Magazine article The CPA Journal

KPMG Incorporates Consulting Business with Cisco Systems as Shareholder

Magazine article The CPA Journal

KPMG Incorporates Consulting Business with Cisco Systems as Shareholder

Article excerpt

On January 31, KPMG LLP announced the incorporation of KPMG Consulting, to be 80.1% owned by KPMG LLP and its partners and 19.9% owned by Cisco Systems Inc., the computernetworking company

The incorporation comprises KPMG consulting operations in the United States and Mexico. KPMG's consulting operations in Asia, Latin America, and Canada are expected to join later this year.

Stephen G. Butler, chair and CEO of KPMG LLP, will serve as chair of KPMG Consulting. Rand Blazer and Rod McGeary, who have led the U.S. consulting practice since it became a distinct operating unit of KPMG in 1997, will share responsibilities as co-CEO and president of the new company KPMG Consulting's board of directors includes Blazer, Butler, McGeary, and two representatives from Cisco Systems.

In August 1999, Cisco Systems announced plans for a $1 billion investment in KPMG.As part of that agreement, KPMG agreed to add 4,000 Internet consulting professionals over the next 18 months to help support Cisco's enterprise and service provider customers. …

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