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May 18, 2009

BDO International enters Georgian market with Tblisi-based firm

(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.”

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