Transaction sees Kelly Partners grow global footprint
Australian-based accounting group, Kelly Partners has acquired 50.1% of international firm Kudos International as it continues its push to establish a global presence and become Australia’s first global accounting firm.
Kelly Partners said it had executed agreements to partner with Kudos International which has a network of more than 55 accounting firms located in 48 countries.
It said a wholly-owned subsidiary of Kelly Partners Group Holdings would acquire the 50.1% stake with the remaining 49.9% stake being held by the co-founder of Kudos International, Alun Morgan, under a a partner-owner-drive model involving a 10-year commitment to the new partnership.
The Kelly Partners announcement to the Australian Securities Exchange (ASX) said the network was not material to Kelly Partner but “establishes the first step of building a Kelly Partners Global Network as part of Kelly+Partners’ strategy to grow globally and become Australia’s first global accounting firm.
The ASX announcement noted that Kudos is a member of the ‘Forum of Firms’, an international network of accounting firms that perform transnational audits.
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