TMP Worldwide Inc. Acquires Burlington Wells, Inc. and Subsidiaries
New York, NY - March 2, 2000 - TMP Worldwide Inc., (NASDAQ: TMPW; ASX: TMP) the leading provider of global recruitment solutions including the dominant Internet career portal, Monster.com, announced today that it has completed its acquisition of Burlington Wells, Inc., based in Tampa, Florida. TMP Worldwide issued 52,190 shares of common stock (after giving effect to the recent 2-for-1 stock split) for all of the outstanding shares of Burlington Wells, Inc. The acquisition will be accounted for as a pooling of interests and will be accretive to TMP's financial results in 2000.
Burlington Wells, Inc. was founded in 1990 and has built a reputation as one of the leading mid-level management recruitment firms in the Southeastern United States. The company has an impressive track record, based on continuous expansion and acquisitions, including the addition of Burlington Wells Information Systems, Inc. and Burlington Wells of South Florida, which were also acquired by TMP Worldwide. With more than 25 employees in offices across the Southeastern United States, and approximately $2 million in annual fees, Burlington Wells recruits in such specialist areas as finance, human resources and information technology.
This acquisition follows TMP Worldwide's recent purchase of HW Group PLC, who had annual gross billings of approximately $90 million and annual commissions and fees of approximately $45 million for 1999. As a result, on a pro forma basis, TMP and the combined companies would have reported commissions and fees of $600 million for the nine months ended September 30, 1999. The addition of Burlington Wells will strengthen TMP Worldwide's mid-level management recruitment capabilities for its Selection division in the U.S.
Commenting on the completion announcement, Andrew McKelvey, Chairman and CEO of TMP Worldwide Inc. stated: “The agreement with Burlington Wells and their wide range of experience is in line with TMP's strategy for our Selection division. This acquisition expands our mid-market business in the U.S., further enhancing our ‘Intern to CEO' strategy and strengthens our presence in the Florida marketplace. I am happy to welcome Burlington Wells and all its employees into the TMP Worldwide Network.”
Andrew Banks, Global Chief Executive Officer of TMP Executive Resourcing, said, “We see Burlington Wells as a crucial element of our U.S. and global resourcing business. Its strengths in the information technology, financial and H.R. sectors will immediately increase the number of jobs posted on ‘Monster.com', thereby increasing traffic and providing greater choice for candidates visiting our global web-enabled infrastructure.”
Christopher H.G. Brown, President of Burlington Wells, added: “We are delighted to become part of such a powerful organization as TMP Worldwide. This merger will benefit all who use our services; through both Monster.com and the global TMP Worldwide pipelines to provide specialist professional candidates across the industry spectrum. TMP's infrastructure in the Southeastern United States grants us a significant platform to quickly expand our revenue base.”
About TMP Worldwide
Founded in 1967, TMP Worldwide, now with more than 7,200 employees in 25 countries, is the on-line recruitment leader, one of the world's largest recruitment advertising agencies, and one of the world's largest executive search and 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.
About Monster.com
Monster.com (www.monster.com), the flagship product of the Interactive Division of TMP Worldwide, is the Internet's leading career destination portal. The Monster.com network currently consists of web sites in the United States, Canada, the United Kingdom, the Netherlands, Australia, Belgium, France, Singapore and New Zealand. More information about Monster.com is available at www.monster.com.
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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.
Contact: Jim Treacy(212) 527-8604
jtreacy@tmp.com
Lavine Surtani
(212) 445-8262
lsurtani@bsmg.com













