BDO South Africa has merged with CAP Chartered Accountants (CAP), effective 1 September 2014.
Based in Tyger Valler in the Western Cape Province, CAP will bring an additional ZAR22.2m ($2.1m) in revenue to BDO South Africa, according to the global network. CAP counts three partners and 54 staff.
BDO International said that the merger comes as part of the network’s current growth strategy to maximise its offerings across South Africa, extending its capabilities in the Northern Suburbs and Stellenbosch areas.
"It aligns with our global strategy of significantly increasing the size of our business in key areas," BDO South Africa CEO Mark Stewart said.
As a result of the merger, BDO South Africa will have a total of 56 partners and directors, 19 associate directors and 604 staff in five offices across the country.
CAP partner Lionel Higgo said: "We will be migrating the CAP systems to align with those of BDO over the next four months, to ensure that we have full integration by 1 January 2015. No further changes will occur within the team, which will remain based in Tyger Valley."
According to International Accounting Bulletin (IAB) most recent South Africa survey, BDO is the sixth largest network in the country with reported revenues of ZAR 380.6m in the year to 30 September 2013.
While the merger will considerable boost the network’s presence in the country it is unlikely to affect its rankings in the coming IAB South Africa survey. Indeed the fifth largest network in South Africa is Grant Thornton International with ZAR 481.4m in annual revenue in the year to 30 September 2013.