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Deloitte to merge with Horwath Sydney
October 17, 2006 - 2:04PM
Professional services firm Deloitte has announced it will merge with the Sydney office of accounting consultancy Horwath.
Horwath Sydney's 27 partners and 245 staff will be merged with Deloitte's middle-market practice Growth Solutions.
Under the merger, Deloitte's Australian staff numbers will be boosted to 344 partners and more than 3500 staff, with revenue of $650 million.
Deloitte's Australian chief executive Giam Swiegers said the merger was a good strategic fit that would increase the company's presence in the middle market.
"The Sydney office of Horwath, already a powerful player in the NSW middle market, will join our fast growing national middle market practice, Growth Solutions, where they will continue to focus on high growth companies, high net worth individuals, and listed small caps," he said.
Horwath Sydney managing director Michael Stibbard said the merger would allow the firm to build on its current expertise.
"The merger of the rest of our practice with Deloitte Growth Solutions ensures we will continue to service our middle market clients' growing needs and to provide expanded opportunities to our staff," he said.
"Our Corporate and Forensic division will complement the services already being provided by Deloitte's Forensic group, while our Business Recovery and Insolvency division will complement the services provided by Deloitte's Corporate Recovery Group."
The merger is expected to take place in February next year.
Deloitte Australia's revenue was $520 million as at May 31 this year, an increase of 8 per cent on the previous year.
Its revenue is expected to grow by 18 per cent to more than $600 million in fiscal 2007, excluding the expected revenue from Horwath.
SMH - http://www.smh.com.au/news/business...-horwath-sydney/2006/10/17/1160850915656.html
October 17, 2006 - 2:04PM
Professional services firm Deloitte has announced it will merge with the Sydney office of accounting consultancy Horwath.
Horwath Sydney's 27 partners and 245 staff will be merged with Deloitte's middle-market practice Growth Solutions.
Under the merger, Deloitte's Australian staff numbers will be boosted to 344 partners and more than 3500 staff, with revenue of $650 million.
Deloitte's Australian chief executive Giam Swiegers said the merger was a good strategic fit that would increase the company's presence in the middle market.
"The Sydney office of Horwath, already a powerful player in the NSW middle market, will join our fast growing national middle market practice, Growth Solutions, where they will continue to focus on high growth companies, high net worth individuals, and listed small caps," he said.
Horwath Sydney managing director Michael Stibbard said the merger would allow the firm to build on its current expertise.
"The merger of the rest of our practice with Deloitte Growth Solutions ensures we will continue to service our middle market clients' growing needs and to provide expanded opportunities to our staff," he said.
"Our Corporate and Forensic division will complement the services already being provided by Deloitte's Forensic group, while our Business Recovery and Insolvency division will complement the services provided by Deloitte's Corporate Recovery Group."
The merger is expected to take place in February next year.
Deloitte Australia's revenue was $520 million as at May 31 this year, an increase of 8 per cent on the previous year.
Its revenue is expected to grow by 18 per cent to more than $600 million in fiscal 2007, excluding the expected revenue from Horwath.
SMH - http://www.smh.com.au/news/business...-horwath-sydney/2006/10/17/1160850915656.html
