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Diamond Management & Technology Consultants

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Diamond Management & Technology Consultants
Company typePublic (Nasdaq: DTPI)
IndustryManagement and technology consulting
Founded1994
HeadquartersThere are 6 offices in 3 countries
Key people
Adam Gutstein, CEO and President
Karl Bupp, Chief Financial Officer
ProductsManagement consulting
IT consulting
Number of employees
more than 600 consultants worldwide
Websitewww.diamondconsultants.com

Diamond Management & Technology Consultants (often referred to as Diamond) is a management and technology consulting firm based out of Chicago, IL. Diamond also has offices in Hartford, New York, Washington DC, London, and Mumbai. The Company currently has over 600 employees in their global organization.[1]

Diamond is publically traded on the Nasdaq Global Markets exchange under the symbol, "DTPI". As of March 31, 2007, annualized net revenue was $169 million.[1]

The Diamond motto is "insight. innovation. impact." [1]

History

Diamond Technology Partners

Diamond Technology Partners, a consulting firm based in Chicago, was founded in 1994 by Mel Bergstein and Chris Moffitt, with investment from founding partners and Safeguard Scientifics. The firm’s mission was to help CEOs and senior management identify and create business strategies for the digital age. Diamond Technology Partners went public in 1997.

Diamond Cluster

DiamondCluster was formed on November 28, 2000, when Diamond Technology Partners Incorporated acquired all of the outstanding shares of Cluster Consulting (founded in 1993). Cluster was a pan-European management consulting firm specializing in wireless technology, Internet and digital strategies. DiamondCluster leverages Diamond Technology Partners's innovative work in creating and implementing digital strategies with Cluster's leading-edge broadband wireless industry and application expertise in Europe and Latin America.

By March 2001 DiamondCluster employed 1,141 consultants in 12 offices across North America, Europe and Latin America. The company had offices in Barcelona, Boston, Chicago, Dusseldorf, Lisbon, London, Madrid, Munich, New York, Paris, San Francisco and Sao Paulo.

During the tech market decline in 2000, DiamondCluster’s business plummeted as a result of flattened demand for tech consulting and clients who had drastically slashed spending. Still trying to smooth out the bumps from the $575 million acquisition of Cluster in 2001, coupled with a difficult economic environment, the firm's staff and finances took a hit. By the second quarter of 2001, the firm had sliced salaries by 10 percent and instituted a hiring freeze. Partners also gave up 15 percent of their pay, and then-CEO Mel Bergstein went without compensation for six months.

Diamond Management and Technology Consultants

At the close of fiscal 2004, with revenue starting to rebound--rising 16 percent to $154.8 million--Diamond began to see a glimmer of hope. The rebound grabbed the attention of IT industry analysts, who heralded the firm's return to profit as a positive indicator of a brighter future for the tech industry.

In July 2006, the firm agreed to sell certain parts of its international operations--the former Cluster consultancy--consisting of five subsidiaries, to Mercer Management Consulting. Mercer acquired the operations in Continental Europe, South America and the Middle East. Newly rebranded and renamed, Diamond Management and Technology Consultants, the firm has also reoriented its business around its core markets in North America, the U.K. and India.

Today, Diamond's 500-plus consultants work at the intersection of business and technology, lending IT assistance to clients in consumer packaged goods, health care, retail, insurance, high tech, telecom and financial services. It also serves a number of public-sector clients and manufacturing and logistics firms.


Practices

Currently Diamond’s strategy service offerings are currently organized under six industry practices, also known as verticals.

Financial Services Practice

Diamond’s financial services industry practice provides services to capital markets firms, retail brokerages and asset managers, credit card issuers, credit card processors and payment system operators, and full-service retail and commercial banks. It helps these financial services clients with the issues they face, including the need to manage technology and business transformations, assist with compliance and risk management initiatives, develop enterprise-wide payment strategies and multi-channel integration strategies and assess various technologies. Representative clients in the financial services industry have included Federal Reserve Bank of Chicago, Goldman Sachs Group Inc., MasterCard Incorporated and Visa International.

Insurance Practice

The Company's insurance practice provides services to life, property and casualty, reinsurance and brokerage firms. It advises and collaborates with its clients to address business issues, such as speed to market, market agility, agent and customer experience and retention, distribution efficiency and effectiveness, information strategies, technology strategy, technology operations and enterprise architecture, technology and business transformation, and strategic sourcing. Representative clients in the insurance industry have included Allstate Corporation, The Hartford and Willis Group Holdings Limited.

Telecommunications Practice

It's telecommunications industry practice provides services to operators, vendors and content providers in the equipment, wireless, cable and fixed line markets. It assists its telecommunications clients with business and marketing strategy, customer behavior insight, wireless and broadband strategy and execution, convergence, and IT assessment and strategy issues. Representative telecommunications clients have included Sprint PCS and U.S. Cellular Corp.

Healthcare Practice

The Company's healthcare industry practice provides services across the healthcare value chain. Its clients include pharmaceutical, life science, health insurance and disease management companies. It helps its healthcare clients address issues, including post-merger integration, medical management, business-aligned information technology (IT) strategy and architecture, IT optimization and value extraction, legacy system rationalization and transformational program management. Representative healthcare clients have included Aetna Inc. and ActiveHealth Management.

Public Sector Practice

The public sector practice provides services to United States local, state and federal government agencies. Issues facing this sector include scrutiny to demonstrate performance and measurable results for spending, demand for agencies to become more citizen-centric and homeland security. Representative clients in the public sector have included the United States Department of Justice, the Chicago Transit Authority, and a United States national laboratory.

Enterprise Practice

The enterprise practice is a cross-industry practice. Its role is to identify, develop and launch new vertical practices. The mature industry practices in this segment are consumer and industrial product oriented companies, with several clients in each sector. The enterprise practice includes clients in the manufacturing, retail, distribution and consumer products industries. It helps clients understand customer needs across the value chain, increase visibility to their customers, assist with pricing alternatives, assess their IT capabilities and plan and manage IT-based initiatives. The enterprise practice, previously called the retail and distribution industry practice, has included clients, such as American Greetings Corporation, Sears Holdings, Fisher Scientific International, Inc., Deere & Company and Lowe's Companies, Inc.

Competitors

Diamond's major competitors include the Booz Allen Hamilton, IBM, InfoSys, and McKinsey & Company.

Leadership

An elite group of thought leaders, known as the Diamond Fellows, provide expertise in the areas of business, technology, and international affairs. The current roster of Diamond fellows includes:

  • David Reed – Information Architect and Independent Entrepreneur
  • Marvin Zonis – Professor, Int'l Economics University of Chicago GSB


As a still-young consulting firm, Diamond's alumni group is relatively small, but a number of its former employees have gone onto senior positions in industry, such as:

  • President, John Deere FoodOrigins (Hoffman Estates, Illinois)


or are at the head of their own ventures:

  • CEO, Echo Target (New York, New York)
  • CEO, OpenBravo (Pamplona, Spain)


References

Coming soon

  1. ^ a b c "Diamond Management & Technology Website". ""Company Facts"". Retrieved April 30. {{cite web}}: Check date values in: |accessdate= (help); Unknown parameter |accessyear= ignored (|access-date= suggested) (help)


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