EY has acquired Client Solutions with the aim of elevating its client offering across digital, technology and innovation services.
Client Solutions was founded in 1994 and employs 240 people. The business serves a broad range of sectors, with a focus on digital change and transformation.
According to the company, it supports clients to improve their operations and deliver quantifiable results such as increasing throughput and capacity, improving productivity, and reducing overtime.
The Cork enterprise was established in 1994, and the takeover is subject to clearance from the Competition and Consumer Protection Commission.
Operating company Client Solver (Holding) Ltd had a turnover of €25.5m in the year to June 2020 and booked an operating profit of €3.1m.
In Association with
Period end liabilities were €13.7m and net worth was €7.2m. In 2019/20, 90% of revenue was sourced in Ireland and the balance in the UK.
Deal consideration has not been disclosed. Client Solutions’ principal shareholders are Paul Hourican, Damian Maloney, Leo Murphy, Teddy McCarthy, James Eivers, and Declan Ballantyne.
EY expects the acquisition to enhance client offerings in software development, SAP solutions, service management and intelligent automation.
EY technology consulting teams in Ireland are part of the EY Consulting service line that provides a range of client services across the areas of business consulting, technology consulting and people advisory services.
EY managing partner Frank O’Keeffe commented: “The potential acquisition of Client Solutions is hugely exciting for EY and is in line with our ambitious growth strategy.
“Clients are increasingly seeking guidance on how to innovate and transform their business models. Unlocking ingenuity and making change happen at an ever-increasing pace is critical to how we serve our clients.
“We believe that Client Solutions will be a great fit for EY clients as we enhance our service offering and suite of business solutions. The Client Solutions team has a solid reputation in the market, and their skills will complement EY teams’ existing credentials in the technology consulting space.”
Upsell opportunity
Teddy McCarthy, CEO, Client Solutions, stated: “We look forward to the prospect of joining EY. This is an exciting next step in our journey and together I am confident we will go from strength to strength in driving our clients’ success.”
Barry McCarthy, EY’s head of consulting, said EY has seen “incredible growth” across its consulting business in recent years.
“We know that this acquisition will help to really drive that growth into the future," he added.
"We are very excited too about the potential we see in us bringing the full suite of EY business capabilities - from across business consulting and people advisory services - to Client Solutions’ clients.
According to Renatus, the large EY advisory team on the deal consisted of:
M&A: An EY team made up of Luke Charleton, Robert Hussey, and Michael Murphy
Financial Due Diligence: An EY team made up of Marcus Purcell and Carthach McCarthy
Tax Due Diligence: An EY team made up of Frank O’Neill, Dave Barry, and Niall O’Lideadha
Commercial Due Diligence: An EY team made up of Helena O’Dwyer and Jim McGovern
Legal (EY Law): An EY team made up of Adam Synnott, Deirdre Malone, Eoghan Doolan, Grainne Garvao, and Louisa Burke
Client Solutions shareholders took counsel from:
Legal: An RDJ team that consisted of Gillian Keating and Liam O’Keeffe (Corporate and Commercial), David Rodgers and John Cuddigan (Tax), Diarmaid Gavin (Competition) and Brendan Cunningham (Banking).
Financial: Deloitte team, led by Derek Murphy.
