Exhibit 99.1
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CONTACT:
The Management Network Group, Inc. or Brainerd Communicators
Janet Hall Olga Shmuklyer (Media)
Janet.Hall@tmng.com shmuklyer@braincomm.com
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800.876.5329 Corey Kinger (Investors)
kinger@braincomm.com
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212.986.6667
TMNG GLOBAL ACQUIRES U.K. CONSULTING, TECHNOLOGY FIRM
CARTESIAN LIMITED
Acquisition Creates Comprehensive Solution Set for Telecom, Cable Operators
Overland Park, KS - December 28, 2006 - TMNG Global (Nasdaq: TMNG), a leading
provider of management consulting services to the global communications, media
and entertainment industries, today announced that it has signed a definitive
agreement to acquire the outstanding stock of Cartesian Limited ("Cartesian"), a
United Kingdom-based software engineering and consulting firm specializing in
the interrelated sectors of telecom, technology and digital media. The
transaction is expected to be closed in early January 2007. The total expected
purchase price is approximately $4.9 million, plus approximately $2.4 million
for excess working capital, making the total value of the transaction at closing
approximately $7.3 million. Transaction terms call for additional consideration
of up to approximately $7.8 million should Cartesian meet certain revenue and
earnings objectives during the first four years following the closing of the
transaction. The consideration is payable in British pounds. The current
shareholders of Cartesian will continue to be employed by Cartesian following
the closing date.
Cartesian's software product suite, Ascertain, is comprised of a comprehensive
and integrated suite of revenue assurance, mediation, service activation and
data management software tools supporting the converging media,
telecommunications and entertainment
markets. In addition, its consultancy brings a proven solution to the Tier 1 TME
sector, with a distinct emphasis on systems, information technology and
programming.
Cartesian has a high quality customer base, concentrated in the United Kingdom
and western Europe, including Tier 1 wireless, wireline and cable operators.
Cartesian recognized revenue of $12.5 million for the twelve months ended
November 30, 2006.
"This acquisition extends TMNG Global's consulting expertise for the telecom,
media and entertainment communities and adds a sustainable new element to our
business model," said Rich Nespola, Chairman and CEO of TMNG Global. "Cartesian
brings a strong technology focus with its consulting operations, complementing
our strength in business processes with true converged network expertise.
Further, by adding the proprietary Ascertain software to our toolkit, TMNG can
now take its clients from solutions to implementation. Cartesian's
well-respected products, services, technical expertise, and commitment to
customer needs during the past 10 years will help TMNG expand its sales channel
in both North America and Europe, and we look forward to welcoming the executive
management, technical and delivery teams to TMNG Global."
"By joining TMNG, we can offer our clients an expanded, compelling offering that
is strengthened by TMNG's best-in-class consulting capabilities. In addition, we
will be able to leverage TMNG's extensive relationships in the media, telecom
and entertainment marketplace to bring our solutions to a new set of companies,"
said Dr. Janos Sivo, Managing Director and co-founder of Cartesian. "We are
looking forward to becoming part of a company with TMNG's reputation and
caliber."
About TMNG Global
The Management Network Group, Inc. (Nasdaq: TMNG) is a leading provider of
professional services to the converging communications industry and the
financial services firms that support it. With more than 400 consultants
worldwide, TMNG Global's clients include communications service providers,
entertainment, media and technology companies, and financial services firms.
Founded in 1990, TMNG Global has provided strategic and management consulting,
as well as managed services, to more than 1000 clients worldwide, including all
the Fortune 500 telecommunications
companies. The company is headquartered in Overland Park, Kansas, with offices
in Berlin, Boston, Chicago, London, New York, Denver, Dallas, Shanghai and
Washington, D.C. TMNG Global can be reached at 1.888.480.TMNG (8664) or online
at http://www.tmng.com.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve risks and uncertainties. In particular, any statements contained herein
regarding expectations with respect to future business, revenues or
profitability are subject to known and unknown risks, uncertainties, and
contingencies, many of which are beyond the Company's control, which may cause
actual results, performance, or achievements to differ materially from those
projected or implied in such forward-looking statements. Factors that might
affect actual results, performance, or achievements include, among other things,
conditions in the telecommunications industry, overall economic and business
conditions, the demand for the Company's services and products offered by TMNG
and Cartesian, the outcome, timing and impact of a review of TMNG's historical
practices regarding stock option programs and related accounting, which TMNG
previously announced on November 13, 2006, the conclusions resulting from that
review, and technological advances and competitive factors in the markets in
which the Company competes. These risks and uncertainties are described in
detail from time to time in TMNG's filings with the Securities and Exchange
Commission.
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