2006
PA Consulting Group scoops another top industry award
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28 April 2006
PA Consulting Group and 3i have won the coveted Venture Capital Deal of the Year award at the 2006 Private Equity Awards, announced in London last night. The Private Equity Awards are organised jointly by the British Venture Capital Association and the journal Real Deals.
The prize was awarded for the deal involving UbiNetics and two separate transactions in 2005, totalling $132.5M. UbiNetics, a global supplier of the software and silicon IP for wireless terminals, which drives 3G mobile wireless technology, was founded by PA in 1999. PA grew the company from just 16 employees at its formation to over 400 employees and a £24M turnover prior to the disposal, achieving world leadership in various facets of cellular mulitmode software stack technology. 3i's investment in UbiNetics was part of an ongoing collaboration with PA, which remained the largest shareholder in UbiNetics up to the time of the sale to CSR.
The Venture Capital Deal of the Year award follows quickly on PA's outstanding success at the annual Management Consultancies Association (MCA) Management Awards at the beginning of April, when it collected six awards, including consulting assignment of the year. PA took the Overall Winner 'Platinum' prize, for its work with the Republic of Georgia and USAID. PA assumed executive control of the United Energy Distribution Company (UEDC) and helped transform the largest Georgian state-owned energy company. UEDC was notorious for corruption, too many staff, an ineffective workforce and mismanagement - in all, a major contributor to Georgia's energy crisis.
The PA team battled corruption throughout the company and improved its performance. UEDC is now providing customers with reliable supply for the first time since the country's independence. The company is paying its taxes and foreign energy suppliers in full, and paying higher salaries to its people in full and on time. It is repaying debt and is reinvesting to improve customer service.
Jon Moynihan, PA's Executive Chairman, commenting on these two major awards for PA, said:
"These are exceptional achievements in their own right but what links the two together is PA's exceptional ability in execution and delivery and in both cases for running a company. In the case of UbiNetics, PA set up the company to exploit its own intellectual capital, developed the technology to a position of world leadership and sold the business with a significant return on investment in line with PA's policy to realise our ventures when the timing is right.
Bruce Tindale, Chief Executive Officer of PA Consulting Group, added:
"The awards are a strong testament to PA's unique style of value-adding consulting; its ability to spot, develop and realise new technology investment opportunities, and to take full management control of an organisation and transform its operations and performance. It is a great endorsement for us that the British Venture Capital Association and the MCA have given our work the independent recognition it deserves. Congratulations to the client and PA people involved in delivering these successes."
For more information, please contact:
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| Heather Smith |
| PA Consulting Group |
| 123 Buckingham Palace Road |
| London |
| SW1W 9SR |
| United Kingdom |
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Tel: +44 20 7312 4975 |
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Fax: +44 20 7312 4639 |
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E-mail:
heather.smith@paconsulting.com |
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Notes to editors
In May 2005, the UbiNetics test and measurement business was sold to Aeroflex for $84.5M. In July 2005, the remaining part of UbiNetics, the software business, was sold to CSR plc, for $48M.
About PA
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 extend from the initial generation of ideas, insights, solutions and new technology, all the way through to detailed implementation.
From the development of innovative strategies and solutions right through to their successful delivery, all of our work and support is based on deep sector insight and expertise. We work across the private and public sectors, with particular strengths in financial services, energy, life sciences and healthcare, government and public services, manufacturing, defence, and telecommunications. We help our clients to design optimum strategies for growth, deliver effective IT that improves business performance, mobilise human resources, deliver complex programmes and major business transformations, and develop breakthrough products and processes through our unique applied technology capability.
As an employee-owned company, with no audit arm nor exclusive alliances with third-party vendors or service providers, we are answerable only to ourselves and our clients. This independence means the advice we give to clients, and the work we deliver, are based only on what is best for our clients’ business. We will, however, work in non-exclusive alliances on specific programmes when it is in the best interests of our clients.
PA’s independent, benefits-driven approach is founded on our strength in innovation, our responsiveness to our clients’ needs, and our unyielding focus on delivery:
Innovation. Innovation comes in a variety of forms - in how customers' needs are identified and satisfied, in business models, in motivating and aligning staff, in the use of technology, and many more. PA has an unsurpassed track record in innovation, from developing pharmaceutical anti-counterfeiting measures and wireless technologies, to helping launch an innovative online bank, to development work that is helping alleviate poverty and boost the economies of developing countries.
Responsiveness. We recognise that each client and each problem have their own challenges and issues. Our solutions are therefore tailored to our clients’ specific circumstances, drawing on the deep industry insight of our consultants. Our relationships with clients are characterised by respect, flexibility and collaboration, and we pride ourselves on the speed of our response and the dedication of our people.
Delivery. At PA, delivering client value is ingrained in our culture. We focus on detailed implementation, with a renowned track record of delivering innovative solutions that achieve lasting change. At PA, we see projects right through to the finishing line - and beyond - delivering significant and measurable value to our clients.
PA: Innovation. Responsiveness. Delivery.
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