CIVITTA adds Armenia to its footprint with EV Consulting deal

02 July 2021 1 min. read

Two months after entering Kosovo, CIVITTA has entered the Armenian market with the acquisition of EV Consulting. 

“The acquisition is in line with our expansion strategy, aiming to become the leading consultancy player in the region,” said Adam Saulius Vaina, a board member at CIVITTA, which sees its office tally grow to 27 across 17 European countries. 

Established in 2006, Yerevan-based EV Consulting has over the past fifteen years grown into a leading management consulting, research and corporate finance firm in Armenia. The firm was founded by Manuk Hergnyan, who is also the co-founder of Granatus Ventures – Armenia’s first venture capital fund with a current portfolio of 15 companies. 

The team of EV Consulting

Unpacking on the firm’s services, Hergnyan said: “We work with international organisations and private clients providing strategy development, investment advisory (business plans, feasibility studies, company valuations, M&A), market research and performance improvement (KPI systems, financial planning, compensation systems).”

Among the firm’s most notable projects are: supporting the establishment of the Armenian National Engineering Labs, and helping a local pharmaceutical company attract an equity investment from EBRD (“one of the first in its kind”). The consulting firm is also the author of the ‘National Competitiveness Report of Armenia’, a flagship report released every two years that informs public and private sector leaders.

Under the banner and with the backing of CIVITTA, EV Consulting plans to expand its services. “This will enable us to work more on international projects, with a much more diverse set of clients, as well as moving into more diverse industries and developing new competence areas.” 

Meanwhile, the joining of forces will help EV Consulting “develop competencies and skills sets for our team, which will be provided with more career growth opportunities while working on interesting international projects.”