As the big four auditing firms in the UK continue to grow, Deloitte and KPMG have begun expansion into technology, social media and data provision.
Deloitte founded a independent division of the firm- Deloitte Digital in 2012. After its acquisition of Ubermind Inc. (an innovative mobile agency) last year, Deloitte Digital is now buying the social media firm Banyan Branch who provides digital marketing solutions through services such as social analytics and insights, and community management. This acquisition is a part of Deloitte's strategy to add "a full suite of digital marketing services" to its current business and technology services.
KPMG is now also diversifying into data and analytics. Today, the firms first investment fund (of $100 million) was launched. The fund, formed by KPMG capital will invest primarily in firms through strategic acquisitions and technology partnerships. Investment is set to take place in multiple areas of business, such as enhancing business flexibility, regulation and compliance, improving workforce productivity and customer and revenue growth. It will also sponsor other news firms in growth sectors including energy and telecommunications.
As the diversity of these firms are widened, could it only be a matter of time before other large firms, such as the remaining members of the big four, PwC and Ernest & Young, follow Deloitte and KPMG into a new era of substantial social media and data provision investment?
Just interested in finding out the differences between each of the big 4 and who is the leading firm in the auditing market?
ReplyDeleteIn terms of client numbers, KPMG is the UK's leading auditor, who overtook PwC in the second quarter of last year. However, PwC's client base remains more profitable and remained the largest auditor of FTSE 100 businesses- so it is dependable on how you measure the firms.
DeleteEach of the big 4 is a network of firms, owned and managed independently, which have entered into agreements with other member firms in the network to share a common brand and quality standards. They are simply the four largest international professional services networks in accountancy and professional services.