TMP Worldwide Executive Resourcing Expands Global Presence Through Key Acquisitions; Broadens IT and Accounting Resourcing Capabilities in US and Europe

Business Wire, Nov 7, 2000

Business and Technology Editors

NEW YORK--(BUSINESS WIRE)--Nov. 7, 2000

TMP Worldwide Inc., (NASDAQ: TMPW; ASX: TMP) the leading provider of human capital management and global recruitment solutions including the dominant Internet career portal, Monster.com, and one of the world's leading Executive Search and Selection firms, announced the acquisition of SCI Search Competence International of Sweden; and Stratascape, Inc. in the United States, and Accounting Solutions, also based in the U.S.

Made by TMP Worldwide's Executive Resourcing division, these acquisitions demonstrate TMP's commitment to further expand its worldwide presence and provide comprehensive consultative resourcing solutions for clients. The step also complements two relevant career communities launched this year by Monster.com that provide career development resources for the finance and technology professional respectively: Monster Finance and Monster Technology. The SCI Search Competence International and Accounting Solutions acquisitions will be accounted for as purchases, while Stratascape will accounted for as a pooling of interests. The combined businesses have annual commissions and fees of approximately $12.1 million.

"By acquiring SCI Search Competence International, Stratascape, Inc. and Accounting Solutions, TMP demonstrates its commitment to establishing a strong global presence in mid-market executive resourcing," said Jim Treacy, executive vice president and COO of TMP Worldwide Inc. "As these acquisitions impact two skill areas in extremely high demand, accounting and IT, we are now even better prepared to address the needs of our clients in this tight labor market."

SCI Search Competence International, based in Stockholm, specializes in IT and Telecoms recruitment and online recruitment through its career portal www.searchcompetence.se. SCI's current clients include Apple Computers, Ericsson, IBM and Andersen Consulting, comprising both specialist IT and Telecoms consultants and businesses that use IT extensively in their operations. In addition to expanding TMP Executive Resourcing's existing IT recruitment strength within Europe, the acquisition of SCI Search Competence International marks TMP's entry into the Swedish market.

"By joining TMP Worldwide, we will benefit from the powerful combination of the world's leading online recruitment company with SCI Search Competence International's prominent position in the local market," said Ann-Sofie Hoffman, general manager of Search Competence at SCI Search Competence International. "Becoming part of TMP Worldwide represents a tremendous opportunity, and was only possible because of the similarity in approach to corporate operations - progressive thinking, a shared vision and a great cultural fit."

Stratascape, Inc., based in the San Francisco Bay Area, provides IT consultative resourcing solutions to corporations such as Excite@Home Networks, Intel, Nextel and Sun Microsystems. They have attracted some of the best resourcing talent to identify, screen and select contract candidates for projects. Stratascape's high-market penetration within the Silicon Valley market, and expertise in the high-margin, high-growth area of infrastructure, CRM and ERP further demonstrates Executive Resourcing's commitment to expanding their IT consultative resourcing solutions in the U.S.

"The global perspective offered by TMP has energized our team and created additional excitement within our customer community," said Nitin Khanna, vice president of Stratascape. "Joining with TMP will give us a broader range of clients both in terms of company size and diversity, and will enable us to expand the services and solutions that we can offer."

Also based in the Bay Area, Accounting Solutions specializes in the placement of quality professionals with significant technical expertise and industry experience in accounting, finance and systems consultancy positions. Its clients include several Fortune 500 companies, as well as technology, bio-tech and dot-com start-ups. The Accounting Solutions acquisition will serve to establish Executive Resourcing's executive accounting and financial contracting business within the U.S.

"TMP Worldwide's extensive network and services will enable us to expand the global opportunities and resources we can offer our consultants and clients," said Kathleen Correia, founder and CEO of Accounting Solutions. "We look forward to building on the finance and accounting services that TMP can provide to its clients, particularly those in the booming technology arena."

"Our growth strategy at TMP Worldwide Executive Resourcing is to build a global network of recruitment businesses through a combination of organic growth and acquisitions that integrate quality companies aligned with TMP's values," said Andrew Banks, chief executive officer of TMP Worldwide Executive Resourcing. "SCI Search Competence International, Stratascape, Inc. and Accounting Solutions will add prestige and strength to the IT, financial and accounting services offerings of TMP's Executive Resourcing division."