FTI Consulting Enters Asian Market With Acquisition of International Risk, Ltd.
Launches Cross-Segment Global Risk and Investigations Practice (“GRIP”)
Baltimore, MD - July 6, 2006
FTI Consulting, Inc. (NYSE: FCN), the premier provider of problem-solving consulting and technology services to major corporations, financial institutions and law firms, today announced that it had acquired International Risk Limited, headquartered in Hong Kong. With approximately US$7.5 million in annual revenues, International Risk is a preeminent risk mitigation firm serving “blue chip” clients in Asia as well as India, Russia, the U.S. and Europe.
Through its main office in Hong Kong, and branch offices in Tokyo, Singapore and Beijing, the company provides comprehensive business risk solutions including investigative due diligence services, fraud and corporate investigations, business intelligence, brand protection and IP strategies, political risk assessments and crisis containment services to the world's leading organizations.
International Risk was founded by Steve Vickers. After spending 18 years with the former Royal Hong Kong Police where he commanded the Forces Criminal Intelligence Bureau, Steve became the regional head of Kroll's Asian operations for 8 years. Subsequently he founded International Risk which presently employs approximately 40 professionals and has a global network of resources.
Commenting on the acquisition, President and CEO Jack Dunn and Chairman Dennis Shaughnessy said: “It is with great pleasure that we announce the acquisition of International Risk Limited, which will become the foundation for FTI's expansion throughout Asia. International Risk is a premier service provider, with an established track record of building a network of resources dedicated to serving a stable of clients with global interests, including major U.S. financial institutions and leading global companies such as Japan's NEC. In the present climate, nothing is more important than reputational risk. As we are reminded daily, reputational loss, stemming from issues such as employee misconduct or product failure, can quickly translate into financial loss and cause significant damage to market capitalization.”
Steve Vickers said, “We are very excited at the opportunity this transaction affords. The marriage of FTI's professional expertise, leading edge service lines and financial strength, together with International Risk's operational platforms in the key Asian financial centers and the depth of our local knowledge and experience is a powerful combination for future growth. International Risk's core values of integrity, independence and insight are shared by our new partners and we look forward to working together to serve our clients and to provide solutions to their critical issues.”
FTI also announced today the launch of its new Global Risk and Investigations Practice (“GRIP”) as part of its Forensic and Litigation Consulting segment. This practice represents a cross-segment collaboration combining expertise in the areas of technology, investigation, forensic accounting, corporate governance, tax, securities, and transaction advisory services. Through its highly skilled and experienced professionals, GRIP will provide clients with time sensitive and critical information in the areas of business intelligence, internal investigations, fraud investigations, investigative due diligence, litigation and dispute investigations, compliance and monitoring, enterprise risk assessments, computer forensics, anti-money laundering and integrity consulting.
Messrs. Dunn and Shaughnessy continued: “There is no practice that better serves our clients than the integrated offering of all of our resources in a coordinated approach to the number one risk that faces them today. And there is no better company than International Risk nor a better leader than Steve Vickers for the centerpiece of that effort in Asia. Today's announcement lets our clients know that we have the resources, the organization and the commitment to help them address not only whatever critical issues they may face but wherever in the world those issues may arise.”
About FTI Consulting FTI is the premier provider of problem-solving consulting and technology services to major corporations, financial institutions and law firms when confronting critical issues that shape their future and the future of their clients, such as financial and operational improvement, major litigation, mergers and acquisitions and regulatory issues. Strategically located in 25 of the major US cities, London and Melbourne, FTI's total workforce of more than 1,400 employees includes numerous PhDs, MBA's, CPAs, CIRAs and CFEs, who are committed to delivering the highest level of service to clients.
This press release includes "forward-looking" statements that involve uncertainties and risks. There can be no assurance that actual results will not differ from the company's expectations. The company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this may occur from time to time in the future. As a result of these possible fluctuations, the company's actual results may differ from our projections. Further, preliminary results are subject to normal year-end adjustments. Other factors that could cause such differences include pace and timing of additional acquisitions, the company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described in the company's filings with the Securities and Exchange Commission. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.