IBM to acquire PwC Consulting for $3.5 billion | Computerworld

IBM said today that it would buy PwC Consulting, the consulting and technology services of PricewaterhouseCoopers, for $3.5 billion in cash and stock. CloseAd computerworld UNITEDSTATES UnitedStates Australia India Netherlands NewZealand UnitedKingdom Welcome!HerearethelatestInsiderstories. Jamfandmore:AppleMDMtoolsforsmallerbusinesses HowUEMsupportsthehybridworkplace With‘unlistedapps,’Applemakesanotherenterprisemove HowtohandleWindows10and11updates MoreInsider SignOut SignIn Register SignOut SignIn Register NEWInsiderPRO LearnMore LatestInsider 8keytechnologiesforthefutureofwork HowtomanuallyupdateMicrosoftDefender Macenrollmentsimplified:AppleConfiguratorcomestoiOS GoogleKeepcheatsheet:Howtogetstarted NEWFROMIDG LearnMore Welcome!CheckoutthelatestInsiderstorieshere. SignOut SignIn Register MorefromtheIDGNetwork AboutUs| Contact| RepublicationPermissions| PrivacyPolicy| CookiePolicy| MemberPreferences| Advertising| IDGCareers| AdChoices| E-commerceLinks| California:DoNotSellMyPersonalInfo| FollowUs × Close IBMflexesservicesmuscle,buysPwC RELATEDSTORIES PwCConsultingSpin-offVoided SPONSOREDBYAdvertiserNameHere Sponsoreditemtitlegoeshereasdesigned Technologybriefs It'stimetotakecontrol IBMsaidtodaythatitwouldbuyPwCConsulting,theconsultingandtechnologyservicesofPricewaterhouseCoopers,for$3.5billionincashandstock. ThetwocompaniessaidtheyhavesignedadefinitiveagreementthathasbeenapprovedbyIBM'sboardofdirectorsandNewYork-basedPricewaterhouseCooper'sleadershipboard. Thedeal,whichissubjecttoregulatoryapprovalandtheconsentoflocalPricewaterhouseCoopersfirms,isexpectedtoclosearoundtheendofthethirdquarter,accordingtoastatementissuedbythetwocompanies. "Clientsarenotonlylookingforinnovativeideastoimprovetheirbusinesses,theyareseekingapartnerwithdeepbusinessexpertiseandtheabilitytoexploitleadingopenstandards-basedtechnologytoturntheseideasintobottom-linebusinessbenefits,"saidSamuelJ.Palmisano,IBM'spresidentandCEO,inthestatement."Thisacquisitionunderscoresourcommitmenttothisstrategy." ThosecommentswereechoedlaterthisafternoonduringaconferencecallinwhichIBMandPwCofficialsdiscussedthedeal. "ThefocusofIBM'sstrategyistodeliversuperiorvaluetoclientsthroughtheintegrationoftechnologyandbusinessprocesses,"saidIBM'schieffinancialofficer,JohnJoyce."Today'sacquisitionunderscoresIBM'scommitmenttothisstrategy." Letmesayclearlythisisnotjusttogrowourservicebusinessthroughanacquisition,"saidDougElix,IBMSeniorVP&GroupExecutiveforGlobalServices."Thiswillcreateanewanduniqueorganizationtoassistclientsinusinginformationtechnologytoimprovebusinessperformance. "Thisneworganziationwillbeunmatchedinitsabilitytodeliverthisvalue,"Elixsaid. GregBrenneman,PwC'spresidentandCEO,toutedthemoveasagoodoneforcustomers,whowillbeabletotapawiderangeofIBMcapabilities,includingleadingedgetechnologies,researchinnovationandfinancingservicesasaresultofthepurchase. PwCinJunesaiditwouldchangeitsnameto"Monday"whenitlaunchedaninitialpublicofferinginabidtoseparateitselffromPricwaterhouseCoopers(seestory).PwCConsultingwillnolongerpursueitspublicoffering,thecompanysaid. Computerworld'sJaikumarVijayancontributedtothisreport. Related: ITLeadership Copyright©2002IDGCommunications,Inc. 7inconvenienttruthsaboutthehybridworktrend ShopTechProductsatAmazon