Azets, a provider of accountancy and business advisory services, has reached an agreement to acquire part of KPMG Sweden’s operations.
The acquired business offers audit, tax and advisory services for small and medium-sized enterprises (SMEs) along with audit-related services for municipalities and regions.
This purchase will extend Azets’ footprint to 32 cities across Sweden and double its Swedish business to Skr1bn ($91.9m).
The acquired business will become a separate division within Azets Sweden, concentrating on audit and advisory services.
This addition is in line with the company’s strategy to offer both local expertise and digital services.
Upon completion of the deal in summer 2025, Azets will welcome 270 new employees, including 14 equity partners.
Azets believes that the inclusion of KPMG’s public sector position presents it with new market opportunities, helping organisations gain access to customised client service and technology-driven solutions.
This move represents Azets’ first acquisition in the Nordics of this nature and is a critical part of the group’s broader strategy to establish a “leading” position in audit, advisory, and tax services across the region.
It also supports Azets’ goal of achieving a £1bn ($1.2bn) turnover by 2027.
Azets group CEO Chris Horne said: “This is a transformational agreement for Azets, as we look to create a platform for accelerated growth of our audit, advisory and tax business across the Nordic region. This underlines our ambition to invest in new opportunities where we are trusted to deliver sustained outcomes that meet the evolving needs of our clients.”
Azets was established seven years ago to support SMEs amid the digitalisation of financial compliance processes. It has grown into a tech-enabled provider of professional services, including accounting, tax, payroll, audit, and advisory solutions.
The company serves over 100,000 clients in eight countries, with a strong presence in the Nordics and the UK and Ireland.
KPMG partner and CEO Mathias Arvidsson said: “KPMG’s ambition to be at the forefront of auditing and strategic advisory services is strengthened by our ability to adapt to market conditions, which contributes to the development of both our own organisation and our clients’. We are confident that Azets is the right buyer for the part of the business we are divesting, and both employees and clients will be well taken care of. For all of us, this means that we will strengthen our focus on the different customer segments.”
Earlier in February 2025, Azets promoted 122 employees across various levels in its UK operations.
