Harbor Technology Group Acquired by Buck Consultants
Oakland firm acquired by Mellon subsidiary, strengthens consultancy with HR technologies
Boston, MA – [October 9, 2001] – Covington Associates, seasoned M&A advisors to technology and healthcare, today announced the sale of its client, Harbor Technology Group (“HTG”), to Buck Consultants, Inc., a subsidiary of Mellon Financial Corporation (“Mellon”) and a global leader in human resources consulting. The acquisition of Oakland, California-based HTG, an information systems strategy, integration, and technology consulting company specializing in Internet-based systems for streamlining human resources (HR) processes for Fortune 500 companies, extends Mellon’s presence on the West Coast. Financial terms of the deal were not disclosed, according to Covington Associates, which served as HTG’s exclusive advisor.
The combined companies will, effective immediately, be known as Buck Harbor Technologies, Inc., a Mellon Consulting Company. HTG’s ability to leverage Internet technologies to generate highly-scalable, transaction-based applications, combined with Buck Consultants’ comprehensive consulting services, create an end-to-end HR offering unifying technology and business processes.
“Harbor Technology Group strengthens our ability to provide end-to-end human resource solutions to our clients,” said Joseph A. LoCicero, Buck Consultants’ Chairman and Chief Executive Officer in a Mellon release also dated October 9, 2001. “This acquisition is part of Buck’s strategy to continually expand our capabilities in the human resources arena. HTG’s expertise in human resources applications integration provides a strong complement to Buck’s overall services.”
About Covington Associates
Covington Associates are seasoned M&A advisors to technology and healthcare. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since 1991, the firm has successfully completed over 50 transactions ranging in size from $10 million to over $1 billion in e-services, software, IT services, and healthcare technologies. To learn more about Covington Associates, visit www.covingtonassociates.com.