Accenture May Hop on IPO Bandwagon
Accenture, the firm formerly known as Andersen Consulting, is reflecting on the success of the recent KPMG Consulting IPO and considering a public offering of its own. Reports in the Financial Times indicate that the firm is considering an initial offering of 10% of its equity, which could raise as much as $2 billion, while keeping the remaining ownership of the firm safe in the hands of its partners.
The firm hopes to decide within two months whether or not it will make the public offering. Goldman Sachs and Morgan Stanley Dean Witter are front-runners to handle the possible IPO.
Andersen Worldwide divested itself of its consultancy arm last year in a court battle that left the consulting group free to pursue its own interests, but in search of a new name. The company became known as Accenture as of January 1, 2001.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.