Heidrick & Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 26-Oct-2000
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Heidrick & Struggles Ventures Forms Strategic Alliance with ETF Group
CHICAGO, Oct. 26 /PRNewswire/ -- Heidrick & Struggles Ventures, the strategic investment arm of Heidrick & Struggles International, Inc. (Nasdaq: HSII), today announced that it has entered into an alliance with ETF Group, a global venture capital firm that helps emerging companies expand into international markets. As part of the agreement, Heidrick & Struggles will be the preferred global recruiter of senior-level executives for ETF Group's portfolio companies, and one of Heidrick & Struggles' senior partners will join ETF Group's advisory board. In addition, Heidrick & Struggles has invested $10 million in ETF Group.
Heidrick & Struggles will provide ETF Group's portfolio companies with human capital expertise and strategic counsel, and will benefit from ETF Group's global track record in venture capital and access to co-investment opportunities.
"We believe the relationship with ETF Group will open new doors for us as we further expand our e-business presence in Europe," said Thomas J. Friel, President of Heidrick & Struggles Ventures. "Heidrick & Struggles' access to exceptional talent on an international scale makes us the clear leader in solving the executive recruitment needs of new pre-public companies. This partnership also allows us to grow further in the European market our warrant program, in which we receive warrants for equity in addition to our normal cash fee."
Heidrick & Struggles Ventures was formed in June 2000 to capitalize on Heidrick & Struggles Executive Search's access and influence to senior management of client organizations. It is responsible for the firm's new business ventures, strategic alliances and investments, as well as the equity program.
"A strategic relationship with Heidrick & Struggles translates into enormous value for our portfolio companies as they seek to identify and recruit the critical resources they need to compete in global markets," said Michael L. Sheldon, President of ETF Group Inc. "We look forward to working with Heidrick & Struggles to develop exceptional strategic and financial opportunities in this space."
About Heidrick & Struggles International, Inc. (HSI Group)
Heidrick & Struggles International, Inc. (HSI Group) is the world's largest and premier provider of executive-level search and consulting services. Nearly 1,000 Heidrick & Struggles professionals operate from offices in more than 75 locations throughout North and South America, Europe, the Middle East, Africa and Asia Pacific. Our core business -- Heidrick & Struggles Executive Search -- has been an industry leader for more than 50 years, specializing in chief executive, board member and senior level management assignments for a broad spectrum of clients: multi-national corporations, mid-cap and start-up companies, not-for-profit entities, educational institutions, foundations, associations and governmental units. We are expanding our range of complementary services to offer solutions to senior management teams for their human capital needs. LeadersOnline, our Internet-based recruiting business, serves clients who seek the next generation of corporate leaders. We are capitalizing on our access to the highest level of our clients' organizations through Heidrick & Struggles Ventures, our unit responsible for alliances and investments. For more information about HSI Group, visit our web site at www.heidrick.com .
About ETF Group
ETF Group is a global value-added venture capital firm, with approximately 60 investments in European and U.S.-based companies with an approximate value of $1 billion. ETF Group has offices throughout Europe, the United States and in the Asia Pacific region. Based in Europe, ETF Group operates at the heart of a multinational network connecting entrepreneurs in Europe, the United States and the Asia Pacific region with strategic partners and experienced executives from IT, operations and investment backgrounds. ETF Group executives have built and managed businesses ranging from start-ups to multimillion dollar enterprises in more than 40 countries. The team has extensive operational and investment experience with Compaq, Hewlett Packard, IBM, Intel, Memorex Telex, Nokia, Olivetti, and Zenith Data Systems as well as investment banking experience with Merrill Lynch and CS First Boston.
ETF Group executives and directors have managed more than 200 investments in public and private technology companies. ETF focuses on business-to- business infrastructure and commerce, enabling broadband and mobile platform technologies, and e-finance. Selected past and current investments include Commerce One, The Fantastic Corporation, Sorceron, TheBEAST.com, eZoka, Peramon and eWork. For additional information please visit: www.etfgroup.com .
Safe Harbor Statement
Certain matters discussed in this news release are forward-looking statements that are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise, and include known and unknown risks, uncertainties and other important factors that could cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of the risks, uncertainties, assumptions and factors that could affect the company's financial results are included in the company's recent SEC filings. Although the company believes that the exceptions reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations that will prove to have been correct. All forward-looking statements in this news release are expressly qualified by these cautionary statements, and the company expressly disclaims any duty to update such forward-looking statements. SOURCE Heidrick & Struggles International
CONTACT: Barry Hollingsworth of Heidrick & Struggles International, 312-496-1723, or bhollingsworth@heidrick.com/