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Exult Inc

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BUSINESS
June 10, 2003 | From Bloomberg News
Exult Inc., a human-resources management company, agreed to purchase PricewaterhouseCoopers' international business-process outsourcing unit for $17 million to expand globally. About 500 employees will become part of Irvine-based Exult's business, the company said. Exult will have service centers in South America and Britain and a presence in Eastern Europe, Western Europe, Hong Kong and Singapore as a result of the acquisition. Shares of Exult fell 2 cents to $7.
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BUSINESS
June 17, 2004 | From Bloomberg News
Hewitt Associates Inc., which provides human resources and consulting services, agreed Wednesday to buy Exult Inc. for about $6.30 a share in stock to offer clients a wider range of options. Hewitt said it would pay 0.2 share of its stock for each Exult share. That is a 5.2% premium over Exult's closing price Tuesday of $5.99. The transaction values Irvine-based Exult at about $691.2 million, based on the 109.7 million Exult shares outstanding as of March 31.
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BUSINESS
November 22, 2000 | Times Wire Services
Bank of America Corp., the parent company of the biggest U.S. bank, said it agreed to turn over some personnel functions to Web-based human resources provider Exult Inc. in a 10-year, $1.1-billion deal that could reduce the banking company's costs by more than 10% a year. The companies said the contract would give Irvine-based Exult more than $100 million a year in revenue. Under the terms of the pact, Exult will take over various human resources services for the Charlotte, N.C.
BUSINESS
June 10, 2003 | From Bloomberg News
Exult Inc., a human-resources management company, agreed to purchase PricewaterhouseCoopers' international business-process outsourcing unit for $17 million to expand globally. About 500 employees will become part of Irvine-based Exult's business, the company said. Exult will have service centers in South America and Britain and a presence in Eastern Europe, Western Europe, Hong Kong and Singapore as a result of the acquisition. Shares of Exult fell 2 cents to $7.
BUSINESS
June 30, 2001
Exult Inc. and shareholders, including majority owner General Atlantic Partners LLC, filed to sell 10 million shares of the Irvine human resources services provider--a stake worth $170.5 million based on Friday's closing price. Exult plans to sell 6.7 million shares, worth $114 million after the stock lost 68 cents Friday on Nasdaq to close at $17.05 a share. Despite the drop, the stock has gained 29% this year.
BUSINESS
July 26, 2000
The Irvine provider of services for large corporations to manage human resources through the Internet posted a second-quarter loss of $13.8 million, or 40 cents a share, compared with a loss of $2.6 million, or 29 cents a share, for the quarter last year. Revenue totaled $8.2 million, up from $213,000. The company completed its initial public stock offering in June.
BUSINESS
July 13, 2001
Exult Inc., an Irvine provider of human-resource services, reported that its loss for the second quarter widened to $24.8 million, or 27 cents a share, from $13.8 million, or 40 cents a share, a year earlier on a smaller number of shares outstanding. The loss for the recent quarter included $7.3 million in charges for such items as severance and facility consolidation. Revenue surged to $64.3 million from $8.2 million.
BUSINESS
March 7, 2000 | From Staff and wire reports
Emboldened by its ability to raise cash and its one major client, 16-month-old Exult Inc. plans to go public with an initial offering that would raise as much as $200 million, according to a document filed Monday with federal regulators. The Irvine Web-based personnel management company plans to use proceeds from the offering for working capital and other general corporate purposes, such as expanding the firm's client service centers, acquiring other firms and repaying outstanding debts.
BUSINESS
December 10, 1999 | ROBIN FIELDS, TIMES STAFF WRITER
In an unprecedented move to use the Internet for personnel operations, BP Amoco has tapped a new Irvine-based consulting firm to handle training, hiring and other human resources chores in a five-year deal worth $600 million. As part of an effort to trim $4 billion in expenses, BP Amoco said Thursday that it is turning over its human resources operations to Exult Inc., which opened shop just 14 months ago.
BUSINESS
January 31, 2003 | Debora Vrana, Times Staff Writer
Exult Inc. is starting to reap the benefits of other companies' cost cutting. The Irvine-based company, which provides human resource services to corporate giants including Bank of America Corp. and oil company BP, reported its first profitable quarter Thursday. Formed in late 1998, Exult tracks payroll, cuts workers' checks and manages employee benefits for large companies that are looking to cut overhead in the current economic slump by outsourcing such services.
BUSINESS
July 30, 2002 | Bloomberg News
Shares of Exult Inc. lost more than half their value after the Irvine-based company said it will ask the Securities and Exchange Commission for information about an accounting method. Exult, an operator of human resources departments for large companies, said it will ask the SEC whether it should start percentage of completion accounting, without describing the method. The company said it is unable to estimate the effect of this accounting method on financial results.
BUSINESS
October 19, 2001 | Bloomberg News
Exult Inc., which runs human resources departments for companies, said Thursday that it won a $600-million contract to manage International Paper Co.'s payroll and employee benefits for 10 years. The Irvine company said it will manage International Paper's human resources department in Memphis, Tenn., and administer payroll, benefits and support for the company's 70,000 U.S. employees. Exult will offer jobs to more than 200 International Paper employees in Memphis.
BUSINESS
August 4, 2001
Exult Inc. said its new offering of 12 million shares of common stock has been priced at $13.34 a share. The Irvine company, which provides human resources services, increased the offering by 2 million shares from the amount originally planned. Exult is offering 8 million shares and shareholders are selling the remainder. Exult said it expects to receive about $100.5, after expenses and underwriting discounts and commissions.
BUSINESS
July 13, 2001
Exult Inc., an Irvine provider of human-resource services, reported that its loss for the second quarter widened to $24.8 million, or 27 cents a share, from $13.8 million, or 40 cents a share, a year earlier on a smaller number of shares outstanding. The loss for the recent quarter included $7.3 million in charges for such items as severance and facility consolidation. Revenue surged to $64.3 million from $8.2 million.
BUSINESS
June 30, 2001
Exult Inc. and shareholders, including majority owner General Atlantic Partners LLC, filed to sell 10 million shares of the Irvine human resources services provider--a stake worth $170.5 million based on Friday's closing price. Exult plans to sell 6.7 million shares, worth $114 million after the stock lost 68 cents Friday on Nasdaq to close at $17.05 a share. Despite the drop, the stock has gained 29% this year.
BUSINESS
June 13, 2001
Automatic Data Processing Inc., the nation's largest payroll processor, will invest up to $50 million in Irvine online personnel manager Exult Inc., and the two will form a joint venture to provide human resources services to large companies. The companies said in a news release that Automatic Data will buy $20 million worth of Exult shares based on the average per-share price for the last 30 days. The Roseland, N.J.
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