Tech-Tack-IPO: KPMG Consulting Will Pitch Itself as Tech Player

If you're considering investing later this year in the initial public offering of KPMG Consulting, take a minute to read at least one sentence in the firm's securities filings: "Our business involves the delivery of professional services and is highly labor-intensive."

This line really says it all. Because KPMG Consulting helps companies choose technology products and manage their businesses, it would have you believe that it's in the technology game. Really, though, it's a service outfit. And as a highly labor-intensive enterprise, it has more in common with a law firm, investment bank or even a steelmaking company (for its labor component, not its capital requirements) than it does with a high-tech concern.

And yet, KPMG Consulting, flush with an alliance with and billion-dollar investment by Cisco(CSCO Quote), will cover itself in the technology flag when it attempts to go public in several months. ...