Dallas April 19, 2001 Technology consulting firm Accenture, formerly Andersen Consulting, announced today that it will proceed with an initial public offering following a vote by its 2,500 partners to approve the move.
Andersen Consulting split from Big Five accounting firm Arthur Andersen last August and changed its name as of January 1.
No date has been set for the IPO, but Accenture has filed a registration statement with the Securities and Exchange Commission for a proposed offering of Class A common shares. The firm is reportedly seeking to raise $1 billion through the IPO.
Accenture's newly issued shares will be offered by an underwriting syndicate led by joint book-running managers Goldman, Sachs & Co. and Morgan Stanley. The shares will list on the New York Stock Exchange under the symbol ACN.
Joe Forehand, Accenture managing partner and CEO, said, "Our partners' decision reflects our organization's commitment to enhance our long-term growth, strengthen our ability to deliver the highest-value solutions to our clients and continue to provide competitive rewards to motivate and attract the best people."
The Accenture announcement comes at an uncertain time in the technology market. Dozens of companies have withdrawn plans for IPOs since the beginning of the year due to the slowing U.S. economy. Rival consulting firm KPMG Consulting went public in February, raising $2 billion, but KPMG shares have since slipped below their initial offering price.
Accenture provides management and technology consulting services and solutions. The firm, headquartered in Palo Alto, Calif., and Hamilton, Bermuda, employs more than 70,000 people in 46 countries.