(FREE) BDO International has admitted its first Georgian firm, Tbilisi Managers & Consultants.
The firm is headquartered in the capital Tblisi and has 51 staff. It will operate under the name BDO Georgia. Established in 1999, the firm focuses on audit, tax consulting, accounting and legal services. BDO said the firm has grown its revenue by about 50 percent per annum since its inception.
BDO International’s Israeli member firm has made an investment into the business and will provide strategic advice and counsel. The firm’s board of directors will consist of two members acting on behalf of current shareholders and one on behalf of the Israeli firm.
BDO Georgia managing partner Zurab Lalazashvili is a member of the Georgian Federation of Professional Accountants and Auditors, the nation’s accountancy regulator.
“The majority of our current clients are Georgian-owned companies, some privately-owned and some owned by the Georgian government, and a large number of them aspire to become multinational companies in the future,” he said.
BDO International chief executive Jeremy Newman said Tbilisi Managers & Consultants is the largest independent firm in Georgia outside of the Big Four.
“This development gives BDO a strong presence in the rapidly growing Georgian market and is in keeping with our strategy to increase our network’s representation in Eastern Europe,” he added.
Newman said forming a presence in the former Soviet nation is part of a global strategy to expand market share in regions that are not already dominated by the Big Four.
“My own view is that we need more critical mass in the network, we need to get bigger if we are to compete with the biggest players,” he said.
“However rapidly we grow in some of the developed markets, there is a limit to how much market share we can gain in the US, UK, Germany, etcetera. So if we want to gain global share we need to start to get market share in places in which we are not at the moment.”