The world’s ninth-largest global
accounting firm network has changed its name to Crowe Horwath
The new name combines the former Horwath
International brand with the network’s largest member, Crowe
Horwath. The US firm, which previously operated as Crowe Chizek,
took on Horwath branding last September.
Member firms will not be forced to change
their legal names at this stage but will adopt a common brand
signature, which feature the pinnacle logo and Crowe Horwath.
Crowe Horwath International chief executive
Frank Arford said the new name is the network’s first step in
building a single global brand.
The process began in 2007 when member firms
decided the biggest issue the network faced was global brand
recognition. Several different views were expressed along the way,
but member firms agreed this was the best option, Arford said.
“Crowe is pretty well known in the US, but not
outside the US, and Horwath is not very well known in North
America; so combining the two seemed like the best path,” Arford
told the International Accounting Bulletin.
Arford said the name change is a clear
indication that Crowe is firmly committed to Horwath.
The next steps in the branding revamp are to
build a global website, move towards common email addresses and
revise brand standards to provide guidelines about how to use the
logo and the trademark.
These initiatives are to be completed by the
end of 2010. The rebranding forms part of a global growth strategy
for Crowe Horwath International.
The network has signed on six new firms
already this year in Morocco, Italy, Israel, Serbia and Sri Lanka.
It has also recently fully integrated Greek audit firm SOL.
Important regions the network is still
targeting include Germany and China, where it recently lost Shu Lun
Pan Management Co, a firm which recently reported CNY650 million
($95 million) in annual revenue.
The network now has more than 140 member firms
with a combined 560 offices and 26,250 staff in more than 100
Combined revenue for the fiscal year to
December 2008 was more than $3 billion, making it the ninth largest
network according to the International Accounting Bulletin
2008 world survey.