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TheStreet Open House

Towers Watson & Co. - Analyst/Investor Day

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we's tend to be very much focused on what we call our target market. And we looked at organizations that are of a size and complexity that we can have good economic relationships with them. We invest a lot in our people, tools and processes so it doesn't make sense for us to be working for smaller organizations, or for -- even for large organizations, so much on smaller projects. We need one that actually tests the people and you get the benefit of all the investments we do. So we tend to look very much at that target market and measure and reward people for assignments there.

The inorganic one, we've -- first, we did the Extend Health acquisition in the last year. That's a real good example of something that we think will pay off quite handsomely in the future. And it's the kind of acquisition that we like a lot because it's got a great cultural fit. The Extend Health people are ones that, as I've mentioned, we've known for a long time by them being our referral -- by us being a referral partner for them. We knew they were people that shared our values and that had a common approach to client service and to the market. Strategically, it fits with a great adjacency to what we did, the business that we understood, the value proposition because we've been working with our clients to choose Extend Health. It's a business that we understood what you needed to do to be successful in. So again, that great strategic fit there. And then finally, we also want to look for acquisitions where there's a good financial return on that. Roger and Bryce are going to talk a little bit about that later. But we expect to get a good financial return on Extend Health. And I think we're -- that's the same kind of thing we'll be applying as we look at potential future acquisitions.

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