Korn/Ferry International says for the second quarter of fiscal 2013, the company posted a 2% decline in fee revenue to $196.2 million, with a $14.8 million drop in executive recruitment fee revenue partially offset by increases in fee revenue of $9.4 million in leadership and talent consulting and $1.4 million in Futurestep. Of the increase in fee revenue in leadership and talent consulting, $5.2 million can be attributed to the company’s Sept. 1 acquisition of Global Novations. Additionally, the company has entered into a definitive agreement to acquire Minneapolis-based PDI Ninth House, a provider of leadership solutions. PDINH will be part of Korn/Ferry’s leadership and talent consulting segment. Under the terms of the merger agreement, Korn/Ferry will pay approximately $80 million in cash at closing for 100% of the equity of PDINH. Korn/Ferry will pay up to $15 million of additional cash consideration based on the realization of synergies achieved during the 18 months commencing on the closing date. The transaction will be financed with cash on hand.
Say Goodbye to Mundane Tasks and Hello to Efficiency
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