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Accenture: Difference between revisions
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=== Split from Arthur Andersen === | === Split from Arthur Andersen === | ||
In 1989, Arthur Andersen and Andersen Consulting became separate units of Andersen Worldwide Société Coopérative (AWSC). Throughout the 1990s, tensions grew between the two units. Andersen Consulting was paying Arthur Andersen up to 15% of its profits each year (a provision of the 1989 split was that the more profitable unit – whether AA or AC, pay the other the 15 percent), while at the same time Arthur Andersen was competing with Andersen Consulting through its own newly established business consulting service line called Arthur Andersen Business Consulting. This dispute came to a head in 1998, when Andersen Consulting put the 15% transfer payment for that year and future years into escrow and issued a claim for breach of contract against AWSC and Arthur Andersen. In 2000, as a result of arbitration, Andersen Consulting broke all contractual ties with AWSC and Arthur Andersen. As part of the arbitration settlement, Andersen Consulting paid $1.2 billion to Arthur Andersen and changed its name to Accenture.<ref>{{cite news |last=Martin |first=Mitchell |date=8 August 2000 |title=Arbitrator's Ruling Goes Against Accounting Arm : Consultants Win Battle Of Andersen |url=https://www.nytimes.com/2000/08/08/business/worldbusiness/08iht-consult.2.t.html |newspaper= | In 1989, Arthur Andersen and Andersen Consulting became separate units of Andersen Worldwide Société Coopérative (AWSC). Throughout the 1990s, tensions grew between the two units. Andersen Consulting was paying Arthur Andersen up to 15% of its profits each year (a provision of the 1989 split was that the more profitable unit – whether AA or AC, pay the other the 15 percent), while at the same time Arthur Andersen was competing with Andersen Consulting through its own newly established business consulting service line called Arthur Andersen Business Consulting. This dispute came to a head in 1998, when Andersen Consulting put the 15% transfer payment for that year and future years into escrow and issued a claim for breach of contract against AWSC and Arthur Andersen. In 2000, as a result of arbitration, Andersen Consulting broke all contractual ties with AWSC and Arthur Andersen. As part of the arbitration settlement, Andersen Consulting paid $1.2 billion to Arthur Andersen and changed its name to Accenture.<ref>{{cite news |last=Martin |first=Mitchell |date=8 August 2000 |title=Arbitrator's Ruling Goes Against Accounting Arm : Consultants Win Battle Of Andersen |url=https://www.nytimes.com/2000/08/08/business/worldbusiness/08iht-consult.2.t.html |newspaper=The New York Times |location=[[New York City]] |access-date=1 March 2014}}</ref> | ||
On 1 January 2001, Andersen Consulting adopted the name, "Accenture". The word "Accenture" was derived from "Accent on the future". The name "Accenture" was submitted by Kim Petersen, a Danish employee from the company's [[Oslo, Norway]] office. Petersen hoped that the name would not be offensive in any country in which Accenture operates, because the word itself was meaningless.<ref name=":0">{{Cite book |last1=Kotler |first1=Philip |url=https://books.google.com/books?id=bcmo-WZtOvQC |title=B2B Brand Management |last2=Pfoertsch |first2=Waldemar |date=2006-09-22 |publisher=Springer Science & Business Media |isbn=978-3-540-44729-0 |pages=291–292 |language=en}}</ref> | On 1 January 2001, Andersen Consulting adopted the name, "Accenture". The word "Accenture" was derived from "Accent on the future". The name "Accenture" was submitted by Kim Petersen, a Danish employee from the company's [[Oslo, Norway]] office. Petersen hoped that the name would not be offensive in any country in which Accenture operates, because the word itself was meaningless.<ref name=":0">{{Cite book |last1=Kotler |first1=Philip |url=https://books.google.com/books?id=bcmo-WZtOvQC |title=B2B Brand Management |last2=Pfoertsch |first2=Waldemar |date=2006-09-22 |publisher=Springer Science & Business Media |isbn=978-3-540-44729-0 |pages=291–292 |language=en}}</ref> | ||