TMP Worldwide Announces Plans to Acquire TASA a Worldwide Executive Search Firm

Business Wire, June 30, 1998

NEW YORK--(BUSINESS WIRE)--June 30, 1998--TMP Worldwide (NASDAQ: TMPW), the online recruitment leader and one of the world's largest recruitment advertising agency networks, today announced it has entered into an agreement in principal to acquire TASA Holding AG of Zurich, Switzerland, an international executive search firm. For 1997, TASA reported audited revenue of $39 million. The acquisition is subject to closing conditions, including TMP's satisfaction with its due diligence review and the execution of a definitive agreement.

The agreement with TASA follows TMPW's April acquisition of Johnson, Smith & Knisely (JSK), the 12th largest executive search firm in the United States according to Hunt-Scanlon Advisors. Together TASA and JSK would have 32 offices in 17 countries and annual revenues of more than $60 million. TASA's current chief executive, Michael Squires, would report to Gary Knisely, chief executive officer of Search and Selection for TMP Worldwide.

"The impetus behind the creation of TMP's global executive search business lies with our clients and their increasing need to recruit sufficient intellectual capital at the senior and middle management levels from around the world," said Andrew J. McKelvey, chairman and CEO of TMP Worldwide. "The addition of TASA's U.S. and international operations to our existing U.S.-based executive search business will provide us with a global infrastructure to deliver the highest quality solutions for all our clients' senior level staffing needs.

"It also will further develop the high end of our `intern to CEO' Internet strategy, which is designed to provide consumers with the most comprehensive tools to manage their careers at every level," added McKelvey.

"TMP has shown through its experience in online recruiting and recruitment advertising how a global vision coupled with an aggressive acquisition program and internal growth can better meet the needs of clients," said Knisely. "Our vision in search is to provide a seamless global executive recruitment capability for our clients built on strong multi-national resources and industry expertise. Acquisition, successful integration and internal development will achieve this vision."

Both Johnson, Smith & Knisely and TASA will jointly build on their industry sector approach to executive search. This approach creates worldwide teams of recruiters who devote their energy and expertise to clients in specific industries such as Financial Services, Information Technology, Consumer Products, Media and Entertainment, Manufacturing, Industrial Products, and Professional Services.

"While there are a number of synergies we plan to capitalize on, what makes this acquisition particularly exciting for us are the opportunities offered by TMP's online recruitment expertise," said Russel J. Ingersoll, chairman of TASA. "During the last year, TMP has transformed the business of online recruiting and consumers are now doing more than simply searching for a job or paycheck -- they're managing every aspect of their entire career using TMP's comprehensive network of online career services."

Ingersoll says you only need to look at usage numbers to see that TMP's strategy is working. Currently 34,000 employers are actively recruiting on TMP's Web sites, which receive more than 4.5 million unique visits according to May I/PRO reports.

TMP Worldwide is currently developing Internet applications for the executive search and selection industries and plans to deliver these customized Internet solutions to executive search and selection clients around the world.

Special Note

The above statements include forward-looking statements based on current management expectations. Factors that could cause future results to differ from these expectations include the following: risks associated with acquisitions, competition and seasonality. Additional factors are described in the company's reports filed with the Securities and Exchange Commission.

Founded in 1967, TMP Worldwide is the online recruitment leader , one of the world's largest recruitment advertising agency networks, and the world's largest yellow page advertising agency with more than 3,350 employees in 12 countries. TMP's clients include more than 70 of the Fortune 100 and more than 285 of the Fortune 500 companies. The TMP Worldwide Interactive career portal delivers the most comprehensive set of career services on the Web including The Monster Board (www.monster.com), the largest and most successful career center on the World Wide Web; Online Career Center (OCC) (www.occ.com), the Internet's earliest career site; MedSearch, (www.medsearch.com), the primary online "help wanted" service for the health care industry; Be the Boss (www.betheboss.com), a leading provider of information on franchise opportunities; About Work (www.aboutwork.com and AOL Keyword: About Work), the most comprehensive provider of career advice and information, and StudentCenter (www.studentcenter.com), which includes the largest online Internship database.