Donnelley (R.R.) & Sons Co. (NYSE:RRD.WI)
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OfficeTiger and R.R. Donnelley & Sons Company (NYSE:
RRD) today announced that the two companies have signed a definitive
merger agreement in which RR Donnelley, the world's premier
full-service global print provider and business solutions company,
will acquire OfficeTiger in an all-cash deal. The transaction brings
together OfficeTiger's predominant brand in judgment-based outsourcing
solutions with RR Donnelley's existing document-based outsourcing
capabilities to create a new global business process outsourcing (BPO)
leader. This combined group will bring to bear well over 5,000
professionals across dozens of facilities in the US, UK, Continental
Europe and Asia with services spanning research, analytics,
accounting, paralegal support as well as RR Donnelley's historic
strength in transaction and document processing.
As part of RR Donnelley, OfficeTiger will leverage its pool of
world-class talent and experienced management team to drive RR
Donnelley's strategy to expand in the fast-growing, higher-return BPO
segment. OfficeTiger will continue its current operations as an
independent business unit of RR Donnelley, maintaining the strong
OfficeTiger brand.
"We are proud to welcome OfficeTiger to the RR Donnelley family,"
said Mr. Mark A. Angelson, RR Donnelley's Chief Executive Officer.
"The addition of OfficeTiger is a major step forward in our strategy
to build a global BPO business. We expect OfficeTiger's superb
judgment-dependent services, including financial management, research
and analytics, marketing-related offerings and other knowledge-based
capabilities to lead our growth in this exciting segment."
"This is a good fit and a compelling strategic opportunity for
both companies. The transaction reflects our companies' shared vision
to drive expansion in the fast-growing BPO segment," said Mr. Randolph
Altschuler, OfficeTiger's Co-Chief Executive Officer. "With this
combination, our customers will have access to the best talent and
resources in the outsourcing industry from across the world, all under
one roof. OfficeTiger is going to help build an exceptional provider
of white-collar judgment-based professional services. Together, we are
an even more formidable competitor in the offshoring industry. As a
key strategic division of RR Donnelley, we will continue to be a
driving force for our sector and to create new opportunities for our
business, our customers and our highly valued employees."
"We believe this partnership represents a strong statement on the
consolidation of an evolving industry," said Mr. Joseph Sigelman,
Co-Chief Executive Officer of OfficeTiger. "As part of a multi-billion
dollar institution backed by world-class infrastructure, best
practices and support services, OfficeTiger will have enhanced
opportunities to realize its full potential for growth. We see the
combined OfficeTiger-Astron platform in the BPO space as defining a
hybrid onsite-offshore solution that covers the US as well as Europe
with a local presence on the ground. We will be adding to
OfficeTiger's strength in banking, publishing, legal and corporate
customers, Astron's government, credit card and insurance clientele."
The transaction is subject to regulatory approval and is expected
to close in the second quarter of 2006.
About RR Donnelley
RR Donnelley (NYSE: RRD) is the world's premier full-service
provider of print and related services, including document-based
business process outsourcing. Founded more than 140 years ago, the
company provides solutions in commercial printing, direct mail,
financial printing, print fulfillment, forms and labels, logistics,
call centers, transactional print-and-mail, print management, online
services, digital photography, color services, and content and
database management to customers in the publishing, healthcare,
advertising, retail, technology, financial services and many other
industries. The largest companies in the world and others rely on RR
Donnelley's scale, scope and insight through a comprehensive range of
online tools, variable printing services and market-specific
solutions. For more information, visit the company's web site at
www.rrdonnelley.com.
About OfficeTiger
Founded in 1999, OfficeTiger is a global professional support
services firm offering industry-focused, judgment-based services that
support core functions of our clients in real time. One of the largest
diversified BPO solution providers, OfficeTiger has four main lines of
business including Research & Analytics, Financial Management,
Premedia and Legal Services. We create, process and distribute
mission-critical information for the world's largest investment banks,
diversified financial institutions, legal firms, print and publishing
houses, retail chains and Fortune 500 companies. Headquartered in New
York City, OfficeTiger has operations throughout the US and in the UK,
Germany, India, Sri Lanka and the Philippines. For more information,
please visit www.officetiger.com.