Accounting firm RSM Ireland has been acquired by its UK sister firm, which it says will “accelerate” its long-term growth and boost competition in the market here.
It is understood that the investment amounts to about €20 million with RSM UK acquiring the ownership of the Irish business from the current board comprising John Glennon, Aidan Byrne, Catherine Corcoran Gearty and Niall May. Irish staff were informed of the deal on Thursday.
The firm said the investment would allow RSM Ireland to create at least 200 jobs in the next three years, doubling its current size, and boosting its ability to win business in the “local large corporate marketplace”.
RSM said the UK and Irish businesses would continue to operate as independent firms.
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Mr Glennon, Ms Corcoran Gearty and Mr Byrne will remain in leadership roles while Mr May will succeed Mr Glennon as managing partner in January.
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RSM Ireland began as a start-up in 1987 and it is now ranked as the eighth-largest accounting firm in the country, serving domestic and global midmarket clients, as well as the public and not-for-profit sector. More than 65 per cent of its clients are active globally, according to the firm.
RSM UK employs 4,700 staff and reported a 14.3 per cent increase in annual revenue to a record €559 million in its last financial year. Both firms are members of RSM International, the sixth-largest network of audit, tax and consulting firms globally with combined revenues of $8 billion (€7.5 billion).
Commenting on the deal, Mr Glennon said: “This is an incredibly exciting day for RSM Ireland. This investment will enable us to accelerate our investment in Irish capabilities, deepen our service offerings and expertise, and expand the breadth of services we offer to our clients.
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“It will also offer greater opportunities to our people to progress their careers and achieve their potential. This investment will enable us to accelerate both the scaling of our firm and our investment in Irish capabilities.”
Rob Donaldson, chief executive of RSM UK, said the deal was a “major statement of intent to accelerate growth and capture greater market share” in the Irish market.
“Both firms have achieved strong year-on-year growth – a robust financial performance that gives us the ability and confidence to keep investing in our future,” he said.
