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KPMG Consulting raises $2B in IPO

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McLean, Va.--KPMG Consulting Inc. has raised $2 billion in its initial public offering, one of the biggest in Nasdaq history. The IPO will be closely watched by the other Big 5 consultancies, some of which are also considering going public. Big advisory firms are under pressure to tap the capital markets not only to boost their employees' compensation, but also to raise money for marketing. KPMG Consulting's former parent firm, New York-based KPMG L.L.P. and Cisco Systems Inc., San Jose, announced plans in May 2000 to bring the consulting division public. In August 1999, Cisco announced its intent to invest $1 billion in the division.
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