PricewaterhouseCoopers (PwC) has acquired the majority of BearingPoint's North American Commercial Services practice in a transaction approved by the New York bankruptcy courts.
Through the acquisition, PwC is gaining top-tier clients with a broad portfolio of multi-sector contracts in commercial and financial services and adding 800 new consultants to its payroll. PwC will also expand its global sourcing capabilities with the acquisition of two BearingPoint data centres in Shanghai and Bangalore.
Juan Pujadas, PwC global and US advisory leader, says the deal increases the firm's US market share and improves its ability to meet the needs of complex global organisations.
"Our purchase of most of BearingPoint's North American Commercial Services Business provides us with opportunities through newly acquired client relationships, multi-sector contracts and employees who bring with them a wide range of talents and expertise, including extensive IT strategy, planning and implementation credentials," he says.
BearingPoint - which has a large portfolio of financial services consulting contracts on its books - filed for Chapter 11 bankruptcy protection on 18 February, 2009 in the Southern District of New York.