BearingPoint
Management & Technology Consultants
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| Partnership | |
| Industry | Management consulting, technology services |
| Founded | 1997 (as a business unit of KPMG) January 2000 (KPMG Consulting, LLC) October 2002 (BearingPoint Inc.) August 2009 (BearingPoint Europe Holdings B.V.) |
| Headquarters | Amsterdam, Netherlands |
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Key people
|
Peter Mockler (Managing Partner) |
| Revenue | €563.3 million (2015) |
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Number of employees
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3,709 (2015) |
| Website | www.bearingpoint.com |
BearingPoint (parent company: BearingPoint Europe Holdings B.V.) is a multinational management and technology consulting firm headquartered in Amsterdam, Netherlands. It has operations in 21 countries with around 3,709 employees and is one of the largest management consultancies in Europe.
BearingPoint's origins lie in the consulting services operations of KPMG, which became a distinct business unit in 1997. Following demerger from KPMG in 2000 and an IPO in 2001, the company was renamed BearingPoint Inc. in October 2002. BearingPoint became one of the world’s largest providers of management and technology consulting services, with operations in more than 60 countries and approximately 17,100 employees. In February 2009 the company's US unit filed for Chapter 11 bankruptcy. Following restructuring and a management buyout in August 2009, BearingPoint's continuing operations were organized as a Netherlands-based partnership.
BearingPoint's origins lie in the consulting services operations of KPMG, which were established as a distinct business unit in 1997. KPMG had been providing consulting services to clients since its first contract with the US Navy prior to World War I. On 31 January 2000, KPMG formally spun off the consulting unit as KPMG Consulting, LLC. On 8 February 2001, the company went public on the NASDAQ market at $18 a share under the ticker "KCIN."
Over the next year and a half, the company acquired some of KPMG’s country consulting practices, plus country practices and hiring from Arthur Andersen’s business consulting unit. On 2 October 2002, the company was re-named BearingPoint and the next day began trading on the under the ticker "BE."
BearingPoint was late in filing its financial reports through 2007. The Company said its net loss for the first quarter ended 31 March 2007 narrowed as revenue grew and costs declined. The company recorded a net loss of $61.7 million, or 29 cents per share for the first quarter, compared with a loss of $72.7 million, or 34 cents per share, in the same period a year earlier. The company recorded a net loss of $64.0 million, or 30 cents per share for the second quarter, compared with a loss of $2.85 million, or 1 cent per share, in the same period a year earlier. BearingPoint's shareholders' deficit was $365 million as of the close of the second quarter 2007 with a total accumulated deficit of $1.9 billion. On 11 August 2008, the company reported its first net income in three years and, as of the third quarter of 2008, had reported operating income for three consecutive quarters. During the third quarter of 2008, BearingPoint said its net loss was $30.5 million or $0.14 a share, an improvement of $37.5 million compared to the third quarter of 2007. BearingPoint's shareholders' deficit was $469.2 million as of the close of the third quarter 2008.
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