RSM Ireland, the largest first-generation accounting and advisory firm in Ireland, is announcing a significant strategic investment from RSM UK. This investment will accelerate the firm’s ability to create long-term growth, continue the firm’s ambition to become advisers of choice to middle market leaders and drive increased competition in the professional services sector in Ireland.
The investment also includes RSM UK acquiring the ownership of the business from the current Board comprising John Glennon, Aidan Byrne, Catherine Corcoran Gearty and Niall May.
This major investment by RSM UK in RSM Ireland will drive greater access to talent, technology, support and expertise at RSM. The business alignment will also enable a seamless advisory service to clients in both jurisdictions and deliver direct access to a broader range of services for clients in Ireland including cyber security, ESG, and deepen sector expertise in public sector, technology, life sciences and financial services.
The investment, which will allow RSM Ireland to create at least 200 jobs in the next three years, doubling its current size, will markedly expand RSM’s share of the local large corporate marketplace and offer a firm alternative for corporate decision-makers. As well as driving an increase in the firm’s physical footprint, it will also establish new and exciting career opportunities for its own people at RSM.
Whilst RSM UK’s investment in RSM Ireland will strengthen the foundations of their collective ambition, the two firms will continue to operate as independent firms. RSM Ireland’s leadership team will continue to be responsible for the development and management of the Irish firm. The founding partners of RSM Ireland John Glennon, Catherine Corcoran Gearty and Aidan Byrne will remain in the firm in strategic leadership roles. Niall May will succeed John Glennon as managing partner in January 2024 working with RSM UK to lead the current, growing team of 200 people across Ireland.
RSM Ireland began as a start-up in 1987 and it is now one of the top 10 and fastest growing accountancy firms in Ireland, serving domestic and globally active midmarket clients, as well as the public and not-for-profit sector. More than 65% of its clients are active globally. The firm was awarded both Practice of the Year and Large Practice of the Year at the recent Irish Accountancy Awards. Since joining the RSM Network in 2016 the firm has doubled in size both in turnover and people, and has significantly deepened its service line offerings.
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RSM UK, which employs 4,700 staff, has also reported impressive financial growth. A 14.3% increase in annual revenue to a record £486m was achieved in its last financial year. The results mark consistent year-on-year growth following the previous year’s 13% revenue increase.
Both firms are members of RSM International – the sixth largest network of audit, tax and consulting firms globally. The network spans more than 120 countries, over 860 offices and more than 57,000 people, with global revenues of $8bn (£6.5bn)
Commenting on this, RSM Ireland founding and managing partner, John Glennon, said: “This is an incredibly exciting day for RSM Ireland. This investment will enable us to accelerate our investment in Irish capabilities, deepen our service offerings and expertise, and expand the breadth of services we offer to our clients. It will also offer greater opportunities to our people to progress their careers and achieve their potential. This investment will enable us to accelerate both the scaling of our firm and our investment in Irish capabilities. In recent years, whilst experiencing the global pandemic, we have grown the firm sustainably and we are the only first-generation firm in the top 10. This investment from RSM UK is the latest step in the growth journey of RSM Ireland and will support our focus on being the advisers of choice to the middle market. It is a huge vote of confidence in our firm and the Irish economy. We believe it will strengthen our marketplace position, enabling us to develop a leadership position within the Irish middle market.”
RSM UK CEO, Rob Donaldson, concluded: “This important investment marks a major statement of intent to accelerate growth and capture greater market share in Ireland. It also builds on our drive to become an ever more formidable competitor, both here in the UK and in Ireland. Both firms have achieved strong year-on-year growth – a robust financial performance that gives us the ability and confidence to keep investing in our future. I’m delighted and excited that via this strategic alignment we can harness the combined strength of both firms and the increased market access that brings, and in doing so expand the many benefits to our clients and our people.”