Business will expand RGP’s consulting
capabilities in the financial services sector
Resources Connection, Inc. (Nasdaq: RGP) (“RGP”), a global
consulting firm, today announced it has closed its previously
announced transaction to acquire Reference Point LLC (“Reference
Point”). Reference Point is a strategy, management, and technology
consulting firm serving the financial services sector across four
areas: Strategy & Management, Risk & Regulatory Compliance,
Digital & Technology and Data & Analytics.
Reference Point employs a differentiated consulting delivery
model where engagements are led by former industry executives who
are supported by top-tier consultants. Focused exclusively on the
financial services sector, the business provides end-to-end
solutions for clients, from strategy development to implementation
to management. Reference Point was established in 2002 by former
banking executives aiming to help clients manage complex
operational challenges unique to the financial services industry.
The business maintains offices in New York, Washington, D.C., and
Charlotte, N.C.
“We are excited to welcome the Reference Point team to RGP and
expand our advisory offerings in the financial services sector,”
said Kate Duchene, CEO of RGP. “This acquisition creates
significant opportunity for both organizations to help provide an
integrated value proposition for our collective clients. RGP will
introduce Reference Point’s high value advisory solutions to our
vast client base while also helping Reference Point to scale
delivery teams with our on-demand talent. We expect this business
combination to accelerate our growth in the financial services
sector and our consulting business overall.”
“Joining forces with RGP brings significant opportunities for
growth and synergy,” said Scott Goeden, Managing Partner of
Reference Point. “With a shared vision for the future, our combined
business has the opportunity to acquire market share faster and our
team is ready to get started.”
Mr. Goeden will continue to lead the Reference Point business,
working alongside Irene Hendrick, who leads RGP’s Financial
Services go-to-market team.
ABOUT RGP
Named among Forbes’ America’s Best Management Consulting Firms
for 2024, RGP is a global consulting firm focused on project
execution services that power clients’ operational needs and change
initiatives utilizing on-demand, expert and diverse talent. As a
next-generation human capital partner for our clients, we
specialize in co-delivery of enterprise initiatives typically
precipitated by business transformation, strategic transactions or
regulatory change. Our engagements are designed to leverage human
connection and collaboration to deliver practical solutions and
more impactful results that power our clients’, consultants’ and
partners’ success.
We attract top-caliber professionals with in-demand skill sets
who seek a workplace environment characterized by choice and
control, collaboration and human connection. The trends in today’s
marketplace favor flexibility and agility as businesses confront
transformation pressures and skilled labor shortages even in the
face of macroeconomic contraction. Our client engagement and talent
delivery model offers speed and agility, strongly positioning us to
help our clients transform their businesses and workplaces,
especially at a time where cost reduction initiatives drive an
enhanced reliance on a flexible workforce to execute
transformational projects.
We serve over 1,800 clients around the world with approximately
3,600 professionals collectively engaged from 38 physical practice
offices and multiple virtual offices. Headquartered in Irvine,
California, we are proud to have served 88% of the Fortune 100.
The Company is listed on the Nasdaq Global Select Market, the
exchange’s highest tier by listing standards. To learn more about
RGP, visit: http://www.rgp.com. (RGP-F)
ABOUT REFERENCE POINT
Reference Point is a strategy, management, and technology
consulting firm focused on delivering impactful solutions for
financial services clients. We combine proven experience and
practical expertise in a unique consulting delivery model where our
engagements are led by former industry executives supported by
top-tier consultants, ensuring our clients receive superior quality
and value.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements relate to expectations
concerning matters that are not historical facts. Such
forward-looking statements may be identified by words such as
“anticipates,” “believes,” “can,” “continue,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,”
“remain,” “should” or “will” or the negative of these terms or
other comparable terminology. In this press release, such
statements include statements regarding our growth and operational
plans, the expected integration of our collective clients, the
acceleration of our growth in the financial services sector and our
consulting business overall, and the opportunity for our combined
business to acquire market share faster. These statements and all
phases of RGP and Reference Point’s operations are subject to known
and unknown risks, uncertainties and other factors that could cause
our actual results, levels of activity, performance or achievements
and those of our industry to differ materially from those expressed
or implied by these forward-looking statements. Risks and
uncertainties include, but are not limited to, the following: risks
related to an economic downturn or deterioration of general
macroeconomic conditions, the highly competitive nature of the
market for professional services, risks related to the loss of a
significant number of our consultants, or an inability to attract
and retain new consultants, the possible impact on our business
from the loss of the services of one or more key members of our
senior management, risks related to potential significant increases
in wages or payroll-related costs, our ability to secure new
projects from clients, our ability to achieve or maintain a
suitable pay/bill ratio, our ability to compete effectively in the
competitive bidding process, risks related to unfavorable
provisions in our contracts which may permit our clients to, among
other things, terminate the contracts partially or completely at
any time prior to completion, potential adverse effects to our and
our clients’ liquidity and financial performances from bank
failures or other events affecting financial institutions, our
ability to close the Reference Point transaction and to realize the
benefits anticipated therefrom, risks that our recent digital
expansion and technology transformation efforts may not be
successful, our ability to build an efficient support structure as
our business continues to grow and transform, our ability to grow
our business, manage our growth or sustain our current business,
our ability to serve clients internationally, additional
operational challenges from our international activities including
due to social, political, regulatory, legal and economic risks in
the countries and regions in which we operate, possible disruption
of our business from our past and future acquisitions, our
potential inability to adequately protect our intellectual property
rights, risks that our computer hardware and software and
telecommunications systems are damaged, breached or interrupted,
risks related to the failure to comply with data privacy laws and
regulations and the adverse effect it may have on our reputation,
results of operations or financial condition, our ability to comply
with governmental, regulatory and legal requirements and company
policies, the possible legal liability for damages resulting from
the performance of projects by our consultants or for our clients’
mistreatment of our personnel, risks arising from changes in
applicable tax laws or adverse results in tax audits or
interpretations, the possible adverse effect on our business model
from the reclassification of our independent contractors by foreign
tax and regulatory authorities, the operating and financial
restrictions from our credit facility, risks related to the
variable rate of interest in our credit facility, the possibility
that we are unable to or elect not to pay our quarterly dividend
payment, and other factors and uncertainties as are identified in
our most recent Annual Report on Form 10-K for the year ended May
27, 2023, filed on July 25, 2023, and our other public filings made
with the Securities and Exchange Commission. Additional risks and
uncertainties not presently known to us or that we currently deem
immaterial may also affect our business or operating results.
Readers are cautioned not to place undue reliance on the
forward-looking statements included herein, which speak only as of
the date of this press release. RGP does not intend, and undertakes
no obligation, to update the forward-looking statements in this
press release to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated
events, unless required by law to do so.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701463417/en/
RGP Investor Contact: Jenn
Ryu, Chief Financial Officer (US+) 1-714-430-6500
jennifer.ryu@rgp.com
RGP Media Contact: Pat Burek
Financial Profiles (US+) 1-310-622-8244 pburek@finprofiles.com
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