Azets has announced it has agreed a deal to combine with Norwegian firm Karabingruppen to merge the two firms in their respective fields of technology-enabled business services and management consulting. The acquisition is expected to complete on 1 April, pending regulatory approval.
Azets said the merger will form one of Norway’s largest business advisory groups, combining the capability to advise, implement and deliver innovative client solutions across a national footprint. The acquisition is Azets’ biggest in the Nordics.
Karabingruppen said its 110 staff in offices in Bergen, Oslo, Stavanger and Trondheim will join forces with Azets’ more than 1,000 employees across 50 locations in Norway, offering an “unrivalled” reach into the local markets.
According to Azets, it will buy all the shares in Karabingruppen and the four subsidiaries, whilst Karabingruppen will continue as a separate company under the current brand name.
Having demonstrated impressive growth in excess of 25% per annum, Karabingruppen expects this to accelerate as it is “further bolstered” by Azets’ depth of resource and proven expertise in the digitisation of clients’ operations, as well as access to its more than 12,000 Norwegian clients.
Azets said the two companies have already identified “a number” of areas of cooperation as well as the potential for building new business areas. Karabingruppen will work closely with the existing advisory community in Azets and optimise the use of resources and share expertise and experience.
Runar Leite, managing director of Azets Insight Norway, said: “This is a strategic acquisition and a change of pace in the industry, where a leading accounting player is clearly entering the advisory market. I am very pleased to have Karabingruppen on board in our growth journey.
“Karabingruppen has built an exceptional reputation with a strong brand in its market segments in Norway and a very solid foundation within its marketplace. They are specialists in their field and like Azets, they have growth ambitions and appreciate customers with high demands for quality of service. These are values that Azets identify with.”