Consulting M&A Weekly Round-up (22nd to 28th October, 2023)

Hello, consulting enthusiasts! It's that time of the week again, and I'm excited to share the latest M&A news with you. This week, Accenture has once again been making headlines with not one, but two acquisitions.

However, this industry is much more dynamic than just one company, and there have been other significant deals happening as well. As your go-to source for the most insightful information, I'm here to give you the lowdown on the latest happenings.

The consulting world is always buzzing with activity, and I'm thrilled to keep you up-to-date on the industry's most prominent movements. So, buckle up and let's dive headfirst into this week's round-up to stay informed about the exciting developments shaping the consulting landscape.

#1. Accenture acquires German insurance specialist ON Service Group

Accenture has bolstered its capabilities in business process services for the insurance sector through the acquisition of ON Service Group.

ON Service Group, headquartered in Siegburg with additional offices in Hamburg and Munich, boasts over two decades of experience in providing operational services for property and casualty, life, and health insurance processes. Their team comprises approximately 200 professionals.

Now operating under the Accenture umbrella, the ON Service Group team will be seamlessly integrated into the company's Operations business unit, which specializes in managed services for business processes and technology.

Tanja Mertin, who leads Accenture Operations in Germany, Austria, and Switzerland, emphasized the benefits of managed services, stating, "Through managed services, businesses can effectively tap into digital capabilities, process expertise, and specialized talent to rapidly achieve scalable outcomes. With the addition of ON Service Group, we are further strengthening our industry-specific capabilities and services, enabling our insurance clients to excel and foster growth."

#2. Accenture buys civil engineering firm Comtech

Accenture, a global management and technology consulting firm, has completed the acquisition of Comtech Group, a civil engineering consulting company headquartered in Toronto.

Established in 1994, Comtech Group offers professional services encompassing program and project management, engineering, technical advisory, and technology integration. The firm collaborates with clients from both the public and private sectors, spanning industries like transportation and infrastructure, industrial and manufacturing, energy and utilities, and buildings and facilities.

Accenture will integrate Comtech Group into its Industry X business, originally launched as "Industry X.0" in 2017. This unit was initially established to assist industrial enterprises in enhancing their factory operations through cutting-edge technologies, including artificial intelligence, the Internet of Things, and automation.

David Morgenstern, the President of Accenture Canada, spoke about the deal by saying, "We are expanding our capabilities at a time when Canada is embarking on significant infrastructure projects. Our country boasts strong ties to manufacturing, process, and engineering sectors.”

He added, “Additionally, we are home to leading organizations in AI, automation, and robotics. Comtech Group will bolster our capacity to deliver value and drive productivity for clients in this ever-evolving landscape."

#3. Cherry Bekaert snaps up PKF Mueller

Cherry Bekaert, a prominent national mid-market accounting and consulting firm, has successfully completed the acquisition of PKF Mueller, an accounting and consulting firm based in Chicago.

Founded in 1968, PKF Mueller operates from three locations within the Chicago metropolitan area and maintains an additional office in Sarasota, Florida. As per information available on LinkedIn, the firm boasts a workforce of over 200 employees.

PKF Mueller specializes in offering a range of services, encompassing audit, risk assessment, tax consultation, and business advisory, catering to both privately held and publicly traded enterprises, local government bodies, and nonprofit organizations. The firm's consulting portfolio extends to financial consulting, international consulting, transaction services, business intelligence, as well as bankruptcy and turnaround services.

Moreover, this strategic acquisition, which also includes PKF Mueller's business process outsourcing affiliate, Mueller dotKonnect, marks a significant expansion for Cherry Bekaert in the Chicago region.

#4. Mclean Delmo Bentleys acquires Woodend-based boutique Riverwood

The national accounting and consulting firm Mclean Delmo Bentleys has completed the acquisition of Riverwood, a boutique firm located in Woodend.

Riverwood, which was founded in 2004 in the town of Woodend, situated approximately halfway between Bendigo and Melbourne, has steadily expanded over the years and now boasts a team of about 15 advisors and administrative assistants.

Among its key leaders are directors Caroline Johnston, Ross Collier, and Paul Paikos. Riverwood's client base comprises manufacturers, wholesalers, retailers, and primary producers, all of whom will now enjoy an extended range of services under the Mclean Delmo Bentleys brand.

This acquisition comes on the heels of a capital infusion from the financial services investment firm AZ Next Generation Advisory earlier this year, with the express intention of propelling growth through additional bolt-on opportunities.

#5. MNP acquires Microsoft partner Betach Solutions

MNP, a prominent national accounting and consulting firm, has successfully acquired Betach Solutions, a Calgary-based consultancy specializing in the integration of Microsoft enterprise resource planning (ERP) and customer relationship management (CRM) solutions.

Established in 2003, Betach has built a reputation for its expertise in tailoring solutions for Dynamics 365, spanning across sales, marketing, business central, field service, and customer service. The company proudly holds the title of a Microsoft gold certified partner.

MNP's acquisition of Betach marks a significant move to bolster its digital practice, which encompasses a wide range of services including advisory, applied data solutions, application development, platform services, cybersecurity, cloud services, and managed IT solutions.

This transaction also includes the seamless integration of Betach's co-founders, Lawrence Gordey and Soon Chong, into MNP. Additionally, the entire Betach team, comprising around 35 skilled professionals, will be joining MNP to collectively strengthen the firm's digital capabilities.

#6. Boutique advisory Quay Associates joins Moore in Perth

Quay Associates, a boutique suburban advisory firm, has become a part of Moore's Perth office, an accounting and consulting firm.

Moore's Western Australian branch has gladly welcomed the team from Quay Associates Chartered Accountants, a boutique tax and advisory firm. This team includes Managing Partner Brett Beaver and Business Services Director Laura Seabrooke. Notably, Brett Beaver and Laura Seabrooke founded Quay Associates in Ardross, Perth, after leaving DFK Gooding Partners in 2018.

Brett Beaver, who was a partner at DFK Gooding Partners and spent the first 17 years of his two-decade-long career in tax and advisory at that firm, expressed his thoughts on the merger: "This is an opportune moment to join Moore. It offers significant synergies and specialized expertise across both organizations, enabling us to better serve our clients in an increasingly complex and heavily regulated financial landscape."

For Moore, this marks the second expansion of its Western Australia practice in just two years, following the addition of Grobusiness Chartered Accountants in 2021.

The Moore network at the national level has also seen growth with the inclusion of ProAdvice in Geelong and LNS Private Clients in Brisbane, bringing an additional 30 professionals into the firm's existing workforce of over 500 employees across Australia and expanding their presence to a new location in Launceston.

Closing Thoughts

As we have seen this week, the world of M&A consulting continues to evolve rapidly. Keeping up with the current industry news is critical to staying one step ahead of the competition. With that in mind, I encourage you to stay informed and utilize my weekly posts for insightful and relevant knowledge.

I sincerely hope you found it helpful and make sure to reach out if there were any deals I may have missed. I'm looking forward to sharing more updates next week! Until then, keep learning and be active in your professional pursuits.