<PAGE>
                                                                      EXHIBIT 99
 
         will be required in 1996, establishes financial accounting and
         reporting standards for stock-based employee compensation plans.

              The Company has not determined the effects of implementing
         SFAS 121 and SFAS 123 on its financial position and results of
         operations for any future period.

         Certain Factors That May Affect Future Results

              The following important factors, among others, could cause
         actual results to differ materially from those indicated by
         forward-looking statements made in this Annual Report on Form 10-K
         and presented elsewhere by management from time to time.

              Dependence on Gemini.  Pursuant to the Teaming Agreement, the
         Company and Gemini have agreed to market and perform certain
         service offerings on a collaborative basis.  The Company currently
         relies on Gemini for a significant portion of the Company's
         marketing activities.  Approximately 79% and 54% of the Company's
         revenues in 1994 and 1995, respectively, resulted from its
         relationship with Gemini; approximately 65% and 24%, respectively,
         of revenues were from services billable to Gemini and
         approximately 14% and 30%, respectively, of revenues were from
         services billable directly to third parties.  As a result, the
         Company's success is currently dependent in large part on the
         success of Gemini's marketing efforts.  

              Gemini has committed to provide the Company with certain
         minimum bookings during the term of the Teaming Agreement, subject
         to the satisfaction of certain conditions.  In the event that
         during any of the six month periods during the term of the Teaming
         Agreement bookings obtained by Renaissance from Gemini customers
         or customers of joint service offerings by Renaissance and Gemini
         are less than specified guaranteed bookings, Gemini has agreed,
         subject to the satisfaction of certain conditions, to retain the
         services of Renaissance for a fee equal to the amount of the
         deficiency.  Purchase orders from Gemini providing for Renaissance
         to perform services over no more than a twelve month period and
         containing certain other terms qualify as bookings under the
         Teaming Agreement.  If at the end of any twelve month period
         covered by a purchase order from Gemini, a bookings deficiency
         still remains, Gemini is required to make a compensating payment
         to Renaissance of 25% of the remaining deficiency (50% with
         respect to any remaining deficiency relating to the six month
         period ending April 30, 1996) in full satisfaction of the
         remaining deficiency.

              The Company monitors Gemini's progress in meeting its
         bookings commitments through regular conference calls and meetings
         with Gemini representatives.  "Bookings" are generally defined for
         purposes of the Teaming Agreement as gross fees (excluding expense
         reimbursements) committed to Renaissance as a result of the


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         relationship with Gemini during the applicable period, as
         evidenced by a written agreement between the Company and the
         customer for the delivery of goods or services within twelve
         months, plus any such fees actually collected by the Company
         during such period which are not evidenced by a written agreement.
         Gemini generally is treated as having satisfied its bookings
         commitment regardless of whether revenues are recognized by
         Renaissance with respect to a particular engagement.  For example,
         under the Teaming Agreement, 50% of the fees attributable to a
         cancelled contract count towards Gemini's bookings commitment if
         such cancellation is not primarily attributable to the actions or
         omissions of Gemini.  In accordance with industry practice, nearly
         all of the Company's contracts are terminable by either the
         customer or the Company on short or no notice and without penalty.
         In addition, Gemini does not guarantee the collectibility of any
         receivables resulting from customer engagements under the Teaming
         Agreement.  

              The Teaming Agreement has a term of five years, commencing on
         November 1, 1994.  The Teaming Agreement is subject to earlier
         termination upon the occurrence of certain events, including a
         change in control of the Company (as defined in the Teaming
         Agreement).  In the event that the Teaming Agreement is terminated
         by Gemini during the first four years following the commencement
         of the Teaming Agreement as a result of the Company's breach or
         bankruptcy or as a result of a change in control of the Company,
         Renaissance is required to pay a termination fee to Gemini in the
         amount of $1,600,000.  While the Company is currently building its
         internal marketing force and seeking additional strategic
         alliances, the termination of the Teaming Agreement would have a
         material adverse effect on the Company's business and results of
         operations.  

              Under the Teaming Agreement, the Company has agreed to train
         Gemini in the use of the Company's Balanced Scorecard, desktop
         application and certain other methodologies during the first four
         years of the term of the Teaming Agreement and to perpetually
         license these methodologies, to the extent developed during the
         first four years of the term of the Teaming Agreement, to Gemini
         on a non-exclusive basis.  As a result, during the term of the
         Teaming Agreement Gemini personnel may perform services in
         connection with joint service offerings which might otherwise be
         performed by Company personnel.  In addition, following the
         termination of the Teaming Agreement, Gemini will be in a position
         to compete with the Company using know-how and methodologies which
         might otherwise be proprietary to the Company.  

              Pursuant to the Teaming Agreement, Renaissance has agreed not
         to work for or enter into any comparable teaming agreement with
         certain specified competitors of Gemini during the term of the
         Teaming Agreement and for a period of one year thereafter.  In
         addition, the Teaming Agreement imposes certain restrictions on


                                      31
<PAGE>
 
         the ability of the Company to issue additional capital stock and
         on the ability of the Company's principal stockholders to dispose
         of their Common Stock prior to the first anniversary of the
         termination of the Teaming Agreement.  These provisions may have
         the effect of delaying or preventing transactions involving a
         change in control of the Company, including transactions in which
         stockholders might otherwise receive a premium for their shares
         over then current market values.  

              Concentration of Revenues.  The Company has in the past
         derived, and may in the future derive, a significant portion of
         its revenues from a relatively limited number of major projects.
         The Company's revenues and earnings can fluctuate from quarter to
         quarter based on the number of customer engagements and the
         requirements of these engagements.  In accordance with industry
         practice, nearly all of the Company's contracts are terminable by
         either the customer or the Company on short or no notice and
         without penalty.  An unanticipated termination of a major project
         could have a material adverse effect on the Company's business and
         results of operations.  

              Variability of Quarterly Operating Results.  Variations in
         the Company's revenues and operating results occur from quarter to
         quarter as a result of a number of factors.  Quarterly revenues
         and operating results can depend on the size of customer
         engagements during a quarter, the number of working days in a
         quarter and employee utilization rates.  The timing of revenues is
         difficult to forecast because the Company's sales cycle is
         relatively long in the case of new customers and may depend on
         factors such as the size and scope of assignments and general
         economic conditions.  Because a high percentage of the Company's
         expenses are relatively fixed, a variation in the level of
         customer assignments can cause significant variations in operating
         results from quarter to quarter and could result in losses.  The
         Company attempts to manage its personnel utilization rates by
         closely monitoring project timetables and staffing requirements
         for new projects.  While the number of professional staff may be
         adjusted to some degree to reflect active projects, the Company
         must maintain a sufficient number of senior professionals to
         oversee existing customer projects and participate in securing new
         customer engagements.  In addition, most of the Company's
         engagements are terminable without customer penalty.  An
         unanticipated termination of a major project could result in an
         increase in underutilized employees and a decrease in revenues and
         profits or the incurrence of losses.  

              Limited Operating History.  The Company was organized in
         March 1992.  Although the Company has been profitable in each of
         its last eight quarters, and has recorded net income of $2.8
         million and $3.7 million (or $2.2 million and $3.3 million if the
         Company had been taxable as a C corporation for the entire fiscal
         year) for the twelve months ended December 31, 1994 and 1995,


                                      32
<PAGE>
 
         respectively, the Company recorded a net loss of $1.7 million
         (both on an actual basis and if the Company had been taxable as a
         C corporation) for the twelve months ended December 31, 1993.  In
         1994 and 1995, the Company experienced a significant increase in
         customer assignments and substantial revenue growth and
         profitability.  Due to the Company's limited operating history,
         there can be no assurance that the recent revenue growth and
         profitability will continue.  In order to support the growth of
         its business, the Company expanded its operations during 1994 and
         1995 and expects to continue such expansion.  The planned increase
         in the Company's operating expenses resulting from this expansion
         may adversely affect the Company's operating results and
         profitability if revenues do not increase as anticipated.

              Dependence on Principal Service Offerings; Need to Develop
         New Offerings.  The Company currently derives substantially all of
         its revenue from two service offerings, consulting services based
         on its Balanced Scorecard methodology and client/server systems
         integration services relating to the design and development of
         desktop applications to support business processes.  Any factor
         adversely affecting the sales or profitability of these services
         could have a material adverse effect on the Company's business and
         results of operations.  The market for desktop applications of the
         type offered by the Company is new, reflecting the greater use of
         client/server architecture and related computer and computer
         software technology.  Accordingly, there can be no assurance that
         this market will develop as anticipated by the Company.  

              The Company's future success will depend in significant part
         on its ability to successfully develop and introduce new service
         offerings and improved versions of existing service offerings.
         There can be no assurance that the Company will be successful in
         developing, introducing on a timely basis and marketing such
         service offerings or that any service offerings will be accepted
         in the market.  Moreover, services offered by others may render
         the Company's services non-competitive or obsolete.

              Project Risks.  Many of the Company's engagements involve
         projects which are critical to the operations of its customers'
         businesses and which provide benefits that may be difficult to
         quantify.  The Company's failure or inability to meet a customer's
         expectations in the performance of its services could result in
         the incurrence by the Company of a financial loss and could damage
         the Company's reputation and adversely affect its ability to
         attract new business.  In addition, an unanticipated difficulty in
         completing a project could have an adverse effect on the Company's
         business and results of operations.  

              Management of Growth.  The Company is currently experiencing
         a period of rapid growth which has placed and could continue to
         place a strain on the Company's financial, management and other
         resources.  The Company's ability to manage its staff and


                                      33
<PAGE>
 
         facilities growth effectively will require it to continue to
         improve its operational, financial and other internal systems and
         to train, motivate and manage its employees.  If the Company's
         management is unable to manage growth effectively and new
         employees are unable to achieve anticipated performance levels,
         the Company's business and results of operations could be
         adversely affected.  

              Competition.  The management consulting and client/server
         systems integration markets are subject to rapid change and are
         highly competitive.  The Company competes with and faces potential
         competition for customer assignments and experienced personnel
         from a number of companies that have significantly greater
         financial, technical and marketing resources, generate greater
         revenues and have greater name recognition than does the Company.
         In addition, the management consulting and client/server systems
         integration markets are highly fragmented and served by numerous
         firms, many of which serve only their respective local markets.
         The Company's customers primarily consist of major corporations,
         and there are an increasing number of professional services firms
         seeking management consulting and client/server systems
         integration engagements from that customer base.  The Company
         believes that the principal competitive factors in the management
         consulting and client/server systems integration industries
         include the nature of the services offered, quality of service,
         responsiveness to customer needs, experience, technical expertise
         and price.  There can be no assurance that the Company will
         continue to compete successfully with its existing competitors or
         will be able to compete successfully with any new competitors.

              International Operations.  Sales outside North America
         accounted for approximately 15.7% of the Company's revenues in the
         year ended December 31, 1995.  The Company intends to expand its
         presence in European markets and anticipates that international
         sales will account for an increasing portion of revenues in the
         future.  International revenues are subject to a number of risks,
         including the following: agreements may be difficult to enforce
         and receivables difficult to collect through a foreign country's
         legal system; foreign customers may have longer payment cycles;
         foreign countries could impose additional withholding taxes or
         otherwise tax the Company's foreign income, impose tariffs or
         adopt other restrictions on foreign trade; fluctuations in
         exchange rates could affect product demand and adversely affect
         the profitability in U.S. dollars of services provided by the
         Company in foreign markets where payment for the Company's
         services is made in the local currency; U.S. export licenses may
         be difficult to obtain; and the protection of intellectual
         property in foreign countries may be more difficult to enforce.
         There can be no assurance that any of these factors will not have
         a material adverse effect on the Company's business and results of
         operations.  



                                      34
<PAGE>
 
              Intellectual Property Rights.  The Company relies upon a
         combination of trade secret, nondisclosure and other contractual
         arrangements, and copyright and trademark laws to protect its
         proprietary rights.  The Company presently holds no patents or
         registered copyrights, trademarks or service marks.  The Company
         generally enters into confidentiality agreements with its
         employees, consultants, customers and potential customers and
         limits distribution of its proprietary information.  There can be
         no assurance that the steps taken by the Company in this regard
         will be adequate to deter misappropriation of its proprietary
         information or that the Company will be able to detect
         unauthorized use and take appropriate steps to enforce its
         intellectual property rights.  Although the Company believes that
         its services and products do not infringe on the intellectual
         property rights of others, there can be no assurance that such a
         claim will not be asserted against the Company in the future.  


         ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

              All financial statements required to be filed hereunder are
         filed as Appendix A hereto, are listed under Item 14(a), and are
         incorporated herein by this reference.


         ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                   ACCOUNTING AND FINANCIAL DISCLOSURE

              Not applicable.

                                      PART III

         ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

              The information required by this item is contained in part
         under the caption "Executive Officers of the Company" in PART I
         hereof, and the remainder is contained in the Company's Proxy
         Statement for the Company's Annual Meeting of Stockholders to be
         held on May 10, 1996 (the "1996 Proxy Statement") under the
         caption "PROPOSAL 1 - ELECTION OF DIRECTORS" and is incorporated
         herein by this reference.

              Officers are elected on an annual basis and serve at the
         discretion of the Board of Directors.


         ITEM 11.  EXECUTIVE COMPENSATION

              The information required by this item is contained under the
         caption "PROPOSAL 1 - ELECTION OF DIRECTORS" in the Company's 1996
         Proxy Statement and is incorporated herein by this reference.  



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