Grant Thornton Russia has decided to merge with Baker Tilly Russaudit, the Russian member firm of Baker Tilly International*. The new unified firm, dubbed Baker Tilly Russia, will operate in the audit and consulting services market of Russia, and consists of a headcount of more than 500 employees.
Grant Thornton Russia was founded in 1994, and has been a member of Grant Thornton International from 1998 to 2015. The firm offers its clients assurance and consulting services, including IFRS and statutory audit, accounting outsourcing, valuation, financial advice, tax and legal consulting. The firm has more than 300 specialists, working from its offices in Moscow, St. Petersburg and Kazan.
Founded in 1992, Baker Tilly Russaudit has grown to a headcount of more than 200 experts. The firm offers its Russian clients audit, valuation, financial consulting, tax and legal consulting services from its offices in Moscow, St. Petersburg, Nizhny Novgorod and Tver. In addition, the firm offers as outsourcing of corporate services.
The former Russian member of Grant Thornton has decided to join the Baker Tilly international network and merge with Baker Tilly Russaudit. The combined firm will trade under Baker Tilly Russia and is expected to see a turnover of 1 billion Russian roubles (or approximately $16 million at current exchange rate). The firm’s 18 partners and more than 500 employees will work from its five offices in Moscow, St Petersburg, Kazan, Nizhny Novgorod and Tver.
Commenting on the merger talks, Geoff Barnes, CEO and president of Baker Tilly International, says: “This is another example of a bold move by one of our member firms and demonstrates that our members are keen to broaden their footprint and to expand their capabilities in order to further enhance their services.”
Explaining Grant Thornton’s move, Alexander Malkov, General Director of ZAO Grant Thornton, says: “This merger of our firm with one of the leaders of the Russia's market for audit and consulting services is a significant step towards the implementation of our strategic plans. To set up an effective partnership model was one of our top priorities for a number of years and we finally succeeded.”
Malkov adds that the firm’s vision of future development and sustainable growth could not be fully implemented within the Grant Thornton International network. “Once we exited the network we needed to make some strategic choices. […] Having talked to a number of interested companies we opted in favour of Baker Tilly International, one of the 10-top international accounting networks. The partners of Baker Tilly Russaudit shared our vision for developing professional services and setting up a unified partnership in Russia. We are sure that our choice will enable us to implement our strategic plans and expand the client base, as well as the range and geography of our services, which, on the whole, will create a solid foundation for further development of the unified partnership and our clients.”
* Baker Tilly International is, with more than 27,000 professionals in 135+ countries, the world’s 8th largest accountancy and business advisory network.