Exhibit 99
Joint Press Release
AnswerThink Consulting Group announces merger with THINK New Ideas, IncFrank
ZomerfeldFinancial Printing GroupAnswerThink Consulting Group announces merger
with THINK New Ideas, Inc., an e-business, e-marketing, e-community, e-commerce
and e-technology solutions provider to Fortune 1000 and other blue-chip clients.
The press announcement was released over the business wire services this
morning. Please see press release below.
FOR IMMEDIATE RELEASE
AnswerThink and Think New Ideas Agree to Merge
- -- Transaction Creates a New Leader in the Delivery of Full-Scale e-Solutions --
MIAMI and NEW YORK, June 25, 1999 -- AnswerThink Consulting Group, Inc. (Nasdaq:
ANSR; www.answerthink.com) and THINK New Ideas, Inc. (Nasdaq: THNK;
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www.thinkinc.com) today announced that they have entered into a definitive
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agreement to merge the two companies. The deal creates what management believes
to be the premier provider of end-to-end e-business solutions for Fortune 1000
companies and emerging ".coms."
The merger will combine AnswerThink's world-class business transformation and
technology integration expertise with THINK New Ideas' pioneering Internet
solutions and interactive marketing skills, delivered by a talent pool of over
1,400 business and technology strategists, consultants, marketers, brand
developers, architects, designers, developers, artists, engineers and
associates. The combined company's broad range of business and technology
expertise will enable it to provide comprehensive solutions that address the
most complex issues facing corporations in the emerging Internet economy.
"The effects of the Internet can be felt at every level of business, and our
clients are requiring increasingly sophisticated solutions in order to establish
and maintain competitive advantage," said Ted A. Fernandez, Chairman and CEO of
AnswerThink. "The union of these two companies will enable us to provide these
solutions, helping our clients transform their organizations into cohesive and
powerful e-business networks that encompass their brands, operations, customers,
suppliers and other strategic partners."
The company will provide business, marketing and technology expertise covering
all aspects of a client's business from concept to customer. It will help
clients develop new products and channels; position, brand and market businesses
and services; and web-enable the most sophisticated applications to incorporate
customers, prospects, employees, suppliers and partners. The company's services
and solutions will be able to incorporate emerging, Internet-driven business-to-
business and business-to-consumer models, integrating online and offline channel
strategies.
"This merger brings together the elements we believe are critical to providing
clients world-class Internet services and e-business solutions: senior
leadership from Big-5 consultancies; deep application and technology integration
expertise; a world-renowned
benchmarking database and knowledge management system; award-winning branding
and marketing skills; and world-class e-commerce, e-marketing and interactive
solutions providers," added Ron Bloom, Chairman and CEO of THINK New Ideas.
"With a global reach and a global client list, seasoned management in every
category, and with expertise that spans a broad range of industry verticals, we
feel that we are ideally positioned to provide the most compelling and
measurable results for our clients on a regional or international basis."
"By combining our skills into manageable solution sets, we can free the client
of the burden of defining and managing complex Internet initiatives, enabling
them to deploy solutions rapidly, efficiently and globally, thereby reducing
time-to-market, decreasing project risk and maximizing return on investment. We
will be able to help our clients develop e-commerce solutions, drive customer
awareness and participation, enhance customer and supplier relationships,
leverage legacy systems in a cost-effective manner, and optimize business
processes," said Allan Frank, Chief Technology Officer of AnswerThink. "We can
even partner with clients to create, brand, build, host and service entire e-
business initiatives."
The merger will be accounted for as a pooling-of-interests transaction. Under
the terms of the agreement, which has been approved by the Boards of Directors
of both companies, THINK New Ideas shareholders will receive 0.70 shares of
AnswerThink common stock for each share of THINK New Ideas common stock. Based
on 11.9 million THINK New Ideas common shares and AnswerThink's closing price on
June 24, 1999, the transaction is valued at $231.2 million. The merger is
subject to shareholder and regulatory approval, as well as customary closing
conditions. Certain of the shareholders of THINK New Ideas and AnswerThink,
including members of the respective Boards of Directors and certain of each
company's top executive officers have agreed to vote in favor of the merger. The
deal includes certain provisions that would enable AnswerThink to acquire up to
19.9% of THINK New Ideas' common stock and receive certain termination fees in
the event the merger is not consummated. The transaction is expected to close in
the third quarter of 1999 and to be accretive to AnswerThink's earnings by
calendar year 2000.
Ted Fernandez will serve as Chairman and Chief Executive Officer of the merged
entity. Ron Bloom will join the Board of Directors of AnswerThink and will
serve as the company's Chief Strategic Officer, focusing on the development of
the company's global growth initiatives.
About THINK New Ideas, Inc.
THINK New Ideas, Inc. provides e-business, e-marketing, e-community, e-commerce
and e-technology solutions to Fortune 1000 and other blue-chip clients. THINK
New Ideas is also positioned as one of the leading Internet and Intranet systems
developers and interactive communications solutions providers in the new
technology and digital communications arena. The company operates from its
offices in New York, Los Angeles, Atlanta, Boston, San Francisco, Seattle,
Torrance, London and Sofia, Bulgaria. THINK New Ideas' integrated solutions
include the development of several custom Internet/Intranet tools and
applications, each providing specific solutions to business
problems commonly faced by large corporations. Recent clients include Avon,
BellSouth, Coca-Cola, Gillette, IBM, Network Associates, Nortel Networks,
Procter & Gamble, Time Inc. New Media and Turner Broadcasting.
About AnswerThink Consulting Group, Inc.
AnswerThink Consulting Group provides integrated consulting and technology-
enabled solutions focused on the emerging Internet-driven electronic commerce
marketplace. AnswerThink offers a wide range of integrated solutions, including
benchmarking, business process transformation, software package implementation,
Internet commerce and decision support technology. These solutions span multi-
entity functional areas and include supply chain, sales and marketing, customer
support, finance, human resources and information technology. Recent clients
include AlliedSignal, Bell Atlantic, Chase, General Electric, General Motors,
IBM, Lucent, Novartis and Revlon.
# # #
This press release contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995 that involve risks and uncertainties,
including statements regarding THINK New Ideas' and AnswerThink's expectations,
beliefs, hopes, intention or strategies regarding the future. Factors that
could cause or contribute to such risks and uncertainties include, but are not
limited to, the receipt of required THINK New Ideas stockholders' and regulatory
approvals, the successful integration of THINK New Ideas into AnswerThink,
market acceptance of and demand for Internet Services, risks related to THINK
New Ideas' and AnswerThink's services, general economic and business conditions,
competition, changes in technology and methods of marketing, other factors
detailed in THINK New Ideas' and AnswerThink's filings with the Securities and
Exchange Commission and various other factors beyond THINK New Ideas' and
AnswerThink's control.
CONTACT: THINK New Ideas Ruder Finn (Investors)
Dan Nicholas Stacy Lipschitz / Lev Janashvili
(212) 629-6800 (212) 583-2757 / (212) 583-2761
Dan.Nicholas@THINKinc.com
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AnswerThink Ruder Finn (Media)
John F. Brennan Adam Sohn / Patricia Sugrue
(305) 375-8005 x 1013 (212) 593-6481 / (212) 593-6384
jbrennan@answerthink.com
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