Korn/Ferry International, a global provider of talent-management solutions, announced it has agreed to acquire Lominger Limited Inc., a provider of leadership-development tools for individuals, teams and organizations. Under the agreement, Korn/Ferry will pay $24 million in cash to purchase Lominger Limited Inc., Lominger Consulting and Lominger Intellectual Property.
With the acquisition, Korn/Ferry will expand its portfolio of leadership coaching, assessment and management tools. Lominger’s suite of leadership-development tools for individuals, teams and organizations can be used for a range of applications, including job profiling, selection and training to performance management, individual development, team development and succession planning.
“Lominger’s people, products and services are a perfect fit with Korn/Ferry’s vision of providing clients with a broad array of talent-management solutions,” Paul C. Reilly, chairman and CEO of Korn/Ferry, stated.
Lominger, based in Minneapolis, will become a wholly owned subsidiary of Korn/Ferry and part of the company’s Leadership Development Solutions (LDS) business, reporting to Gary Hourihan, president of LDS.
The company will be branded as Lominger International, A Korn/Ferry Company. Robert W. Eichinger, co-founder and CEO of Lominger, has signed an agreement to join Korn/Ferry as president of Lominger, while co-founder Michael M. Lombardo will also stay on as the senior research fellow.
Korn/Ferry expects the acquisition to add about $0.03 earning per share (EPS) for the remainder of its fiscal year 2007 results.
Founded in 1991, Lominger has built a global business of competency-based leadership development resources for individuals, teams and organizations. The tools in Lominger’s Leadership Architect Suite are built upon 67 individual competencies that have been identified as critical to success.
“Korn/Ferry has built a significant presence in the leadership-development marketplace that will be enhanced by this acquisition. Lominger has a gold-standard reputation among HR and (organizational development) professionals,” stated Gary Hourihan, president of Korn/Ferry’s Leadership Development Solutions business. “Clients recognize the quality of the research that the Lominger products are built upon, and they respect the methodology and the results.”