BDO adds 57 professionals to South African business
BDO South Africa and CAP Chartered Accountants have announced the conclusion of their merger, effective as of 1 September 2014. With the merger, BDO’s headcount in the country grows to 56 partners and Directors, 19 Associate Directors and 604 staff working from its five offices across the Western Cape.
CAP Chartered Accountants (CAP) is a professional services firm that provides audit, accounting, taxation, estate planning, management and financial services. The firm is based in Tyger Valley in the Western Cape, and has a headcount of three partners and 54 employees.
In line with its growth strategy to maximise offerings across South Africa, accounting and consulting firm BDO has decided to merge CAP into its business. With the merger, BDO’s capabilities in the Northern Suburbs and Stellenbosch areas will be expanded. “We are delighted with this partnership and the value that it will add to all our clients, it aligns with our global strategy of significantly increasing the size of our business in key areas,” says Mark Stewart, CEO of BDO South Africa.
South African merger
As part of the merger, the three partners and 54 CAP staff will be added to BDO in the Western Cape*, bringing the headcount to a total of 56 partners and Directors, 19 Associate Directors and 604 staff. “We will be migrating the CAP systems to align with those of BDO over the next four months, to ensure that we have full integration by 1 January 2015. No further changes will occur within the team, which will remain based in Tyger Valley,” adds Stewart. The three CAP partners will become BDO partners.
“The decision was made in line with our continued commitment to provide our clients with service of the highest quality and to provide our staff with the best possible opportunities. We are excited to be part of an internationally recognisable brand which will afford us access to the support of a global network and specialist services within South Africa,” says Lionel Higgo, Partner at CAP.
The merger will grow BDO’s revenue in South Africa with $2.1 million.
* BDO South Africa has 5 offices - in Johannesburg, Pretoria, Durban, Cape Town and Tyger Valley.
