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EY has acquired ifb, an international finance and risk transformation and compliance consultancy that is headquartered in Grünwald, Germany.
Following the move, it will be branded EY ifb. EY said the acquisition will “enhance the breadth and depth” of its finance and risk transformation and compliance capabilities.
Ifb provides high-end technology enabled transformation services in accounting, controlling, regulation, risk management and compliance.
More than 400 ifb employees – including partners – in Germany, Switzerland, Austria, Poland, Netherlands, Luxemburg, US, Canada and Colombia will join EY following the acquisition, enhancing the firm’s capabilities in financial and risk management.
EY added that the acquisition will enhance its technology-enabled capabilities in key areas, including: business and technology consulting in finance and risk transformation topics, technology solutions delivery, and managed services.
Ifb will also bring “broad experience and know-how” in financial services SAP domain and architecture, which will reportedly enable EY teams to provide stronger transformation services, particularly in SAP transformation projects.
Omar Ali – EY EMEIA Financial Services regional managing partner said: “The expectations for financial services firms to transform their businesses has never been higher. Clients are looking for EY teams to provide transformation services with the support of EY Alliance partners like SAP.
“The EY and ifb organisations have built a relationship over the years doing just that, and now we are delighted to be welcoming Christian Moser and Claus Stegmann and the ifb teams to EY, so that we can continue to do this for more clients around the globe. They will join growing teams – our European Financial Services technology consulting businesses grew by circa 40% in the past year and I have no doubt they will help EY teams to continue providing the services our clients need.”
Alex Birkin – EY EMEIA Financial Services consulting leader added: “This acquisition will enhance EY consulting services, enabling EY teams to deliver complex, large-scale finance and risk digital transformation projects for the financial services industry.
“EY and ifb organisations have a proven business relationship, providing transformative technology-enabled financial and risk management and compliance services to many EY financial services clients. This acquisition is part of the wider EY Financial Services Consulting growth strategy in Europe and across the globe. I look forward to the many opportunities it will create for EY clients and teams.”
Claus Stegmann, ifb group managing director, said: “This acquisition will provide ifb clients with easier access to the full range of services they require to undertake large, complex financial and risk transformation projects – from developing a holistic architecture to enabling more efficient regulatory compliance – with professionals operating under a single brand around the world.”
Christian Moser, ifb group managing director concluded: “ifb brings a unique technology capability, which aligns closely with EY business consulting teams’ experience, skills and knowledge. The combination of ifb services in technology and business consulting, and EY broader consulting services, will provide an even more powerful value chain to support clients in the finance transformation space.”
