& technology consultants type partnership industry management consulting technology services founded 1997 as a business unit of kpmg january 2000 kpmg consulting llc october 2002 bearingpoint inc. august 2009 bearingpoint europe holdings b.v. headquarters amsterdam netherlands key people peter mockler managing partner revenue 563.3 million 2015 1 number of employees 3 709 2015 1 website www.bearingpoint.com bearingpoint parent company bearingpoint europe holdings b.v. is a multinational management and technology consulting firm headquartered in amsterdam netherlands . 3 it has operations in 21 countries with around 3 709 employees 1 and is one of the largest management consultancies in europe . bearingpoint s origins lie in the consulting services operations of kpmg which became a distinct business unit in 1997 . following demerger from kpmg in 2000 and an ipo in 2001 the company was renamed bearingpoint inc. in october 2002 . bearingpoint became one of the world s largest providers of management and technology consulting services with operations in more than 60 countries and approximately 17 100 employees . in february 2009 the company s us unit filed for chapter 11 bankruptcy . 4 following restructuring and a management buyout in august 2009 bearingpoint s continuing operations were organized as a netherlands based partnership . contents 1 history 1.1 1997 to august 2009 1.2 august 2009 to present 2 operations 3 economic development projects 4 open source initiatives 5 references 6 external links history edit 1997 to august 2009 edit bearingpoint s origins lie in the consulting services operations of kpmg which were established as a distinct business unit in 1997 . kpmg had been providing consulting services to clients since its first contract with the us navy prior to world war i. on 31 january 2000 kpmg formally spun off the consulting unit as kpmg consulting llc . on 8 february 2001 the company went public on the nasdaq market at 18 a share under the ticker kcin . over the next year and a half the company acquired some of kpmg s country consulting practices plus country practices and hiring from arthur andersen s business consulting unit . on 2 october 2002 the company was re named bearingpoint and the next day began trading on the new york stock exchange under the ticker be . bearingpoint was late in filing its financial reports through 2007 . the company said its net loss for the first quarter ended 31 march 2007 narrowed as revenue grew and costs declined . the company recorded a net loss of 61.7 million or 29 cents per share for the first quarter compared with a loss of 72.7 million or 34 cents per share in the same period a year earlier . 5 the company recorded a net loss of 64.0 million or 30 cents per share for the second quarter compared with a loss of 2.85 million or 1 cent per share in the same period a year earlier . bearingpoint s shareholders deficit was 365 million as of the close of the second quarter 2007 with a total accumulated deficit of 1.9 billion . 6 on 11 august 2008 the company reported its first net income in three years and as of the third quarter of 2008 had reported operating income for three consecutive quarters . 7 during the third quarter of 2008 bearingpoint said its net loss was 30.5 million or 0.14 a share an improvement of 37.5 million compared to the third quarter of 2007 . bearingpoint s shareholders deficit was 469.2 million as of the close of the third quarter 2008 . 8 bearingpoint had difficulties with several major clients including an outsourcing arrangement with hawaiian telcom . 9 on 7 february 2007 bearingpoint announced that it had reached a settlement with hawaiian telcom due to issues with an it system contract paying the hawaii telco 52 million and erasing an additional 30 million in previously submitted invoices . in exchange hawaiian telcom released bearingpoint from any further liability . a day later hawaiian telcom announced that it had signed a contract with accenture to take over bearingpoint s role in their systems development . 10 on 10 december 2008 bearingpoint filed a certificate of amendment to the certificate of incorporation of the company with the secretary of state of the state of delaware to effect a previously approved reverse stock split of the company s outstanding common stock par value 0.01 per share at a ratio of one for fifty . the reverse stock split became effective at 6 01 p.m. eastern time on 10 december 2008 at which time every fifty shares of common stock that were issued and outstanding automatically combined into one issued and outstanding share of common stock . on 13 november 2008 bearingpoint received notice from nyse regulation inc. nyse that the nyse had decided to suspend bearingpoint s common stock from trading prior to the market opening on 17 november 2008 . 11 the company filed for chapter 11 in the u.s. bankruptcy court in the southern district of new york on 18 february 2009 with 2.23 billion in total debt and 1.76 billion in total assets as of 30 september . the filing included only the company s u.s. operations . unable to sustain the heavy debt load resulting from ill advised expansion moves costly management errors and audit fees associated with the bankruptcy process the company negotiated debt for equity swaps with its creditors and zeroed the value of its common shares wiping out existing investors . by may 2009 the company s japan business unit and north american commercial services practice had been sold to pwc 12 and its north american public services practice had been sold to deloitte . 13 its brazil unit was sold to csc in july 2009 14 and its china unit was sold to perot systems in october of the same year . 15 august 2009 to present edit on 28 august 2009 control of bearingpoint was transferred to its european management team with continuing operations owned by about 150 partners in 21 countries throughout europe . peter mockler who had been serving as the emea leader for bearingpoint since 2006 and his management team continued to lead the organisation providing leadership stability and continuity . employing 3 709 people in the european region the independent company kept the bearingpoint brand . 16 the management team comprises the following members 17 peter mockler managing partner eric falque leader for the go digital initiative regional leader for france belgium and the netherlands andreas flach chief financial officer kiumars hamidian service lines leader per jacobsson chief development officer matthias loebich industry leader for production industries j rgen lux solutions leader marcel nickler regional leader for central continental europe patrick palmgren regional leader for nordics and cis james rodger regional leader for uk and ireland henri tchang industry leader for consumer industries hughes verdier chief operating officer and industry leader for public services dr. robert wagner industry leader for financial services in australia bearingpoint completed a local management buy out in september 2009 . the china based information technology company hisoft acquired bearingpoint australia for an undisclosed sum in july 2012 . 18 operations edit bearingpoint is organized into four industries consumer industries production industries financial services and public services . 1 each industry group breaks out into segments . consumer industries consists of communication media & entertainment consumer goods & retail and utilities production industries consists of automotive industrial equipment & manufacturing and chemicals life science & resources financial services consists of banking & capital markets and insurance public services consists of government & defense healthcare & social welfare and postal & transportation while many of company s offerings have emerged from the industry teams it now has dedicated organizations for developing launching and delivering them . the management consulting unit works on business strategy and related issues ; customer relationship management ; supply chain management ; financial management ; mergers and integration ; human capital management ; business process and performance improvement ; growth and innovation ; and business transformation . the solutions unit focuses on advanced analytics digital ecosystem management regulatory technology and incubators . 1 economic development projects edit to help obtain mandates in the emerging markets sector the firm in 2000 retained the barents group in its separation from kpmg . the barents group specialized in economic consulting in developing countries usually through contracts awarded by the us agency for international development usaid . barents group was also the leading privatization advisory firm in emerging markets of eastern europe and cis including privatizations of gold mines in uzbekistan through its offices in tashkent in 1995 97 . once incorporated into bearingpoint s public services industry organization barents group evolved into bearingpoint s emerging markets segment and gained a reputation for doing economic project work in post conflict regions . bearingpoint arrived in afghanistan after the collapse of the taliban to advise the government in 2003 on economic restructuring . the multi year 170 million usaid contract provided technical staff to the afghan ministries of finance telecommunications economy commerce and the central bank parliament and office of the president . deliverables included bank licensing and supervision creation of the capital notes market monetary policy to limit inflation privatization of the telecom sector creation of a telecom independent regulator modernization of customs and taxes and the introduction of the commercial framework and laws . 19 on 5 january 2005 bearingpoint employee tracy hushin among others was killed by a suicide bomber on her way home from baghdad international airport . her death occurred between the protected green zone and the airport . 20 on 14 january 2008 bearingpoint employee thor hesla was killed along with seven others in the 2008 kabul serena hotel attack in the green zone . 21 on may 29 2007 bearingpoint it consultant peter moore and his four security guards from canadian security company gardaworld 22 were abducted from the finance ministry in baghdad iraq . all five men were british . the kidnappers wore iraqi police uniforms and arrived in police vehicles . 22 three of the security guards were shot dead ; the bodies of jason swindlehurst and jason creswell were handed over to local authorities in june 2009 23 with alec maclachlan s body following in september that year . 24 moore himself was released in december 2009 after two and a half years in captivity the longest british hostage situation since the lebanon hostage crisis . 25 the body of the remaining security guard alan mcmenemy was released on 20 january 2012 . open source initiatives edit bearingpoint plays an active role in the open source community . mike2 .0 method for an integrated knowledge environment is an open source delivery methodology for enterprise information management that was started by bearingpoint and released to the open source community in december 2006 under the creative commons attribution license . the technology platform that supports mike2 .0 omcollab uses a foundation of open source technologies with a number of extensions and customizations . the overall product is referred to as omcollab and is released in its entirety to the open source community 26 as part of the project . since its release to the open source community mike2 .0 has been referenced a number of times as a case study on web 2.0 communities 27 28 including the book groundswell . the content has also been taught through a number of online webinars and as a part of a melbourne university lecture series on data warehousing . 29 of which some of the training materials are available on the mike2 .0 site . aiim based their enterprise 2.0 specialist certification program around the mike2 .0 solution offering and use the overall approach as a training case study . 30 references edit a b c d e . bearingpoint http www.bearingpoint.com en about us annual report . retrieved 26 august 2016 . missing or empty title help corporations name