2004
PA venture company Cubiks completes partial management buy-out
-
05 April 2004
The management team of international HR consultancy Cubiks today announced the completion of a transaction to acquire a majority shareholding in the company from its parent PA Consulting Group.
The Cubiks management team, employees and Employee Benefit Trust now hold 60% of the company’s stock. PA - a leading management, systems and technology consulting firm - will continue its interest in Cubiks by retaining a 40% stake in the company.
Cubiks was first established as a PA Venture operation in January 2000. The company helps organisations to tackle people management issues that require a specialist combination of psychometric know-how and IT expertise. Its key areas of focus are employee selection, development, performance management and retention.
Since its launch, Cubiks has quickly developed an outstanding reputation for the design and delivery of online assessment solutions. Its clients include many of the biggest private sector employers operating today, such as KPMG, British Airways, Deloitte & Touche, Dell Computers, Hewlett Packard and Xerox. The company also advises many government departments and agencies, both in the UK and internationally via its nine European offices.
In addition to providing tailored consultancy solutions, the company owns a detailed portfolio of proprietary HR tools ranging from e-assessment exercises to online salary surveys and employee surveying systems. For example, Cubiks’ PAPI™ personality assessment tool is currently licensed to over 1000 organisations worldwide.
In 2003, Cubiks recorded a pre-tax profit of £0.9 million against a turnover of £8 million (2002: £7.1 million).
Barry Spence, the CEO of Cubiks, said:
”Cubiks has come a long way since it was first established as a venture by PA only four years ago. We have successfully expanded both our market share and product portfolio, despite the prevalence of very tough economic conditions.
“This transfer of ownership will now provide us with vital additional momentum as we seek to further expand our presence in each of the key markets within which we operate.”
Jon Moynihan, Executive Chairman of PA Consulting Group, said:
”In recent years, Cubiks has played a vital role in helping PA to deliver tailored and technologically advanced HR solutions and we are confident that the company will continue this tradition as it moves forward in its new guise.
”This transaction is a strong endorsement of PA’s venture programme and underlines our unique ability to nurture and exploit intellectual capital and technology.
“The structure of this MBO not only provides PA with an excellent return on its initial investment, but will also allow the two companies to continue building on a tried, tested and highly-valued business relationship. We wish Cubiks every success for the future.”
COPY ENDS
For more information, please contact:
|
| Tom Barton |
| 123 Buckingham Palace Road |
| London |
| SW1W 9SR |
| United Kingdom |
|
|
Tel: +44 20 7312 4636 |
|
Fax: +44 20 7312 4639 |
|
E-mail:
tom.barton@paconsulting.com |
|
|
Nick Parfitt
Cubiks Corporate Marketing
123 Buckingham Palace Road
London
SW1W 9SR
United Kingdom
tel: +44 20 7312 4748
fex: +44 20 7333 5085
E-mail: nick.parfitt@cubiks.com
|
Notes to editors
CUBIKS: INNOVATIVE HR PRODUCTS AND CONSULTANCY
Cubiks is an international HR consultancy. We combine first class consulting expertise with an advanced portfolio of online tools and services. Our team is committed to helping organisations tackle the key challenges of personnel selection, development, performance management and retention.
With offices throughout Europe and an established international network of alliance partners, we deliver innovative assessment solutions on a global basis. By working with our multi-disciplinary team of occupational psychologists, HR consultants and IT professionals, employers can:
- Select the right people for roles and teams
- Align individual competencies with strategic objectives
- Develop managerial and leadership capabilities
- Reward performance with appropriate pay and benefits packages
- Improve the quality of working life
PA: delivering value
PA Consulting Group is a leading management, systems and technology consulting firm. Operating worldwide in more than 35 countries, PA draws on the knowledge and experience of 3,000 people, whose skills span the initial generation of ideas, insights and solutions all the way through to detailed implementation.
PA focuses on creating benefits for clients rather than merely proposing them. Our work is founded on powerful insights into our clients' issues, and in the private sector in particular, on the need to deliver superior shareholder returns. We help accelerate business growth by developing innovative products for our clients and by the application of emerging technology. We deliver major transformation programs, mobilize human resources, and manage complex IT and technically challenging programs.
PA's results-focused approach is founded on a unique commitment to excellence, value and independence:
Excellence. We are committed to unremitting excellence and quality in every aspect of our work: in our relationships with our clients, in the client assignments we deliver, and in the people we recruit and develop, who enjoy exciting and rewarding careers at PA.
Value. PA's consultants bring an intense focus on delivering value through deep industry insight, the development and application of technology, and our culture of respect, collaboration and flexibility in working with clients.
Independence. PA is independent of outsourcing, software, hardware and audit providers. We are the pre-eminent client-side advisor on IT and outsourcing projects, and deliver, in partnership with our clients, business solutions tailored to our clients' needs, rather than solutions pre-determined by commercial alliances. As an employee-owned company, we are answerable to our clients and to ourselves only.
|
