Two Irish firms have joined forces to combine their experience, extend their client reach and to help businesses through turbulent post-Brexit trade changes.
Financial services firm BDO Ireland has launched a new business following a merger with Irish management consulting firm Eaton Square, creating 100 new roles for management consultants spread across Dublin, Cork and Limerick over the next three years.
Eaton Square will now operate as BDO Eaton Square following this agreement. The financial settlement reached as part of the merger remains undisclosed.
It is hoped that this new division will deliver 30pc year-on-year growth over the next three years and generate €20m in annual revenues.
Eaton Square was established in 2012 by Aidan McHugh and David O’Connor, touting itself as a boutique alternative to the larger Big Four consultancy firms.
Quoted in the Irish Examiner, managing partner of BDO Ireland, Michael Costello, said there was an increased demand for a suite of services to make the post-Brexit customs union transition smoother for any companies looking to break into new markets in continental Europe.
“There has not been too much customs union expertise out there. The Brexit vote was not anticipated but it has changed the landscape for many businesses, whether they are multinationals or SMEs,” said Costello.
“There is a deficit for SMEs in strategic planning, and bodies like Enterprise Ireland would say more expertise in the area is needed.”
BDO Ireland is a member of the international BDO network, the “world’s largest European-led accounting network” with offices in 162 countries, according to the company’s website.
Minister for Business, Enterprise and Innovation Heather Humphreys, TD, was quoted in The Irish Times as saying: “This announcement and the resulting jobs created is another tangible indication that Ireland’s professional services industry is going from strength to strength.”
This is the second significant merger announced today, as Carlow-headquartered security monitoring company Netwatch also revealed that it is to double in size after merging with three companies in the US and the UK.