The battle between the Big 4 accounting firms and law firms for top tier legal work is being played out in the metropolitan CBDs. Could the next battlefield be in the suburbs?
The Big 4 are currently expanding their services to places where they have rarely ventured. KPMG explains below its move into Penrith NSW through the acquisition, last month, of local firm TRACE Chartered Accountants.
TRACE Chartered Accountants has been providing professional services to the Nepean community for more than 30 years. Founded by Brien Tracey, and later joined by his son and new KPMG Partner Peter Tracey, the business comprises 11 team members (9 of them female).
The TRACE team commences with KPMG today and will continue to be based at the existing Penrith premises – increasing KPMG’s footprint to three offices in Sydney, and 14 nationally. TRACE provides professional services to a variety of industries in the Nepean region including manufacturers, retailers, medical and legal, small business and high profile sportspeople.
Announcing the investment, KPMG Australia CEO Gary Wingrove said: “Today’s acquisition of TRACE adds strong relationships and capability in the Nepean region. We’re delighted to welcome a highly motivated and predominantly female team, with a strong cultural fit, and complimentary business service capabilities.”
“KPMG now has a ‘three cities’ presence in Sydney – Sydney CBD, Parramatta, and Penrith. Western Sydney is one of the fastest-growing regions in the country, and I’m confident this positive trend will continue, with significant infrastructure and associated investment expected through the development of Western Sydney Airport,” he added.
Peter Tracey responded: “Becoming part of the KPMG network is an exciting progression for our team and clients, and significantly deepens our resources and breadth of services. Many of our clients have travelled this journey with us, starting off as small ‘mum & dad’ enterprises and growing into multi-million dollar businesses – some of which are now run by a second generation. We have also forged a strong bond in the local community and look forward to continuing that under the KPMG banner.”
“The potential of Western Sydney is creating exciting business opportunities. And the expansion by KPMG into the Nepean region is testament of this,” he said.
With overall revenue growth of around 15 percent in Greater Western Sydney, KPMG plans to create around 250 local jobs in the next two years. Two new partners were recently appointed to its Parramatta office, providing additional expertise in audit and advisory business. Capability has also been expanded to include the motor industry and M&A services.
KPMG continues to work closely with Western Sydney University and its business innovation program, Launchpad, helping to expand capability in the advanced manufacturing sector and support companies transitioning from domestic to globally competitive businesses.
Today’s deal marks the thirteenth acquisition by KPMG Australia in the past 2 years. Investments include social media risk consultancy, SR7; the Melbourne team of Pacific Strategy Partners; an accounting practice in Karratha, WA; mining services consultancy Momentum Partners; SGA Property Consultancy; First Point Global cyber security business; accounting and advisory business Hayes Knight (WA); human rights and social impact consultancy, Banarra; Microsoft Implementation partner, Hands-on Systems; The Performance Clinic; financial services technology consultancy, Markets IT; and most recently specialist Indigenous consultancy, Arrilla.