Resources Connection Bolsters Financial Services Expertise With Strategic Acquisition Of Reference Point

RESOURCES CONNECTION INC -1.78%

RESOURCES CONNECTION INC

RGP

10.49

-1.78%

Consulting firm Resources Connection Inc (NASDAQ:RGP) has entered into a definitive agreement to acquire Reference Point LLC for an unknown sum.

Reference Point is a strategy, management, and technology consulting firm serving the financial services sector.

Reference Point’s focus includes Strategy & Management, Risk & Regulatory Compliance, Digital & Technology and Data & Analytics.

Reference Point was established in 2002 by former banking executives. It is headquartered in New York and has additional offices in Washington, D.C., and Charlotte, N.C.

The acquisition is expected to expand the portfolio of high-value advisory services RGP offers its financial services clients and will boost the growth of the firm’s financial services and overall consulting business. 

After the close of the transaction, the current Reference Point management team, led by Scott Goeden, will continue to lead the business.

“The financial services industry constitutes one of the largest shares of U.S. management consulting spend, which is why it was among the first sectors we invested in and has been a top-three sector for us since inception,” said CEO Kate Duchene.

The transaction is expected to close by early summer 2024 and is subject to customary closing conditions.

Resources Connection held $95.7 million in cash and equivalents as of November 25, 2023.

Price Action: RGP shares are trading higher by 0.96% at $13.19 on the last check Thursday.

Photo via Shutterstock

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