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IT Consulting Company Profile: Bearingpoint Part (3)

By admin | Oct 9, 2011

The consulting arm separated from KPMG, its Big Four parent, in 2000. In 2001, KPMG Consulting went public, and in 2002 it changed its name to BearingPoint. It also went on an acquisition spree, adding practices and expanding around the world.

Today, the firm has offices in more than 60 countries. The newly named BearingPoint has had a rocky start, plagued by steep losses, poor accounting, and difficulty building its brand overseas.

1676 International Drive

McLean, VA 22102

Phone: 703-747-3000

Website: www.bearingpoint.com

Ticker: BE

FINANCIAL AND PERSONNEL HIGHLIGHTS

  • 2007 revenue ($M): $3,456
  • 1-year growth rate: 0.3 percent
  • Number of employees, 2007: 17,100
  • 1-year growth rate: -2.3 percent

KEY FACTS

  • Contracts with the U.S. Department of Defense account for more than 10 percent of BearingPoint’s sales.

Recent Highlights

  • 2007 The company posts nearly $363 million in losses for fiscal year
  • 2007. 2007 The financially troubled firm hires Accenture veteran Ed Harbach as COO and president.
  • 2007 BearingPoint agrees to pay ex-client Hawaii Telco $52 million (and forgive an additional $30 million in previously submitted invoices) beacause of contract violations.
  • 2006 Partners with Google to launch search solutions practice group.
  • 2006 Opens new software development center in Hattiesburg, Mississippi.
  • 2006 Lands a spot on Fortune’s America’s Most Admired Companies list.

2006 The company discloses that its inability to provide timely financial reports had caused suspicion with the U.S. Securities and Exchange Commission.

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