Deloitte, one of the Big Four global accounting firms, has agreed to buy Fredericton-based tech consultancy SwiftRadius, marking the second time this year an accounting practice has bought an Atlantic Canadian tech company.
The companies did not reveal the value of the deal, only saying it will close in January. In May, Saint John-based Ambir Solutions, one of Atlantic Canada’s leading technology consultancies, said it would join EY Canada (formerly Ernest & Young) as part of its business consultancy division.
In a statement last week, Deloitte said the transaction will enhance its Atlantic presence. It will open a new Deloitte office in Fredericton and add IT professionals in Saint John, Moncton and Charlottetown. The consulting practice will benefit from SwiftRadius’s expertise in the health care, energy and public sector segments.
“SwiftRadius is one of the most innovative and well-recognized IT and business consulting firms in this part of the country,” Mathew Harris, Deloitte’s Managing Partner for the Atlantic region, said in the statement. “The team’s client service approach and technical expertise are second to none, and we’re proud to be bringing them on board. With this acquisition, we’re making a strategic investment in supporting the continued growth of businesses in Atlantic Canada.”
The union of Deloitte and SwiftRadius brings together two outfits with special positions in the Atlantic Canadian startup community.
Deloitte has been a sponsor of several startup events and facilities in the region, and its annual Canadian TMT Predictions are accompanied by a thought-provoking roadshow led by Duncan Stewart, director of research at Deloitte Canada. (TMT stands for technology, media and telecommunications.)
In bringing aboard SwiftRadius, Deloitte is acquiring a consultancy that has a special interest in the startup world. In 2012, it spun off Adeptio, a Charlottetown startup that went through the Launch36 accelerator and received funding from the BDC Venture Capital.
In April, SwiftRadius launched a new partnership with Forth Innovation, a Dutch business consultancy, to roll out the European firm’s innovation program in the North American market.
“We created SwiftRadius to help companies and government organizations transform their business processes through innovative uses of technology, and this transaction amplifies our ability to do that,” said company founder and CEO Scott MacIntosh. “With the combined strengths of our two teams and the assets of Deloitte behind us, we’ll be able to offer clients a remarkable level of service. It’s a case of one plus one equals three.”
Entrevestor receives financial support from government agencies that support start-up companies in Atlantic Canada. The sponsoring agencies play no role in determining which companies are featured in this column nor do they have the right to review columns before they are published.