by Site Staff
January 10, 2007
Los Angeles — Jan. 10
Korn/Ferry International, a global provider of talent management solutions, has acquired LeaderSource LLC, a leadership development, executive coaching and team effectiveness consultancy based in Minneapolis.
The new entity, which will be called LeaderSource, A Korn/Ferry Company, will become a wholly owned subsidiary within Korn/Ferry's Leadership Development Solutions business.
LeaderSource headquarters will remain in Minneapolis, and its founder, Kevin Cashman, will join Korn/Ferry as president of LeaderSource, A Korn/Ferry Company.
LeaderSource had revenues in 2006 of $3.5 million. Financial details of the transaction were not disclosed.
“Korn/Ferry's acquisition of LeaderSource reinforces our commitment to providing a broad range of solutions to our clients,” said Paul C. Reilly, Korn/Ferry chairman and CEO. “We now offer the largest executive coaching network available under one talent management brand.”
This latest venture follows Korn/Ferry's August 2006 acquisition of Lominger Ltd., one of the largest providers of leadership development tools for individuals, teams and organizations.
With the acquisition of LeaderSource, Korn/Ferry's global network of executive coaches will reach nearly 200.
“This venture supports Korn/Ferry's long-term strategy of providing clients an increasing array of talent management offerings,” said Gary Burnison, Korn/Ferry chief operating officer. “We will continue to add and develop talent solutions that our clients are demanding.”
LeaderSource was founded in 1977 to create an integrated approach to transforming leaders, teams and organizations — an approach that led Fast Company to call it the “Mayo Clinic of Leadership Development.”
Since then, LeaderSource has consulted with hundreds of organizations globally and today offers a full suite of customized coaching, leadership development and team effectiveness programs.
“Joining Korn/Ferry gives us an outstanding opportunity to apply and expand our services for our clients on a more global scale, and to be associated with the talent management industry's most prominent brand,” Cashman said.