NEW YORK and CHICAGO, Nov. 2,
2010 /PRNewswire/ -- PwC US has completed its acquisition of
Diamond Management & Technology Consultants, Inc. following
approval today from Diamond's shareholders. Per the terms of
the agreement, all outstanding shares of Diamond were acquired for
$12.50 per share in cash.
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The addition of Diamond's experienced strategy, technology and
management consulting professionals to PwC's Advisory practice
reflects PwC's commitment to enhancing its leadership position as a
professional services firm. Together, the two firms provide
deep and extensive consulting capabilities to deliver a continuum
of services from strategy through execution.
Robert Moritz, U.S. chairman and
senior partner of PwC, said, "We are excited to have completed this
important transaction and to welcome Diamond's consultants to our
team. The acquisition of Diamond reflects PwC's focus on
bringing in and cultivating the best talent our profession has to
offer, in the areas of greatest importance to our clients.
Diamond's consultants bring us specialty skills in the core
operating processes that drive revenue and profitability for our
clients and help them build a competitive advantage. They
also bring to PwC robust industry expertise and strong
relationships that will expand our market opportunities."
The acquisition of Diamond brings over 500 experienced
consultants to PwC's Advisory practice, including 58 principals.
PwC will retain the Diamond brand as PwC's Diamond Advisory
Services and run the DiamondExchange® senior executive
thought leadership program, which will become PwC's
DiamondExchange. Former Diamond president and CEO
Adam Gutstein will continue to lead
the Diamond team. Gutstein and others from Diamond's former
management team will join PwC's Advisory Leadership Group and will
support the growth and development of PwC's Advisory business.
Dana Mcilwain, PwC's U.S.
Advisory practice leader, said, "PwC has made a commitment to the
strategic growth of our Advisory business to best serve the needs
of our clients and support the continued growth and development of
our people. This transaction will have an immediate and
significant impact on our ability to bring our clients leading
consulting expertise and will provide our people with many new
opportunities for career development. We are very excited to
welcome our new colleagues to the firm and look forward to serving
our clients together."
"The team at Diamond is pleased and proud to be joining one of
the world's premier professional services firms and to be a part of
this game-changing transaction," said Adam
Gutstein, former president and CEO of Diamond and now a PwC
principal. "Today's business leaders are seeking world class
consultants who can help them build a strategic advantage in the
market, and this transaction has effectively created an
organization with global capacity to deliver leading practices in
strategy, management, technology and execution."
Effective as of close of trading November
2, 2010, Diamond common stock (Nasdaq: DTPI) ceased
trading.
About the PwC Network
PwC network firms provide industry-focused assurance, tax and
advisory services to enhance value for their clients. More than
161,000 people in 154 countries across the PwC network share their
thinking, experience and solutions to develop fresh perspectives
and practical advice. See www.pwc.com for more information.
© 2010 PwC. All rights reserved. "PwC" and "PwC US" refers
to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which
is a member firm of PricewaterhouseCoopers International Limited,
each member firm of which is a separate and independent legal
entity.
SOURCE PwC
