TMP Worldwide Announces Merger With the Toronto Practice of Illsley Bourbonnais

TMP Worldwide Announces Merger With the Toronto Practice of Illsley Bourbonnais

Business Editors


Premier Canadian Executive Search Practice Expands Presence

of TMP Worldwide Executive Search in North America

TMP Worldwide Inc. (NASDAQ: TMPW; ASX: TMP), the leading provider of global recruitment solutions, including the dominant Internet career portal, today announced the acquisition of the Toronto practice of Illsley Bourbonnais, one of Canada’s premier Executive Search firms. TMP issued 246,702 shares of common stock (after giving effect to the recent 2-for-1 stock split) for all the outstanding shares of Illsley Bourbonnais. The acquisition will be accounted for as a pooling of interests and will be accretive to TMP’s financial results for 2000.

The Toronto practice of Illsley Bourbonnais has built a reputation for excellence in senior executive and board of director searches in a broad range of industries, including financial services, insurance, manufacturing and distribution, technology, healthcare, professional services, retail and consumer goods, telecommunications and venture capital.

The Illsley Bourbonnais acquisition, representing approximately $7 million in commissions and fees for 1999, follows TMP’s recent purchase of HW Group PLC, who had annual gross billings of approximately $90 million and annual commissions and fees of approximately $45 million for 1999. As a result, on a pro forma basis, TMP and the combined companies would have reported commissions and fees of $599 million for the nine months ended September 30, 1999.

Andrew J. McKelvey, Chairman and CEO of TMP Worldwide, stated: “The addition of the Toronto practice of Illsley Bourbonnais significantly broadens and deepens our executive search capabilities in North America by allowing us to offer our clients even greater access to the finest executive talent within any industry. TMP Worldwide continues to build a strong presence in the senior-level executive search arena as a fundamental pillar of our `Intern-to CEO’ strategy.”

Richard C.E. Moore, head of TMP Worldwide Executive Search Canada, says, “The Toronto practice of Illsley Bourbonnais is highly respected throughout Canada and boasts an impressive client base which has been carefully cultivated over the course of the last 23 years. We are extremely fortunate to be able to welcome their team to the TMP Worldwide family.”

Mr. Moore, who negotiated the merger on behalf of TMP Worldwide, was appointed CEO of TMP Worldwide Canada in October 1999. Previously, he was Chairman of the Canadian practice of Russell Reynolds Associates. Prior to founding his own executive search firm in 1983, Mr. Moore held positions within IBM, Xerox and Touche Ross & Partners, where he was Managing Partner of their Toronto office and National Partner, Executive Search.

Steven B. Potter, CEO of TMP Worldwide Executive Search, adds, “TMP Worldwide intends to establish a national presence in Canada and redefine what it means to be an executive search firm in the new millennium. The Toronto practice of Illsley Bourbonnais puts us well on our way.”

John Wallace, President of the Toronto practice of Illsley Bourbonnais, will oversee the day-to-day operations of TMP Worldwide Canada. Mr. Wallace says, “This merger allows TMP Worldwide to combine our executive search expertise with TMP’s online capabilities to offer Canadian companies a full range of recruitment solutions at all levels of the organization; from the `top of the house’ to the new generation of technology professionals.”

About TMP Worldwide

Founded in 1967, TMP Worldwide, now with more than 7,200 employees in 25 countries, is the on-line recruitment leader, one of the world’s largest recruitment advertising agencies, one of the world’s largest selection agencies, and a leading global retained executive search firm. TMP Worldwide, headquartered in New York, is also the world’s largest yellow pages advertising agency and a provider of direct marketing services. The company’s clients include more than 90 of the Fortune 100 and more than 480 of the Fortune 500 companies.

TMP Worldwide Executive Search’s world-class industry sector teams include: financial services, consumer products, industrial, e-commerce/Internet, energy, insurance, not-for-profit, professional services, real estate, retail/fashion, technology, and transportation. The company also has functional expertise in human resources, legal, information technology, supply chain management and not-for-profit. (, the flagship product of the Interactive Division of TMP Worldwide, is the Internet’s leading career destination portal. The network currently consists of web sites in the United States, Canada, the United Kingdom, the Netherlands, Australia, Belgium, France, Singapore and New Zealand. More information about is available at or by calling 1-800-MONSTER.

Special Note:

The above statements include forward-looking statements based on current management expectations. Factors that could cause future results to differ from these expectations include the following: risks associated with acquisitions, competition and seasonality. Additional factors are described in the company’s reports filed with the Securities and Exchange Commission.

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