Monitor Company, the consulting firm set up by strategy gurus and Harvard Business School professors Michael Porter and Mark Fuller in 1983 has declared bankruptcy, while simultaneously announcing a merger with professional services company Deloitte Touche Tohmatsu Ltd, which will acquire its worldwide assets.
In a release, the firm which at its peak competed aggressively with the likes of Boston Consulting Group and Bain and Co. declared “the assets will be sold by means of a court-approved sale under Section 363 of the US Bankruptcy Code.”
In the release, Bansi Nagji, president of Monitor, said: “Monitor has built a unique brand in the field of strategy consulting over 30 years, renowned for highly customized client solutions and world class intellectual property and thought leadership. Our talent base—from partners to employees—is of the highest quality, working collaboratively across borders to serve our outstanding network of global clients. The opportunity to marry these qualities with the extraordinary strengths of Deloitte, and to invest together to serve our clients’ rapidly evolving needs, is hugely motivating.”
Headquartered in Cambridge, Massachusetts, Monitor has had blue-chip corporate and sovereign clients, often helping them restructure their business or find fresh focus. However, the firm sullied its reputation when it was disclosed in 2011 that the firm had accepted a multi-million dollar contract with the Libyan government, aimed at improving the country’s dictator Muammar Gadhafi’s image and profile worldwide.