The team consists of approximately 300 employees across Sweden. According to its Transparency Report for 2016/2017, KPMG Sweden employed 1,700 employees in total, with 99 partners.

The move is the second acquisition by IK in 2018 from the Big Four. In February, it acquired Aspia, which operated as a separate division within PwC. Aspia has approximately 1,100 employees across Sweden and provides accounting, payroll and related advisory services to SMEs.

IK said the plan was to integrate Aspia and Business Accounting Services, and the combined entity will operate under the brand name of Aspia. Together, the two businesses had a turnover of more than SEK 1.25bn.

Service line leader at PwC and Incoming CEO of Aspia Magnus Eriksson said: “Aspia and Business Accounting Services share similar expertise, service offering, customer base and presence as well as cultural heritage. Both companies have a vision to innovate and create new ways of working for SME businesses, especially through our strong digital service offering, and we can’t wait to welcome our new colleagues.”

The terms of the transaction were not disclosed. The transaction is subject to customary approvals.