Greg Baroni, a well-known executive around the beltway, has been gone for ten months. What’s he been up to lately? Keep reading to find out. Part one of the video version is available here.
ExecutiveBiz: It’s been about 10 months since you’ve left Unisys. What have you been up to so far?
Greg Baroni: Well, it’s been a journey. I started by taking stock of nearly thirty years of professional experience. What I reconfirmed was that my passions lie in professional service firms dedicated to the Public Sector, so I started scanning for opportunities in management consulting and information technology services in this marketplace. Following BearingPoint’s Chapter 11 filing, it became evident that there was an opportunity to invest in a set of assets or legacy contracts with BearingPoint. In March, BearingPoint signed a definitive agreement to proceed with selling the bulk of its public sector legacy business to Deloitte. However, since Deloitte is a large public accounting firm, they had a number of conflicts resulting in both people and contracts being left with the BearingPoint estate for a sale opportunity. As that process matured, it became increasingly clear to me that the assets remaining in the BearingPoint estate could serve as the platform for a new company. In April, BearingPoint initiated an auction process in which they allowed buyers to single out those individual elements that they wanted to buy. The result became cumbersome, so BearingPoint sought to simplify the process by searching for buyers interested in purchasing the entire collection of remaining legacy contracts. It came down to a handful of interested parties. In July, we struck an agreement for Eclat Consulting, a company I founded with a group of like-minded colleagues, to purchase the remaining public sector contracts. It actually took us almost two months from definitive agreement to actually closing that transaction. As you can imagine, it was a very exhausting roller coaster ride, particularly in this economic climate in which banks and private equity firms are still incredibly cautious. Fortunately, however, we did succeed in finding a lending institution willing to invest in our vision.
To be continued…