In February of 2009, what was once one of the largest solution providers of IT and management consulting services filed Chapter 11 bankruptcy. By the summer, Bearingpoint was split up and sold to other IT consultants including Deloitte Consulting and PriceWaterhouseCoopers. It was quite a fall for a firm that in 2008 was named by Businessweek magazine as one of the top 75 places to launch a career.
The company originated as a spinoff of KPMG as its own consulting unit in 1997, with the name KPMG Consulting. In 2002, the company was renamed Bearingpoint. It was No. 40 on the 2009 VAR500 ranking.