One of the largest consulting and systems integration firms is changing its well-known name. KPMG Consulting Inc., which has existed in one form or another for nearly 100 years, announced this week that it has become BearingPoint Inc.
The $2.2 million consulting firm says the new branding gives clients a literal meaning and underscores the firm's global commitment to set a clear direction for clients, so they achieve desired results with their business systems.
The name change is also an attempt to help to unite recently acquired consulting practices in North America, Europe, Asia Pacific, and Latin America. The BearingPoint brand is effective immediately for the parent company. The change will impact all international subsidiaries over the next several weeks.
The name change, which impacts more than 16,000 employees, began more than a year ago. The company started by conducting market research, working with branding consultants, and conducting focus groups. By February the company began reviewing approximately 550 potential names provided by employees and branding experts.
The cost of devising a new name is estimated at $5 million to $6 million, and the company is expected to spend up to $40 million for a rebranding campaign. That is less than what rivals spent on rebranding. Deloitte Consulting is expected to spend nearly $ 60 million to change its name to Braxton. Accenture Ltd. reportedly spent more than $100 million when it changed its name from Andersen Consulting.
Also, earlier this year, PricewaterhouseCoopers attempted to launch PwC and said it would spend more than $100 million to rebrand the company. However, that was short lived when IBM acquired the company, in a deal that closed this week.
BearingPoint began trading on the New York Stock Exchange on Wednesday under the ticker symbol "BE."