Business consulting and integration firm KPMG Consulting, which spun off from accounting giant KPMG last year, has renamed itself BearingPoint to further differentiate itself from its former parent.
The nautical term "bearing point" means "setting direction to an end point" and describes the company's goal to "set the business direction" of its clients, chief executive Rand Blazer said during a press conference Wednesday.
The new brand launched in Australia on Thursday.
Peter Kane, Australian chief executive for BearingPoint, said the new name embodied the consultancy's new strategic direction -- a "commitment to deliver on the promise of aligning business processes and systems."
Over the last 12 months KPMG Consulting has paved the way for the repositioning by acquiring in May Andersen Business Consulting -- the IT and business management services arm of beleaguered auditer Arther Andersen -- and also increasing its global workforce by more than 60 per cent by acquiring new consulting practices in Asia Pacific, North America, Latin America and Europe.
The new name, chosen from some 550 options suggested by employees and outside consultants, will be promoted with a global communications and advertising campaign that began Wednesday.
When all is said and done, the name change and rebranding process is expected to cost the company between $US20 million and $40 million, Blazer said, reiterating estimates provided previously by the company.
The company employs around 16,000 people worldwide, and ended its full 2002 fiscal year with a net loss of $26.9 million.
Revenue for fiscal 2002 dropped to just under $2.37 billion from $2.85 billion in fiscal 2001.