Are you ready for another round of mergers and acquisitions in the consulting world? Well, you’re in luck because we’ve got some interesting deals to share with you.
EY and professional services firm AAB have made some noteworthy acquisitions, and we can’t wait to break it all down for you. But that’s not all – there are a couple of other deals in the mix too.
So, buckle up and get ready for the inside scoop on the latest and greatest in the world of consulting mergers and acquisitions. Let’s dive in!
#1. EY announces acquisition of whyaye
Big Four corporation EY has announced that it has acquired whyaye, a Newcastle-based firm which specializes in ServiceNow platform-specific services.
whyaye is a brand of consulting services with over 120 employees. The name is derived from the Geordie dialect, where “why aye” is simply an enthusiastic “yes.” Whyaye has been a specialized service provider for the ServiceNow platform since its inception in 2019. This digital network combines various company data and processes into a streamlined, integrated, and automated services management solution.
As the demand for digital consulting services in the United Kingdom increases, this positioning has attracted the interest of EY. To meet these demands, the Big Four firm has acquired whyaye as part of its ongoing investments in its technology consulting services.
#2. Australian cloud consultancy Versent gets put up for sale
The Australian cloud consultancy Versent is up for sale, according to a report from the AFR, with a prospective valuation of $500 million. The Melbourne-based company was founded in 2010.
The article cited Goldman Sachs sales documents currently before large buyout funds that describe the company’s recent performance. Less than ten years old, Versent presently generates approximately $150 in annual revenue, with plans to double that amount within the next three years.
Established in Melbourne in 2014 by former NAB employees Thor Essman and James Coxon, the consultancy has since expanded to include offices in every Australian mainland state capital as well as international outlets in Singapore and the United States (an expansion into New Zealand is currently underway), which collectively employ more than 600 professionals.
Versent’s proprietary AWS cloud management platform Stax is a significant incentive for prospective buyers, with the subsidiary recently signing a multimillion-dollar strategic collaboration agreement with AWS to support its Southeast Asian and North American expansion plans.
#3. Alantra advises sale of Objectivity to Accenture
Alantra, a global transactions advisory firm, has been instrumental in Accenture’s agreement to acquire Objectivity. Professionals from Alantra assisted Objectivity shareholders throughout the entirety of the transaction.
Founded in 1991 by Rob Helle and headquartered in Coventry, Objectivity is an international IT software development company specializing in custom software solutions, digital transformation, and IT consulting. Staff members at Objectivity serve clients from diverse industries, including retail, health and social care, finance, and manufacturing, among others.
Professionals from the global investment banking firm Alantra advised the shareholders of Objectivity on the sale of the business. James Chapman-Andrews, Simon Roberts, Milan Vashi, and Sheroze Malik provided advice on Objectivity.
The head of technology at Alantra stated that the CEO of Objectivity and the Objectivity team have built a phenomenal business with an unparalleled delivery footprint and this transaction marks a major milestone for them. He further added that it has been a pleasure working closely alongside the team for the last 18 months to prepare for this event and looks forward to following their progress in this next chapter.
#4. Professional Services Firm AAB purchases French Duncan amid UK expansion
AAB, a provider of professional services, has announced its largest acquisition to date: the acquisition of audit and advisory firm French Duncan.
French Duncan, which was established as a chartered accountancy firm in 1902 offers accounting services, including bookkeeping, financial statement preparation, and tax compliance services. Moreover, the firm assist clients with tax planning, ensuring they optimize their tax positions while complying with relevant regulations. French Duncan also offers auditing services, conducting independent examinations of financial records to provide assurance on the accuracy and integrity of financial statements.
The move strengthens the team’s capacity to provide client-focused services to businesses and individuals in the group’s key growth region. The combined AAB and French Duncan teams in Central Scotland now number more than 350 members.
In addition to bolstering existing AAB Group specialist teams in audit, tax, business advisory, corporate finance, and human resources, the news introduces more than 50 leisure and hospitality finance specialists who offer bespoke hotel accounting services to clients in the United Kingdom.
In conclusion, this week has been an exciting journey of exploring the news in M&A. We are grateful that our readers have had the chance to stay up-to-date on the latest consulting industry developments.
Additionally, we appreciate our readers viewing our article by investing their valuable time with us. As we go on our way to continue sniffing out even more news from around the world, we hope that you stay well informed and stay one step ahead of everyone else in the game.
Until next time, take care and keep your fingers tapping for more updates!