The new accountancy firm, which allegedly plans to become a challenger to the Big Four, announced that once its latest investments are completed over the next few weeks, it will have over 3,200 people based in Norway, Sweden, Denmark, Finland, the UK and a nearshore centre in Romania.
Chaired by John Connolly, former Deloitte chairman and chief executive, and backed by investment firm HG Capital, Cogital will consist of Blick Rothenberg, the former business process outsourcing division of Visma and Baldwins, creating a firm worth of £300m in pro-forma revenues.
The firm did not disclose the terms of the transaction with Baldwins, which has 27 offices across the UK and employs 650 people.
John Baldwin, director of Baldwins said, “We undertook significant diligence on who to work with in relation to our future investment partners and we are delighted to have the opportunity to join Cogital Group and work with Hg Capital.
“We are also pleased to welcome John Connolly onto our board who, with his undoubted background as former global chairman of Deloitte, will bring a level of expertise and experience necessary to achieve our goals and aspirations.”
Cogital also acquired Visma’s business process outsourcing (VPO) division. Visma provides outsourced accounting, payroll and HR services to 20,000 businesses in the Nordic region.
In July, HgCapital also announced an investment in Blick Rothenberg, a UK leading provider of accounting, audit and tax services based in London.
Connolly commented on the latest merger with Baldwins by saying, “This is a major landmark for Cogital Group and is part of our strategy to build a different kind of advisory business, underpinned by exceptional levels of innovation and client-focused service.
“We are extremely excited about our future and strongly believe that there is a place in the market for a firm focused on entrepreneurial businesses and high net worth individuals, delivering a personal service whilst harnessing the value-enhancing role of technology.
Connolly worked as Deloitte’s global chairman for 12 years and currently chairs G4S, Amec Foster Wheeler and Radius. His new firm will provide accounting, taxation, financial and other advisory services to businesses and high net worth individuals.