|By Business Wire||
|February 25, 2014 07:01 PM EST||
The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory, business transformation and technology consulting firm, today announced the acquisition of Technolab International Corporation's U.S., Canada and Uruguay operations.
This acquisition brings many strategic synergies to Hackett. The Hackett Group’s EPM practice represents the Company’s single largest practice area and last year was recognized as the # 1 influence partner in EPM and BI for North America by Oracle. Technolab adds over 90 highly skilled associates based primarily out of its Montevideo, Uruguay, Global AMS Center. The acquisition provides Hackett with new application management services and offshore development support capabilities which will strongly complement Hackett's existing EPM and BI offerings. Additionally, Technolab will expand Hackett's Oracle EPM capabilities in Western Canada and also add Public Sector expertise to Hackett's market leading Oracle EPM group.
Under the terms of the acquisition agreement, the Company will pay $4.0 million in cash and stock. The stock issued is subject to a four year vesting provision. The Seller will have the ability to earn an additional $8.0 million in contingent consideration in cash and stock subject to an earn-out based on actual results achieved. At this time, we expect that the Technolab acquisition will add approximately $9.0 million to $11.0 million in annualized Application Management Services and EPM Consulting revenues to The Hackett Group.
Paulo Dominguez, founder & CEO of Technolab, will lead the new Global Application Management Solutions effort for Hackett. "The Technolab - Hackett combination offers our clients a significantly expanded set of offerings along with our rich technology perspective and collaborative client service focus," stated Dominguez. "Having access to Hackett's proprietary intellectual capital allows us to further enhance our value proposition and serve clients in a way that is truly unique to Hackett."
"Technolab adds many strategic dimensions to our organization," said Ted A. Fernandez, Chairman and CEO of the Hackett Group. "In addition to a very talented group of principals and associates with strong industry and technology focus, we are acquiring a leader in the AMS area which strongly complement our existing offerings."
In light of this acquisition, the Company is updating its guidance for the first quarter of 2014 for total revenues to be in the range of $53.0 million to $55.0 million, and estimates pro forma diluted earnings per share to be in the range of $0.06 to $0.08.
Technolab Corporation has been delivering best in class Enterprise Performance Management (EPM) and Business Intelligence (BI) services and solutions for close to two decades. During that time, Technolab has won several Oracle Partner of the Year awards, delivered more than 500 implementations and upgrades and introduced industry innovations such as our Hyperion Managed Support Services and 24x7 Support Lab. Technolab is an Oracle Platinum Partner and Public Sector Pillar Partner and an Oracle approved EPM & BI SaaS solutions for Public Sector. To learn more, visit us at www.technolabcorp.com.
About The Hackett Group
The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic business advisory and business transformation and technology consulting firm, is a leader in best practice advisory, benchmarking, and transformation consulting services including enterprise performance management and business intelligence, strategy and operations, working capital management, shared services and globalization advice. Utilizing best practices and implementation insights from more than 10,000 benchmarking engagements, executives use The Hackett Group's empirically-based approach to quickly define and implement initiatives to enable world-class performance. Through its REL group, The Hackett Group offers working capital solutions focused on delivering significant cash flow improvements. Through its Archstone Consulting group, The Hackett Group offers Strategy & Operations consulting services in the Consumer and Industrial Products, Pharmaceutical, Manufacturing and Financial Services industry sectors. Through its Hackett ERP Solutions group, The Hackett Group offers business application consulting and application management services that help maximize returns on IT investments. The Hackett Group has completed benchmark studies with over 3,500 major corporations and government agencies, including 97% of the Dow Jones Industrials, 83% of the Fortune 100, 87% of the DAX 30 and 48% of the FTSE 100.
More information on The Hackett Group is available: by phone at (770) 225-7300; by e-mail at [email protected].
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause The Hackett Group's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, the ability of our products, services, or offerings mentioned in this release to deliver the desired effect, our ability to effectively integrate the Technolab acquisitions into our operations, our ability to retain its existing business, our ability to attract additional business, our ability to effectively market and sell our product offerings and other services, the timing of projects and the potential for contract cancellations by our customers, changes in expectations regarding the business consulting and information technology industries, our ability to attract and retain skilled employees, possible changes in collections of accounts receivable due to the bankruptcy or financial difficulties of our customers, risks of competition, price and margin trends, foreign currency fluctuations, changes in general economic conditions and interest rates, our ability to obtain debt financing through additional borrowings under an amendment to our existing credit facility as well as other risks detailed in our Company's Annual Report on Form 10-K for the most recent fiscal year filed with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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