Azets agrees transformational acquisition from KPMG to enter market in Sweden
Azets will acquire part of KPMG Sweden’s business, focused on audit, advisory and tax services for SMEs, and audit and audit-related services for municipalities and regions. The acquisition expands Azets’ local presence, bringing the total to 32 cities.
Azets, the international business advisory Group (“Azets” or “the Group”), has agreed to acquire part of KPMG Sweden’s (“KPMG”) business focused on audit, tax, and advisory services for SMEs, and audit and audit-related services for municipalities and regions.
The proposed deal reinforces Azets Sweden’s position as a leader in the SME market and aligns with its strategy of providing services that are both local and digital. KPMG’s strong position in the public sector presents Azets Sweden the opportunity to enter a new market, where organisations will benefit from its personalised client service that is human-led, backed by international strength and world class technology.
The agreement marks the first of its kind for Azets in the Nordics, signalling the Group’s intention to build a leading audit, advisory and tax capability in the region, and underpinning its overall strategy to become a £1bn turnover business by 2027.
Azets was formed seven years ago in response to the digitalisation of financial compliance processes for SME businesses. The Group has grown to become one of the largest tech-enabled providers of professional advisory, financial and accounting services globally, delivering accounting, tax, payroll, audit and advisory services to more than 100,000 clients, operating in Denmark, Estonia, Ireland, Finland, Norway, Romania, Sweden, and the UK.
A total of 270 new colleagues, including 14 equity partners, will join Azets on completion of the deal, doubling the size of its Swedish business to SEK 1 billion and increasing its geographical footprint in the country.
Chris Horne, group chief executive officer at Azets, said: “This is a transformational agreement for Azets, as we look to create a platform for accelerated growth of our audit, advisory and tax business across the Nordic region. This underlines our ambition to invest in new opportunities where we are trusted to deliver sustained outcomes that meet the evolving needs of our clients.
“We look forward to welcoming our new colleagues from KPMG on completion of the deal, whose deep expertise and outstanding reputation in the market align with our strong client focus. We are committed to working closely with KPMG to support them throughout the process and ensure a smooth transition.
“For our new and existing colleagues in Sweden, this represents an opportunity for significant personal and professional development and exposure to new markets and services as part of a Group that is united by our values and purpose – to improve the lives of our colleagues, clients and communities, in a sustainable way.”
Mathias Arvidsson, partner and CEO of KPMG, said: “KPMG’s ambition to be at the forefront of auditing and strategic advisory services is strengthened by our ability to adapt to market conditions, which contributes to the development of both our own organization and our clients’. We are confident that Azets is the right buyer for the part of the business we are divesting, and both employees and clients will be well taken care of. For all of us, this means that we will strengthen our focus on the different customer segments.”
The transaction is expected to complete in summer 2025. The acquired business will become a new, separate business area for audit and advisory services within Azets Sweden.