OfficeTiger and RR Donnelley Sign Definitive Merger Agreement; OfficeTiger Management Team and Strong OfficeTiger Brand to Driv
20 March 2006 - 11:30PM
Business Wire
OfficeTiger and R.R. Donnelley & Sons Company (NYSE: RRD) today
announced that the two companies have signed a definitive merger
agreement in which RR Donnelley, the world's premier full-service
global print provider and business solutions company, will acquire
OfficeTiger in an all-cash deal. The transaction brings together
OfficeTiger's predominant brand in judgment-based outsourcing
solutions with RR Donnelley's existing document-based outsourcing
capabilities to create a new global business process outsourcing
(BPO) leader. This combined group will bring to bear well over
5,000 professionals across dozens of facilities in the US, UK,
Continental Europe and Asia with services spanning research,
analytics, accounting, paralegal support as well as RR Donnelley's
historic strength in transaction and document processing. As part
of RR Donnelley, OfficeTiger will leverage its pool of world-class
talent and experienced management team to drive RR Donnelley's
strategy to expand in the fast-growing, higher-return BPO segment.
OfficeTiger will continue its current operations as an independent
business unit of RR Donnelley, maintaining the strong OfficeTiger
brand. "We are proud to welcome OfficeTiger to the RR Donnelley
family," said Mr. Mark A. Angelson, RR Donnelley's Chief Executive
Officer. "The addition of OfficeTiger is a major step forward in
our strategy to build a global BPO business. We expect
OfficeTiger's superb judgment-dependent services, including
financial management, research and analytics, marketing-related
offerings and other knowledge-based capabilities to lead our growth
in this exciting segment." "This is a good fit and a compelling
strategic opportunity for both companies. The transaction reflects
our companies' shared vision to drive expansion in the fast-growing
BPO segment," said Mr. Randolph Altschuler, OfficeTiger's Co-Chief
Executive Officer. "With this combination, our customers will have
access to the best talent and resources in the outsourcing industry
from across the world, all under one roof. OfficeTiger is going to
help build an exceptional provider of white-collar judgment-based
professional services. Together, we are an even more formidable
competitor in the offshoring industry. As a key strategic division
of RR Donnelley, we will continue to be a driving force for our
sector and to create new opportunities for our business, our
customers and our highly valued employees." "We believe this
partnership represents a strong statement on the consolidation of
an evolving industry," said Mr. Joseph Sigelman, Co-Chief Executive
Officer of OfficeTiger. "As part of a multi-billion dollar
institution backed by world-class infrastructure, best practices
and support services, OfficeTiger will have enhanced opportunities
to realize its full potential for growth. We see the combined
OfficeTiger-Astron platform in the BPO space as defining a hybrid
onsite-offshore solution that covers the US as well as Europe with
a local presence on the ground. We will be adding to OfficeTiger's
strength in banking, publishing, legal and corporate customers,
Astron's government, credit card and insurance clientele." The
transaction is subject to regulatory approval and is expected to
close in the second quarter of 2006. About RR Donnelley RR
Donnelley (NYSE: RRD) is the world's premier full-service provider
of print and related services, including document-based business
process outsourcing. Founded more than 140 years ago, the company
provides solutions in commercial printing, direct mail, financial
printing, print fulfillment, forms and labels, logistics, call
centers, transactional print-and-mail, print management, online
services, digital photography, color services, and content and
database management to customers in the publishing, healthcare,
advertising, retail, technology, financial services and many other
industries. The largest companies in the world and others rely on
RR Donnelley's scale, scope and insight through a comprehensive
range of online tools, variable printing services and
market-specific solutions. For more information, visit the
company's web site at www.rrdonnelley.com. About OfficeTiger
Founded in 1999, OfficeTiger is a global professional support
services firm offering industry-focused, judgment-based services
that support core functions of our clients in real time. One of the
largest diversified BPO solution providers, OfficeTiger has four
main lines of business including Research & Analytics,
Financial Management, Premedia and Legal Services. We create,
process and distribute mission-critical information for the world's
largest investment banks, diversified financial institutions, legal
firms, print and publishing houses, retail chains and Fortune 500
companies. Headquartered in New York City, OfficeTiger has
operations throughout the US and in the UK, Germany, India, Sri
Lanka and the Philippines. For more information, please visit
www.officetiger.com.
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