KPMG Consulting Files for $1 Billion IPO
In yet another effort to capture a larger piece of the pie, another Big 5 consulting firm has made the news, this time by filing for a $1 billion IPO.
The firm is KPMG Consulting, Inc., whose main gig is to help companies with their Web strategies. The money gained from shares of stock will be used by the firm to provide working capital, repurchase preferred stock and repay outstanding debt.
The venture is being financed by Wall Street giant Morgan Stanley Dean Witter. KPMG Consulting is based in McLean, VA. The total number of common shares to be sold were not disclosed.
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.