly the Products Group), which, working closely with
Consulting, will provide clients direct access to data, insights
and analytics from one of the world’s most comprehensive people and
organizational databases. The addition of these three companies is
expected to further expand Korn Ferry’s vast intellectual property
and content and leverage the firm’s digital delivery platforms.
The broader corporate training and education market is a greater
than $300 billion global market opportunity, which includes
retraining employees to meet the changing demands of today’s
dynamic business landscape. The acquisition of the three businesses
is expected to accelerate Korn Ferry’s ability to capture a share
of this significant market.
Terms of the deal were not disclosed. The acquisition is
expected to be accretive to adjusted earnings in the first year of
Korn Ferry’s ownership.
About Korn Ferry
Korn Ferry is a global organizational consulting firm. We work
with clients to design their organizational structures, roles, and
responsibilities. We help them hire the right people and advise
them on how to reward, develop, and motivate their workforce. And,
we help professionals navigate and advance their careers.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as “will,”
“may,” “expect,” “anticipate,” “believe,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include, but
are not limited to, statements relating to the timing of the
transaction, the expected benefits of the transaction, including
future financial and operating results, expected synergies, and the
Company’s plans, objectives, expectations, and intentions. Such
statements are based on Korn Ferry’s current expectations and are
subject to numerous risks and uncertainties, many of which are
outside of the control of Korn Ferry. Readers are cautioned not to
place undue reliance on such statements.
A number of factors could cause actual results or outcomes to
differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to: the
occurrence of any event, change, or other circumstances that could
give rise to the termination of the acquisition agreement; the
inability to timely complete or complete at all the transaction
because of the failure to satisfy conditions to closing set forth
in the acquisition agreement, including due to any delays in
obtaining or the inability to obtain, necessary regulatory
approvals or complete regulatory reviews required to complete the
transaction; the risk that the transaction disrupts current plans
and operations of Korn Ferry and/or the businesses to be acquired
as a result of the announcement, pendency or consummation of the
transaction; the ability to successfully integrate the operations
and employees of the business to be acquired into Korn Ferry; the
ability to recognize the anticipated benefits of the transaction,
which may be affected by, among other things, competition, the
ability of Korn Ferry to grow and manage growth profitably,
maintain relationships with customers and suppliers, and retain key
employees; costs related to the transaction; the outcome of any
legal proceedings that may be instituted against Korn Ferry or the
acquired entities or their respective affiliates following
announcement of the transaction; changes in applicable laws or
regulations; the possibility that Korn Ferry or the businesses to
be acquired or their respective subsidiaries and affiliates may be
adversely affected by other economic, business, and/or competitive
factors; and other risks and uncertainties indicated from time to
time in filings with the SEC by Korn Ferry.
Korn Ferry disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190930005356/en/
MEDIA CONTACT Dan Gugler 310 552 1834
dan.gugler@kornferry.com
INVESTOR CONTACT Gregg Kvochak 310 552 1834
gregg.kvochak@kornferry.com
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