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Barra offloads consulting ventures

28 March 2002  |  1061 views  |  0 Barra offloads consulting ventures

California-based risk management technology vendor Barra has disposed of its two consulting ventures, Barra RogersCasey and Barra Strategic Consulting Group.

Kamal Duggirala, chief executive officer of Barra, states: "This is the conclusion of a two-year process of sharpening our strategic focus by exiting all non-strategic venture businesses."

Barra RogersCasey, the company's pension fund consulting venture, has been sold to Chicago-based Capital Resource Advisors, for $14 million cash. Net proceeds are expected to be approximately $11 million, resulting in an estimated pre-tax gain on sale of between $7-$8 million.

Barra Strategic Consulting Group, which provided project-based management consulting to asset managers, has ceased operations. Barra expects to record a charge of approximately $1.5 million in connection with severance and related closure costs.

"We explored several alternatives for this business, including a sale or spin-off, but the deteriorating financial condition of this business made other options infeasible," explains Duggirala.

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