Korn Ferry Enters into Definitive Agreement to Acquire Leading Executive Development Firm, Pivot Leadership
Los Angeles, CA. February 12, 2015
LOS ANGELES, Feb. 12, 2015 – Korn Ferry (NYSE:KFY), a single source of leadership and talent consulting services, today announced that it has entered into a definitive agreement to acquire Pivot Leadership, a global provider of innovative, customized and scalable executive development programs. The transaction, which is subject to customary closing conditions, is expected to close March 1, 2015.
Pivot Leadership helps companies to implement their strategies and growth plans as well as their leadership development initiatives. The firm has deep expertise in providing customized experiences and immersion solutions to senior executives around the world.
Pivot Leadership, which will be part of Korn Ferry’s Leadership and Talent Consulting segment, will enhance the firm’s ability to transform companies by working with CEOs and leadership teams to activate and accelerate their strategy through people.
“We’re excited about Pivot Leadership joining Korn Ferry,” said Gary D. Burnison, CEO of Korn Ferry. “Pivot Leadership’s world class executive learning capabilities, when coupled with Korn Ferry’s vast and proven talent management offerings, will offer an unrivaled ability to integrate a client’s talent strategy with their business strategy. This acquisition will also add valuable talent to our Leadership and Talent Consulting segment, as we continue our efforts to scale the business.”
“Our clients increasingly demand a partner with an integrated approach to talent management in order to grow and compete in an evolving market,” said David Dotlich, Chairman and CEO of Pivot Leadership. “In combination with Korn Ferry’s capabilities, we will help clients drive transformation with deep industry experience that no academic approach to development can replicate.”
Terms of the deal were not disclosed. The acquisition is expected to be moderately accretive to earnings in the first year of Korn Ferry ownership.
About Korn Ferry
At Korn Ferry, we design, build, attract and ignite talent. Since our inception, clients have trusted us to help recruit world-class leadership. Today, we are a single source for leadership and talent consulting services to empower businesses and leaders to reach their goals. Our solutions range from executive recruitment and leadership development programs, to enterprise learning, succession planning and recruitment process outsourcing (RPO). Visit http://www.kornferry.com for more information on Korn Ferry, and http://www.kornferryinstitute.com for thought leadership, intellectual property and research.
This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. Statements including words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” or similar expressions are forward-looking statements. These statements include expectations regarding the acquisition, including expected benefits and synergies of the transaction, future financial and operating results, future opportunities for the combined businesses and other statements regarding events or developments that Korn Ferry believes or anticipates will or may occur in the future. Because these statements reflect the Korn Ferry’s current expectations, estimates and projections, these forward-looking statements involve risks and uncertainties that may cause actual results in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements included herein, including, but not limited to: the acquisition may disrupt Korn Ferry’s current business operations and Korn Ferry may not be able to successfully manage its growth or integrate the acquired operations; Korn Ferry may not be able to retain key personnel; clients may not react favorably to the acquisition; and the expected closing date of the acquisition may be delayed or the acquisition may not close at all. For further information regarding the risks associated with Korn Ferry’s business, please refer to Korn Ferry’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.