Resources Connection Completes Baseline Acquisition

Business to Expand RGP’s Consulting Capabilities in Financial Services

IRVINE, Calif.–(BUSINESS WIRE)–Resources Connection, Inc. (Nasdaq: RGP) (“RGP”), a global consulting firm, today announced that it has completed its previously announced acquisition of Reference Point LLC (“Reference Point”). Reference Point is a strategy, management and technology consulting firm serving the financial services industry in four areas: strategy and governance, risk and compliance, digital and technology, and data and analytics.

Reference Point employs a differentiated consulting service model that employs former industry executives supported by top-tier consultants. With a sole focus on the financial services sector, the firm provides clients with comprehensive solutions from strategy development to implementation to management. Reference Point was founded in 2002 by former banking executives with a mission to help clients manage the complex operational challenges unique to the financial services industry. The firm maintains offices in New York, Washington, DC, and Charlotte, NC.

“We are excited to welcome the Reference Point team to RGP and expand our advisory offerings in the financial services sector,” said Kate Duchene, CEO of RGP. “This acquisition creates a significant opportunity for both organizations to help deliver an integrated value proposition to our collective clients. RGP will bring Reference Point’s high-value advisory solutions to our extensive client base, and will help Reference Point scale its delivery teams with our on-demand talent. We expect this business combination to accelerate our growth in the financial services sector and our consulting business more broadly.”

“Joining forces with RGP provides significant growth and synergy opportunities,” said Scott Goeden, Managing Partner of Reference Point. “With a shared vision for the future, our combined company is poised to accelerate market share gains, and our team is ready to go.”

Mr Goeden will continue to lead Reference Point’s business, working alongside Irene Hendrick, who leads RGP’s financial services go-to-market team.

About RGP

RGP, listed among Forbes’ 2024 America’s Best Consulting Firms, is a global consulting firm focused on project delivery services that address clients’ operational needs and change initiatives by leveraging on-demand, expert, and diverse talent. As a next-generation human capital partner for our clients, we specialize in co-delivering enterprise initiatives that are typically driven by business transformation, strategic transactions, or regulatory change. Our commitment is to leverage human connections and cooperation to deliver practical solutions and more meaningful results that drive the success of our clients, consultants and partners.

We attract top talent with sought-after skills who seek a work environment characterized by choice and control, collaboration, and human connection. Trends Today market we favor flexibility and agility as companies face transformation pressures and skills shortages even in the face of macroeconomic recession. Our client engagement and talent delivery model offers speed and agility that strongly positions us to help our clients transform their businesses and workplaces, especially at a time when cost-cutting initiatives increase the reliance on a flexible workforce to deliver transformational projects.

We serve more than 1,800 clients worldwide, employing approximately 3,600 professionals across 38 physical offices and multiple virtual offices. Headquartered in Irvine, California, we are proud to have served 88% of the Fortune 100.

The company is listed on the Nasdaq Global Select Market, the highest tier of the stock exchange by listing standards. To learn more about RGP, visit: http://www.rgp.com. (RGP-F)

ABOUT THE REFERENCE POINT

Reference Point is a strategy, management and technology consulting firm dedicated to delivering effective solutions to financial services clients. We combine proven experience and hands-on expertise in a unique consulting delivery model where our engagement is led by former industry executives supported by top-tier consultants, delivering the highest quality and value to our clients.

FORECASTING STATEMENTS

Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements refer to expectations about matters that are not historical facts. Such forward-looking statements can be identified by words such as “anticipates,” “believes,” “may,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “remains,” “should” or “will” or the negative of these terms or other comparable terminology. In this press release, such statements include statements regarding our growth and operating plans, the expected integration of our collective clients, the acceleration of our growth in the financial services industry and our consulting business generally and the potential for our combined business to gain market share more rapidly. These statements and all phases of RGP’s and Reference Point’s operations are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements, and the results of our industry, to be materially different from those expressed or implied by these forward-looking statements. Risks and uncertainties include, but are not limited to: risks related to an economic slowdown or deterioration in general macroeconomic conditions, the highly competitive nature of the professional services market, risks related to the loss of a significant number of our consultants or the inability to attract and retain new consultants, the possible impact on our business of the loss of the services of one or more key members of our senior management team, risks related to potential significant increases in compensation or compensation-related costs, our ability to obtain new business from clients, our ability to achieve or maintain an appropriate payroll to bill ratio, our ability to compete effectively in the competitive bidding process, risks related to unfavorable provisions in our contracts that may allow our clients, among other things, to partially or completely terminate their contracts at any time prior to their completion, potential adverse effects on our and our clients’ liquidity and financial results resulting from bank failures or other events affecting financial institutions, our ability to close the Reference Point transaction and achieve the anticipated benefits, risks that our recent efforts in digital expansion and technological transformation may not be successful, our ability to build an efficient support structure. as our business continues to evolve and transform, our ability to expand our business, manage our growth or maintain our current operations, our ability to serve our customers internationally, additional operational challenges resulting from our international operations, including due to social, political, regulatory, legal and economic risks in the countries and regions in which we operate, possible disruptions to our business due to our past and future acquisitions, our potential inability to adequately protect our intellectual property rights, the risk that our computer hardware and software and telecommunications systems will be damaged, compromised or interrupted, risks related to non-compliance with data privacy laws and regulations and the adverse effect this could have on our reputation, results of operations or financial condition, our ability to comply with governmental, regulatory and legal requirements and company policies, possible legal liability for damages resulting from the performance of projects by our consultants or from the mistreatment of our personnel by our clients, risks resulting from changes in applicable tax laws or adverse audit results or tax interpretations, possible adverse effects on our business model due to the reclassification of our independent contractors by foreign tax authorities and regulatory, operational and financial restrictions under our credit facility, risks related to the variable interest rate on our credit facility, the possibility that we will be unable or elect not to pay our quarterly dividend and other factors and uncertainties identified in our most recent Annual Report on Form 10-K for the year ended May 27, 2023, filed on July 25, 2023 and in our other public filings with the Securities and Exchange Commission. Additional risks and uncertainties not currently known to us or that we currently believe to be immaterial could also affect our business or results of operations. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this press release. RGP does not intend, and does not undertake, any obligation, to update the forward-looking statements contained in this press release to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, unless required by law.

Communication

Contact for RGP investors:
Jenn Ryu, CFO

(USA+) 1-714-430-6500

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RGP media contact:
Pat Burek

Financial profiles

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