Diamond Technology Partners Completes Transaction to Combine With Cluster Consulting New Firm Is DiamondCluster International, Inc. CHICAGO, Nov. 29 /PRNewswire-AsiaNet/ -- DiamondCluster International, Inc., formerly known as Diamond Technology Partners (Nasdaq: DTPI), a leading e-business services consulting firm, today announced the completion of the previously announced combination of Cluster Consulting and Diamond Technology Partners. Cluster Consulting is a pan-European management consulting firm specializing in wireless technology, Internet and digital strategies. The transaction closed late yesterday, having been previously approved by Diamond's stockholders at the Annual Meeting of Stockholders on November 21, 2000. The combination received approval by Diamond's board of directors prior to the September 11, 2000 announcement of the proposed merger. The combined company has been renamed DiamondCluster International, Inc. The combination is consistent with both Diamond and Cluster's strategic plans to become the worldwide leader in digital strategy and solutions delivery. The new company builds on the strengths and market leadership of each organization. DiamondCluster International leverages Diamond's innovative work in creating and implementing digital strategies with Cluster's leading-edge broadband wireless industry and application expertise in Europe and South America. "This combination opens new geographic markets, increases our industry breadth and depth, and adds critical broadband wireless technology expertise," said Mel Bergstein, chairman and CEO of DiamondCluster International. "Mobility will be a major disrupter for businesses in virtually every industry and every country; it will open the way to a world in which customers can get information any time, anywhere, from any device. DiamondCluster is the firm that can help companies take advantage of this. "Diamond and Cluster have been working together successfully for several months now, recruiting, selling and delivering work," Bergstein continued. "While we recognize there is more to do, we are very pleased with the integration thus far." Diamond paid $44 million in cash and an aggregate of 13.8 million shares and options for shares of Diamond's Class B Common Stock. The majority of the options will vest over five years. The transaction is valued at approximately $575 million and will be amortized over five years. The company expects that Cluster Consulting will add approximately $7.0 million in revenue to the combined reporting entity in the quarter ending December 31, 2000. Mel Bergstein, chairman and CEO of Diamond Technology Partners, remains chairman and CEO of the new company. Javier Rubio, CEO of Cluster Consulting, is now president of Europe and Latin America and a member of the DiamondCluster board of directors. Adam Gutstein, president of Diamond Technology Partners, is now president of North America for DiamondCluster. Mike Connolly, COO of Diamond, is now president of Global Diamond MarketSpace Solutions (DMS) for DiamondCluster. Gutstein, Rubio and Connolly will report to Bergstein. Karl Bupp, CFO of Diamond, remains CFO of the combined company. Ferran Soriano, vice president of corporate development for Cluster Consulting is now managing director of practice operations responsible for marketing, skill competencies, knowledge management, and industry verticals worldwide. Bruce Quade remains chief people officer of DiamondCluster. Chunka Mui remains chief innovation officer for DiamondCluster. Mike Mikolajczyk and John Sviokla remain vice chairmen for DiamondCluster. Client operations will continue to be managed regionally. European region leads will include Andrew Robinson, managing director of Northern Europe and Jordi Vinas, managing director of Southern Europe. Sandeep Chugani will be managing director, Eastern Region, North America. Kevin Grieve will be managing director, Western Region, North America. Anthony Abbattista will be managing director, DMS, North America. DiamondCluster's corporate headquarters will remain in Chicago and the company will have offices in Barcelona, Boston, Dusseldorf, Lisbon, London, Madrid, Munich, New York, Paris, San Francisco and Sao Paulo. About DiamondCluster International DiamondCluster International, Inc. (Nasdaq: DTPI) is a premier business strategy and technology solutions firm, delivering value to clients worldwide by developing and implementing innovative digital strategies that capitalize on the opportunities presented by new technologies. DiamondCluster was established in 2000 by the combination of Diamond Technology Partners, founded in 1994, and Cluster Consulting, originally established in 1993. The combined firm has more than 1,000 consultants serving Global 2000 clients in such industries as financial services, consumer and industrial products and services, telecommunications and energy, healthcare and insurance. Headquartered in Chicago, DiamondCluster also has offices in Barcelona, Boston, Dusseldorf, Lisbon, London, Madrid, Munich, New York, Paris, San Francisco and Sao Paulo. Visit www.diamondcluster.com for more information. Forward Looking Statements Statements in this press release that do not involve strictly historical or factual matters are forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws. Forward-looking statements involve risks and uncertainties and speak only as of the date of this release. Actual results may differ materially due to such factors as the ability of the Company to successfully integrate acquisitions, possible termination of projects by major clients, variations in the timing, initiation or completion of client assignments, recruitment and retention of personnel, absence of long-term contracts with clients, growth management, project risks, and technological advances. Material risks and uncertainties are highlighted in our filings with the SEC including the Form 10-Q for the quarter ended September 30, 2000, as well as the Form S-4 associated with the proposed combination of Diamond and Cluster, which was initially filed on October 12, 2000 and amended on November 6, 2000. SOURCE: DiamondCluster International, Inc. CONTACT: Investors, Julia Wallace Potter, Office, 312-255-5055, Cell, 312-961-5487, e-mail, [email protected], or Media, (U.S.) David Moon, Office, 312-255-4560, Cell, 708-557-6917, e-mail, [email protected], or (Europe) Kirsty Brown, Office, 34-93-507-9000, Cell, 34-61-0255-760, e-mail, [email protected], all of DiamondCluster International, Inc./ Web site: http://www.diamondcluster.com / -End-