DURBAN (March 2020) BDO in South Africa has taken over a division of SNG Grant Thornton’s Durban office. This follows the integration into BDO, in 2018, of the Grant Thornton offices in Cape Town, Johannesburg and Port Elizabeth. During the course of 2019, BDO also acquired a 40-person strong team of Financial Services experts, enabling the firm to offer audit and advisory services to banks, asset managers, insurance companies and stock-broking firms.
Says CEO of BDO in South Africa, Mark Stewart: “The acquisition, once completed, will take our revenues in South Africa to over R1,4 billion and our staff complement to over 1 600 people across seven offices.
Durban office managing partner, Sumesh Somaroo says: “This acquisition gives us the scale we need to more than achieve our growth ambitions and to offer clients greater depth and breadth across our services. It takes our Durban staff and partner complement to 190.”
Stewart says the audit profession is still facing huge change and challenge, and the demand for in-depth, technical and industry expertise is critical. He believes BDO is now in its strongest position ever to take advantage of new opportunities in the market and to provide clients and potential employees with the only alternative to the competition.
The transaction is effective from 1 April 2020 and the regional office will continue to be led by Sumesh Somaroo.
BDO’s global revenues in 2019 were $9,6 billion, an increase of 10,1% at constant exchange rates. The organisation employs over 88 000 staff across 1 809 offices in 167 countries and territories.
BDO’s services include the full spectrum of professional services: Audit, Cloud Accounting, Company Secretarial, Business Restructuring, Business Services and Advisory, Corporate Finance, Cyber Lab, Economic Advisory, Financial Management Services, HR Advisory, Internal Audit and Forensics, Legal Services, Public Sector, Risk Advisory, Strategic Development Advisory, Tax, Tech Advisory, and Wealth Advisory.