Moore overtakes KPMG to join Belgium’s ‘Big Four’ after DNA33 acquisition

In Belgium, the Big Four are no longer the Big Four – thanks to the stellar rise of Moore. With the acquisition of DNA33, Moore has expanded its team to more than 2,200 employees, surpassing KPMG to become the nation’s fourth-largest accounting-origin professional services firm.

The growth of Moore – the world’s 11th-largest network – in Belgium has been remarkable, driven largely by the backing of a growth-focused private equity group. Since 2008, Moore has completed 100 deals in Belgium, with 63 of those concluded since 2020, when private equity fund Waterland became a majority shareholder in the company (55% stake).

Waterland is a well-known investor in the European consulting market, also owning firms such as Valcon (Netherlands) and Horn & Company (Germany)

The acquisition of DNA33 adds more than 200 consultants to Moore’s advisory business, making it the firm’s largest acquisition to date in Belgium.

DNA33 comprises five distinct companies that will continue to operate under their own brands as part of Moore: ngage (strategy and sustainability), Darwind (digital talent), asUgo (Salesforce implementation), Squareflow (ERP and e-commerce solutions with Odoo), and Net Circular (circular business models).

This deal expands Moore’s consulting division to 350 professionals, while DNA33 – which is mainly active in French-speaking Belgium – will also strengthen Moore’s presence in the south of the country.

“This acquisition fits perfectly with our strategy,” said Peter Verschelden, chairman of Moore in Belgium. “Today, mid-market companies want to accelerate their digitalisation and take advantage of artificial intelligence. With this acquisition, we’re demonstrating that we’re ready to help our clients with their digitalisation and the application of AI in their business.”

Now a ‘Big Four’

With a total of 2,200 employees on its payroll, Moore has now overtaken KPMG as the fourth-largest accounting and advisory firm (measured by headcount, not revenue). PwC, EY, and Deloitte, however, remain far ahead.

“Overtaking them is not an end in itself,” explained Verschelden. “Our target is different from that of the Big Four. We focus on small, medium-sized, and large companies, while the Big Four mainly target large companies.”