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| MWW | 8.75 | -0.23 |
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TMP Worldwide Completes Acquisition of System One Services, Inc.
Contact: Jim Treacy
(212) 527-8604
jim.treacy@tmp.com
Lavine Surtani
(212) 445-8262
Executive Resourcing Presence in US Strengthened
Enhances US Business-to-Business Infrastructure
Supporting Monster.com ClientsIncreased Efficiencies and Internet Revenue
New York, NY - April 5, 2000 - TMP Worldwide Inc., (NASDAQ: TMPW; ASX: TMP) the leading provider of global recruitment solutions including the dominant Internet career portal, Monster.com, and the world's largest Yellow Pages advertising agency today announced it has completed the acquisition of System One Services, Inc. TMP issued 1,022,257 shares of common stock for all of the outstanding shares of System One. The acquisition will be accounted for as a pooling of interests and will be accretive to TMPW's financial results for 2000.
System One Services, Inc., in existence since 1987, specializes in the recruitment of Information Technology/Telecommunications and Engineering professionals. Known for its innovative and responsive staffing and consulting solutions to clients, System One offers contract services, professional search, consulting resources, managed-staffing partnerships and strategic operations. Clients include early stage companies to Fortune 1000 corporations.
With 1999 commissions and fees of $30 million, on a pro-forma basis the combined companies would have reported commissions and fees of approximately $850 million for the twelve months ended December 31, 1999, adjusted to include all other poolings of interest transactions closed in 2000. System One's 18 offices throughout the United States will be integrated into TMP Worldwide's mid-market recruitment division, Executive Resourcing. The combined operations for Executive Resourcing will have a presence in 22 major metropolitan areas in the US.
Andrew J. McKelvey, Chairman and CEO of TMP Worldwide, stated: “The acquisition of System One is in line with TMP's online and offline strategy to strengthen our global search and selection capabilities. This acquisition will enable us to further assist our clients in recruiting sufficient intellectual capital for all their staffing needs and form the ‘platform' for more rapid organic growth in the US. TMP Worldwide is dedicated to finding new and innovative solutions to strengthen our “Intern-to-CEO” and System One's Internet strategy for managing human capital, supporting our goal to be known as the best company with the best solutions in global recruitment and retention, both online and offline.”
Andrew Banks, CEO of TMP Executive Resourcing stated: “With a strong presence in the US market, System One will allow TMP's Executive Resourcing group to leverage its expertise and establish one of the strongest recruitment networks specializing in the higher margin area of Information Technology.”
“Between the strong management and recruiting talent that exists within our two firms, and Monster.com's tremendous presence among clients and job seekers, Executive Resourcing will enhance the framework of our B-to-B structure in mid-market recruitment while boosting our segment's Internet revenues worldwide. System One is a significant user of the internet, particularly Monster.com, and we are excited to be working with the staff. We at TMP are redefining the US mid-market executive recruiting and contracting marketplace.”
Elaborating on the importance of the Internet as a service delivery channel, John West, Founder and CEO of System One said, “We are very enthusiastic about joining the TMP Worldwide family. With the power of Monster.com, their Executive Search and Executive Resourcing assets worldwide, and their advertising and promotion ventures, System One will enjoy increased geographical reach, technical depth and unlimited access to qualified candidates. TMP has demonstrated leadership in every industry sector it chooses to enter. We also share the same corporate values and desire to win.”
About TMP Worldwide
Founded in 1967, TMP Worldwide, now with more than 7,200 employees in 25 countries, is the on-line recruitment leader, the world's largest recruitment advertising network, one of the world's largest selection agencies, and a leading global retained executive search firm. 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.
About Monster.com
Monster.com (www.monster.com), the flagship product of the Interactive Division of TMP Worldwide, is the leading global career portal on the Web with over 14 million unique visits per month. 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, Singapore and France. More information about Monster.com is available at www.monster.com or by calling 1-800-MONSTER.
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Special Note: 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.
