TMP Worldwide Acquires Rich/Gardner Advertising; Will Become Major Player in Southeast Recruitment Marketplace
NEW YORK--(BUSINESS WIRE)--Sept. 13, 2000--TMP Worldwide Inc., (NASDAQ:TMPW) the leading provider of global recruitment solutions including the dominant Internet career portal, Monster(R).com, and the world's largest Yellow Pages advertising agency today announced it has completed its acquisition of Rich/Gardner Advertising of Atlanta, one of the largest recruitment advertising firms in the region. The acquisition will be accounted for as a pooling of interests.
"Everyone on both sides of this newly created partnership is extremely excited," said Fred Rich, President of Rich/Gardner. "It is an excellent match because of our shared philosophy of proactive, relationship-oriented client service. With the addition of the experience and talent of Rich/Gardner personnel, TMP is reinforcing its leadership position in the Atlanta market and the Southeast. TMP's technological advances are well-known, and the Rich/Gardner team is eager to put those resources to work for our clients."
With 1999 commissions and fees of $2.7 million, on a pro-forma basis, the combined companies would have reported commissions and fees of approximately $871.9 million for the twelve months ended December 31, 1999. Rich/Gardner Advertising's Atlanta office will be integrated into TMP Worldwide's recruitment advertising division, Advertising & Communications.
TMP Worldwide's Atlanta Advertising & Communications operation was previously dominated by client work for the military, healthcare, restaurant and retail industries. The acquisition of Rich/Gardner will further diversify the company's client base. "This is a tremendous opportunity for us to gain a greater foothold in the Southeast marketplace, and to better serve our clients in the region," said Ron Blum, vice president and general manager of TMP Atlanta Advertising & Communications. "The acquisition of Rich/Gardner will add new depth to our own expertise in specific sectors, help TMP to broaden its current client base and enable us to bring a wider array of services to the table."
"Rich/Gardner is a recognized regional leader in recruitment advertising, and will strengthen our US presence, as well as increase the array of industries that utilize our traditional and interactive services," added Andy McKelvey, Chairman and CEO of TMP Worldwide. "We are proud to have them join the TMP Worldwide family."
About TMP Worldwide
Founded in 1967, TMP Worldwide, now with more than 8,200 employees in 29 countries, is the on-line recruitment leader, the world's largest Recruitment Advertising agency network, and one of the world's largest Executive Search & Executive Selection agencies. TMP Worldwide, headquartered in New York, is also the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The company's clients include more than 90 of the Fortune 100 and more than 480 of the Fortune 500 companies. More information about TMP Worldwide is available at www.tmp.com.
Monster.com (www.monster.com), headquartered in Maynard, Mass, the flagship product of the Interactive Division of TMP Worldwide, is the leading global career portal on the web which recorded over 15.3 million unique visits during the month of July 2000 according to independent research conducted by I/PRO. Monster.com connects the most progressive companies with the most qualified career-minded individuals, offering innovative technology and superior services that give them more control over the recruiting process. The Monster.com global network consists of local language and content sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, France, Singapore, Hong Kong, Germany and Ireland. More information about Monster.com is available at www.monster.com or by calling 1-800-MONSTER.
The above statements include forward-looking statements based on current management expectations. Factors that could cause future results to differ from these expectations include the following: risks associated with acquisitions, competition and seasonality. Additional factors are described in the company's reports filed with the Securities and Exchange Commission.
--30--sds/ny*CONTACT: BSMG Worldwide, New York Andrea Retzky, 212/445-8247 firstname.lastname@example.org or TMP Worldwide, New York Jim Treacy, 212/351-7009 email@example.com