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8-K - FORM 8-K - NAVIGANT CONSULTING INC | c58246e8vk.htm |
EX-2.1 - EX-2.1 - NAVIGANT CONSULTING INC | c58246exv2w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Jennifer Moreno
|
Jay Strell | |
Executive Director, Investor Relations
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Sunshine, Sachs & Associates | |
Navigant Consulting, Inc.
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(212) 691-2800 | |
(312) 573-5634
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strell@sunshinesachs.com | |
jmoreno@navigantconsulting.com |
DAYLIGHT FORENSIC & ADVISORY JOINS NAVIGANT CONSULTINGS DISPUTES AND INVESTIGATIONS PRACTICE
| Acquisition of Daylight Forensic & Advisory enhances forensic, investigative and regulatory compliance practice | ||
| Represents significant expansion of Navigants presence and capabilities in key New York market | ||
| Major expansion of anti-money laundering (AML) and Foreign Corrupt Practices Act (FCPA) investigative and compliance capabilities |
CHICAGO, May 17, 2010 Navigant Consulting, Inc. (NYSE: NCI) announced today that it has acquired
Daylight Forensic & Advisory LLC, an international regulatory consulting and investigative firm
specializing in financial investigations, AML consulting, regulatory compliance, forensic
technology services, and fraud risk management. Combining Daylight Forensic & Advisorys industry
expertise with Navigants Disputes and Investigations practice creates a significantly enhanced
global investigative service offering, and reinforces Navigants strong New York presence.
This combination is clearly a case of the whole being greater than the sum of its parts, said
William M. Goodyear, Chairman and Chief Executive Officer of Navigant. Daylights market leading
expertise in corporate investigations and compliance around AML, FCPA and fraud risk management,
combined with Navigants deep forensic accounting capabilities, creates a comprehensive offering in
the global investigations and compliance space. This combination comes at a critical time for our
clients who are facing increasing regulatory pressure and risks associated with global business
transactions.
Daylight Forensic & Advisory is headquartered in New York City and the majority of their 65
consulting professionals are based there. Daylight Forensic & Advisory was founded in 2006 by
Ellen Zimiles, Chief Executive Officer, and Joseph Spinelli, Chief Operating Officer. Zimiles has
more than 25 years of litigation and investigation experience, including 10 years as a federal
prosecutor in the Southern District of New York. She is a leading authority on AML programs,
corporate governance, regulatory compliance, fraud control and public corruption matters.
Spinelli is a leading authority on white-collar crime with more than 30 years of forensic
experience, including eight years as New York States first Inspector General, leading fraud,
abuse, waste and corruption investigations for all New York State agencies and authorities. He
also served as Assistant Director of Criminal Justice for the State of New York, with
responsibilities for the investigation of criminal complaints and fraud allegations throughout
state government. In February 2010, Spinelli was appointed by Governor Paterson of New York to the
New York State Commission on Public Integrity.
Pairing Daylights strong business investigations expertise with Navigants global reach and
established forensic accounting practice enables our combined organization to provide both enhanced
services to clients and broader opportunities to employees, commented Zimiles. Navigants
client-centric focus is shared by all of us at Daylight, where our top experts have always worked
side by side with clients.
Daylight Forensic & Advisorys professionals possess a wide range of law enforcement, legal,
accounting and regulatory expertise as well as years of consulting and investigating experience.
Daylight Forensic & Advisorys experience includes advanced work in AML compliance, fraud
investigations, forensic technology, regulatory compliance, forensic accounting, investigative due
diligence, and litigation advisory with industry expertise in financial institutions, insurance,
law firms, government agencies, healthcare providers, manufacturers, and pharmaceutical companies,
among others. Daylight Forensic & Advisorys professionals have international experience in Latin
America, Europe, Australia and Asia. Additional information about Daylight Forensic & Advisory can
be found at http://www.daylightforensic.com.
Navigants Disputes and Investigations practice is comprised of more than 600 dedicated
professionals who work with companies and their legal counsel to provide litigation consulting,
investigative assistance and expert testimony in complex disputes, forensic accounting and
regulatory matters. The combination of deep technical skills with hands-on experience is the
hallmark of the Navigant approach.
Under the terms of the acquisition agreement, Navigant paid $30 million in cash at the closing,
with an additional $10 million cash payment payable on the one year anniversary of the transaction.
The majority owner of Daylight Forensic & Advisory is the growth equity firm FTV Capital. The
acquisition is expected to be modestly accretive from an earnings per share standpoint in fiscal
year 2010.
About Navigant Consulting, Inc.
Navigant Consulting, Inc. (NYSE:NCI) is a specialized independent consulting firm providing
dispute, financial, regulatory and operational advisory services to government agencies, legal
counsel and large companies facing the challenges of uncertainty, risk, distress and significant
change. The Company focuses on industries undergoing substantial regulatory or structural change
including healthcare, energy and financial and insurance services, and on the issues driving these
transformations. Navigant is a service mark of Navigant International, Inc. Navigant Consulting,
Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc.
and NCIs use of Navigant is made under license from Navigant International, Inc. More
information about Navigant Consulting can be found at www.navigantconsulting.com.
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Except as set forth below, statements included in this press release which are not historical
in nature are forward-looking statements as defined within the Private Securities Litigation Reform
Act of 1995. Forward-looking statements may be identified by words including goals,
anticipates, believes, intends, estimates, expects and similar expressions. These
statements are based upon managements current expectations as of the date of this press release.
The Company cautions readers that there may be events in the future that the Company is not able
to accurately predict or control and the information contained in the forward-looking statements is
inherently uncertain and subject to a number of risks that could cause actual results to differ
materially from those indicated in the forward-looking statements including, without limitation:
the timing and successful integration of this acquisition; management of professional staff,
including dependence on key personnel, recruiting, attrition and the ability to successfully
integrate new consultants into the Companys practices; utilization rates; the successful expansion
of and the increase in the Companys service offerings and staff; conflicts of interest; and
potential legislative and regulatory requirements, approvals or changes. Further information on
these and other potential factors that could affect the Companys financial results are included in
the Companys filings with the SEC under the Risk Factors section and elsewhere in those filings.
The Company cannot guarantee any future results, levels of activity, performance or achievement
and undertakes no obligation to update any of its forward-looking statements after the date of this
press release.
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