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KPMG Consulting becomes BearingPoint

IT services provider KPMG Consulting, which was spun off from accounting giant KPMG last year, has renamed itself BearingPoint to...

IT services provider KPMG Consulting, which was spun off from accounting giant KPMG last year, has renamed itself BearingPoint to further differentiate itself from its former parent.

According to chairman and chief executive officer Rand Blazer, the nautical term "bearing point" means "setting direction to an end point" and describes the company's goal to "set the business direction" of its clients.

The company's ticker symbol is also changing from KCIN to BE. The new ticker symbol debuts today (3 October) on the New York Stock Exchange.

The new name, chosen from about 550 options suggested by employees and outside experts, will be promoted with a global communications and advertising campaign.

The name change and rebranding process is expected to cost the company between $20m (£12.75m) and $40m, Blazer said, reiterating earlier estimates.

The company reported disappointing results in its fourth quarter of 2002, posting net income of $404,000, compared with net income of $22.45m in the same period last year. Revenue came in at $583.2m, down from $722.9m in the fourth quarter of 2001.

The company ended its 2002 financial year with a net loss of $26.9m. Revenue for 2002 dropped to just under $2.37bn from $2.85bn in 2001.

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