BDO Norway and former Praxity member firm Inter Revisjon will merge in a bid to challenge the largest auditing and advisory firms in Norway.
The merged firm, which will continue to operate as BDO Norway, will have more than 900 employees and annual revenue of €125m ($178m).
This would make the firm a similar size to the smaller Big Four firms. Deloitte Norway reported fee income of NOK1bn ($187m) in its most recent fiscal year while KPMG reported about $172m in its 2008/2009 fiscal year. The market leader is PwC Norway with NOK1,98bn ($364m).
BDO Norway managing partner Trond-Morten Lindberg said the firm has no ambition to be similar to its large competitors and will continue to offer services in what he describes as a ‘traditional Scandinavian way’.
“Our edge is our strong local presence all across Norway. We are market leaders within the middle market, and now we are increasing our efforts to win the largest companies within this sector,” Lindberg said.
BDO’s current strategy is to expand its range of services and earlier this month the firm also acquired integrity services business, G-Partner.
As part of the transaction, G-Partner brings an engagement portfolio comprising large international corporations, a large number of small and mid-sized companies and prominent parts of the public sector. The firm also has a number of national and international NGOs in its portfolio.
“Through our purchase of G-Partner, BDO has expanded our range of services significantly, and with a quality level that is top of the market. We are also looking to grow within tax and advisory services as well as traditional accounting. We now have the market position and the financial backbone to succeed with our plans in Norway,” Lindberg said.