EY acquires 400-strong finance consultancy and technology firm ifb

Big Four firm EY has acquired ifb, a Germany-headquartered consultancy specialised in technology-driven finance, risk and compliance services.

The deal sees more than 400 ifb employees in around ten countries – including Germany, Switzerland, Austria, Poland, Netherlands, Luxemburg, United States, Canada and Colombia – join EY’s Consulting division.

“The acquisition of ifb greatly enhances our finance and risk digital transformation services, and our technology enabled transformation services in accounting, controlling, regulation, risk management and compliance,” said Omar Ali, Managing Partner of EY’s Financial Services practice across EMEIA.

Founded more than 30 years ago, ifb has built a reputation as one of Germany’s leading consulting firms in its segment. The firm is also particularly known for its SAP portfolio – ifb is one of SAP’s strategic partners across domain topics such as financial consolidation, IFRS reporting, data management, and regulatory compliance.

“Clients are looking for EY teams to provide transformation services with the support of EY Alliance partners like SAP. The EY and ifb organizations have built a relationship over the years doing just that, and now we are delighted to be welcoming the ifb team to EY, so that we can continue to do this for more clients around the globe,” said Ali.

Alex Birkin, Financial Services Consulting Leader across EMEIA, added: “EY and ifb already have a proven business relationship, and this next level of collaboration will enhance our consulting services, enabling EY teams to deliver complex, large-scale finance and risk digital transformation projects for the financial services industry.”

The deal will provide a major impetus to the growth of EY’s finance consulting business, which has been growing by double-digits for two consecutive years on the back of strong demand for finance technology consulting services.

Earlier this year, EY also acquired Fabernovel, a 450-strong France-headquartered innovation and digital transformation company. Fabernovel is now part of EY Consulting.

Meanwhile, for ifb, the joining of forces with the global player will provide the firm with “easier access to a full range of services enabling our teams to undertake larger and more complex financial and risk transformation projects,” said co-managing directors Claus Stegmann and Christian Moser.

As part of the integration, ifb has been rebranded as EY IFB. The firm remains headquartered in Grünwald.