EY acquires German financial services consulting firm Innovalue

13 July 2016 Consultancy.eu 2 min. read

German consultancy Innovalue has been purchased by Big Four firm EY. The deal, which is awaiting approval from European antitrust watchdogs, will see EY further strengthen its financial services hand, following the acquisition of Belgian firm A-THREE in the same week.

Professional services giant EY has confirmed its acquisition of Innovalue. Innovalue is one of the leading strategic advisory firms in the German insurance sector, but also works with clients across Europe. The organisation was founded in 2001 – and over the following 15 years it has grown to employ more than 65 staff in offices spread across the EU’s largest economy, with presences in Hamburg and Frankfurt, as well as a spot in Europe’s financial hub, London.

The deal, which will conclude for an undisclosed fee, sees the German firm rebrand as EY Innovalue, as EY’s campaign of investment in its the advisory business within financial services continues to take in new blood. Most recently this saw EY purchase Belgian financial consultancy A-THREE – as the firm sought to match Big Four rivals PwC, who snapped up Handson & Partners, a tax compliance and accounting services provider, in 2016.

Ey Innovalue

EY’s latest European deal is still subject to approval by the antitrust authorities, but should be completed in the third quarter of 2016. The current partner team consisting of Christian Mylius, Dr. Stephan C. Maier, Marco Gerhardt and Hans Eder (Insurance) as well as Kai-Christian Claus and Andreas Habersetzer (Payments) will continue to grow the business of EY Innovalue going forward.

Claus-Peter Wagner, Managing Partner of EY’s Financial Services Organisation, said of the deal, “With Innovalue we have acquired a reputable advisory firm with an excellent position in insurance and payments to underpin the expansion of our advisory services within Financial Services.”

“Joining forces with EY creates a unique combination of strategy, transaction and IT advisory services within Financial Services that will allow us to provide much stronger and more holistic advice to our clients,” Christian Mylius, Managing Partner of Innovalue, meanwhile stated.

“The advisory market and our clients’ demands are subject to immense change at present. We have responded and, with EY at our side, will be able to offer our clients a much more comprehensive range of services with a global presence, making us even more visible in our core markets. EY and Innovalue complement each other ideally,” added Kai-Christian Claus, Managing Partner of Innovalue.