TMNG Global Acquires TWG Consulting
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Complementary Offerings Expand TMNG's Capabilities Serving Telecommunications Providers
OVERLAND PARK, Kan., Oct. 9 -- TMNG Global (NASDAQ:TMNG), a leading provider of management consulting services to the global communications, media and entertainment industries, today announced that it has acquired TWG Consulting, Inc. ("TWG"), a privately-held management consulting firm, for a total cash purchase price of approximately $1.7 million, including $1.3 million paid for working capital of the business. Total consideration could increase to approximately $4.4 million in cash and equity over three years if future operating results are met.
TWG is headquartered in the Kansas City metropolitan area and has been in operation since 1992. Today the firm provides a range of management consulting services including business planning, organizational development and knowledge management to customers across a variety of industries, including leading U.S. telecommunications service providers which are strategic relationships for TMNG Global. Marilyn Breitenstein, TWG's President and CEO, and other key executives will continue in their executive roles.
Richard P. Nespola, Chairman and CEO of TMNG Global, commented, "This tuck-in acquisition nicely complements our core communications consulting business by adding a proven requirements definition toolset that can be leveraged across our client base and TWG's expertise in knowledge management will enhance our engagement capabilities as our clients transition to Web 2.0. In addition to its strategic value, TWG's profitable business model and strong management team lead us to expect that the transaction will be accretive immediately."
Mr. Nespola continued, "Given TWG's proximity to TMNG's own home-base in the Kansas City area, we know the company and its management well, which should effect a seamless integration."
Marilyn Breitenstein, President and CEO of TWG, commented, "We enjoy a great working relationship with Rich Nespola and the TMNG management team and are extremely pleased to now be joining a company that shares our core business philosophy and commitment to providing measurable value to our customers. By combining our expertise with a global company with strong credentials in serving the converging communications industry, we will be able to provide a broader suite of capabilities to both new and existing customers."
TMNG management will provide further discussion relating to TWG during the company's third quarter earnings call in November.
About TMNG Global
TMNG Global (NASDAQ:TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG Adventis, Cartesian, and RVA Consulting, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Berlin, Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D.C.
Source: The Management Network Group, Inc.
CONTACT: Janet Hall of The Management Network Group, Inc.,
+1-800-876-5329, Janet.Hall@tmng.com
