On Wednesday, Big Four accounting firm KPMG announced that it has agreed to buy The Hackett Group's (NASDAQ:HCKT) Oracle Enterprise Resource Planning practice, adding it into KPMG's own existing ERP business. In a bonus, KPMG confirmed in a statement that after buying the practice, KPMG "will become The Hackett Group's preferred provider for Oracle ERP implementation services."
Financial terms of the deal were not disclosed, nor was an exact closing date for the transaction named. KPMG said only that the transaction is "expected to close in the near term."
The lack of detail did little to support Hackett's share price in Wednesday trading, as the shares traded down 5.1% to $4.45.