EY acquires Irish technology consultancy Client Solvers
Big Four firm EY has signed a share purchase agreement to acquire Ireland based enterprise technology firm Client Solvers. The move aims to further elevate EY’s client offering across digital, technology and innovation services.
Client Solvers, which trades as Client Solutions, operates in Ireland and the UK. Founded in 1994, the company works with large private and public sector organisations, helping them to transform, refresh or extend their technology capabilities to harness the value of digital change and become more agile, lean, responsive and competitive.
Recent times have seen the demand spike for firms which can help clients upgrade their technological capacity. During the pandemic, many companies faced having to rush into new digital arrangements, if they were to keep their operations going during lockdown – and the post-lockdown trend of hybrid working has meant this trend has continued. This is something which may have attracted the attentions of potential buyers.
Frank O’Keeffe, Managing Partner, EY Ireland, commented, “Clients are increasingly seeking guidance on how to innovate and transform their business models. Unlocking ingenuity and making change happen at an ever-increasing pace is critical to how we serve our clients. We are very excited about the possibility of bringing the full power of EY and Client Solutions’ experience and knowledge to the market.”
Continuing, O’Keeffe noted that the potential deal for Client Solutions could boost the firm’s growth strategy. As Client Solutions represents “a great fit for EY clients” while the firm enhances its service offering and suite of business solutions, Client Solutions brings skills to complement EY teams’ existing credentials in the technology consulting space. This includes a broad range of technology services, such as Software Development, SAP Solutions, Service Management and Intelligent Automation.
The potential acquisition, which is subject to closing conditions including merger clearance by the Competition and Consumer Protection Commission. No financial details have been disclosed, however the deal may have been something of a bargain, considering Client Solutions recently saw its bottom-line tumble.
According to the Irish Times, the latest accounts for Client Solutions show it made a profit of €3.5 million in the year to the end of June 2020, falling more than €1 million from the €4.6 million haul a year earlier. Looking ahead, the move offers an opportunity to Client Solutions to boost its profitability once more, as part of a global professional services giant.
Teddy McCarthy, CEO, Client Solutions, said, “We look forward to the prospect of joining EY where we will continue to foster our culture of continuous improvement and innovation to deliver excellence in enterprise technology solutions. This is an exciting next step in our journey and together I am confident we will go from strength to strength in driving our clients’ success.”
Gloss