Growth Strategy
Prior to 2000, most of Hewitt's growth was organic. Acquisitions of and joint ventures with very small boutique firms, primarily defined benefit plan actuaries and human resources consultancies, were typical. In 2000, Hewitt began growing through larger mergers and acquisitions. The first of these was the announcement, in late 2000, of a plan to integrate its UK and Ireland business with Bacon & Woodrow, a leading retirement and financial management consultancy in the UK.
In June 2003, Hewitt announced the completion of the acquisition of Northern Trust Retirement Consulting, L.L.C., expanding its portfolio of outsourcing clients. Later in 2003, Hewitt acquired Cyborg Worldwide, Inc., expanding outsourcing capabilities to include payroll services.
On October 1, 2004, Hewitt completed the acquisition of Irvine, CA - based Exult Inc., a company specializing in Human Resources Business Process Outsourcing or HR BPO. This move was to ensure Hewitt would remain competitive within the HR Consulting and Outsourcing space, in which HRBPO was a rapidly growing area.
As of early 2010, Hewitt had approximately 2,600 clients, making it the world's largest provider of multi-service HR business process outsourcing (BPO), and it claimed to be the only firm fully integrated HR outsourcing and HR consulting. Hewitt's clients included over half the Fortune 500 and a third of the Fortune Global 500. Hewitt had 86 offices in 37 countries and employed over 27,000 employees.
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