PwC Sells Off Two of Its Businesses
Big Four firm PricewaterhouseCoopers this week has announced plans to sell two of its businesses. The firm's international business processing outsourcing operations will be sold for $17 million to Exult Inc., the market lead in providing human resources-led business process outsourcing services for Global 500 companies. Exult is based in Irvine, California. As part of the purchase, Exult will add about 500 PwC personnel to its payroll and $25 million in annual revenue to its income statement. In addition Exult will acquire proprietary procurement methodologies, several knowledge bases, tools and domain names.
Exult founder, Chairman and CEO Jim Madden said, "This acquisition marks an important milestone in the evolution of Exult. We pioneered the market for integrated outsourcing of human resources business processes for Global 500 companies, and we are now extending our market leadership by adding significantly to our geographic scope and service capabilities."
Exult will add such blue chip clients as Standard Chartered Bank, Equifax (UK), Safeway (UK), Tibbett & Britten, and Grupo Algar. The acquisition will also expand Exult's geographic presence in South America, the United Kingdom, Eastern and Western Europe, Hong Kong, and Singapore.
In addition, PwC has announced it will sell its Syracuse-based Upstate New York Global Human Resources Solutions Group to Community Bank System Inc., a financial services holding company based in upstate New York. The PwC group offers retirement and employee benefits consulting services to large and middle-market companies throughout New York. The entire staff of the PwC group is expected to join the Community Bank System.
Community Bank's president and CEO Sanford A. Beldon said, "We are very familiar with the principals and professional staff of PwC’s UNY GHRS Group and their well-known reputation for providing high-quality retirement and employee benefit plan services. We have first-hand knowledge of their expertise, and we look forward to continuing the same high level of professional services to the group’s clients, while expanding their services to other organizations throughout the Northeast Region and beyond."