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Grant Thornton Russia and Baker Tilly Russaudit announce а new partnership in Russia with 1 billion rouble turnover

Grant Thornton Russia and Baker Tilly Russaudit announce the establishment of a unified partnership. As a result of the ongoing merger process, the unified firm Baker Tilly Russia will operate in the audit and consulting services market of Russia.

18 partners and over 500 employees of the newly established firm will be working out of the offices located in Moscow, St. Petersburg, Kazan, Nizhny Novgorod and Tver. During the transitional period the unified partnership will be governed by the Coordination Committee comprised of partners representing both firms: Alexander Ivanov, Sergey, Kalinin, Alexander Malkov, Evgeny Samoilov and Alexander Sirous.

Partners of both firms are positive that their long-term experience in and thorough knowledge of the Russian market coupled with application of the newest international and domestic technologies, as well as experience in servicing leading Russian and international clients, will allow the unified firm to achieve two main objectives - competent and all-encompassing assurance of the clients' interests while continuously increasing the number of partners (co-owners of the business) by means of an effective partnership model.

Alexander Malkov, General Director of ZAO Grant Thornton: "This merger of our firm with one of the leaders of the Russia's market for audit and consulting services is a significant step towards the implementation of our strategic plans. To set up an effective partnership model was one of our top priorities for a number of years and we finally succeeded. Several years ago we transitioned to a fully functional partnership. This is a unique experience in the Russian market and we are proud of our achievement. Unfortunately, our vision for the future development of the firm and its long-term sustainable growth through our partnership model could not be fully implemented within the Grant Thornton International network that we had been a member of for 17 years. Once we exited the network we needed to make some strategic choices. Our tight-knit team and high professional reputation that the firm acquired over 20-some years of working in the Russian market, as well as the long-term relationship with our clients, opened for us numerous opportunities. Having talked to a number of interested companies we opted in favor of Baker Tilly International, one of the 10-top international accounting networks. The partners of Baker Tilly Russaudit, a member of Baker Tilly International shared our vision for developing professional services and setting up a unified partnership in Russia. We are sure that our choice will enable us to implement our strategic plans and expand the client base, as well as the range and geography of our services, which, on the whole, will create a solid foundation for further development of the unified partnership and our clients".

Evgeny Samoylov, LLC General Director of Baker Tilly Russaudit: "We gladly welcome this opportunity to merge with Grant Thornton Russia. In a climate of economic recession and industrial consolidation, the development strategy of Baker Tilly Russaudit envisages mergers with companies professing the same principles of expertise, partnership and continuous growth that have been our firm's guidelines from the very first day of its existence. We believe that the provision of high quality services in today's Russia is possible only on the basis of a deeper specialization combined with diversity of industry experience and wider range of service lines. Only a large firm would be able to combine all these elements of the modern-day success. The scope of the unified firm will allow us to service the largest companies of Russia and ensure sustainable development for our specialists. Grant Thornton Russia has among its clients a number of international companies with interests in Russia, whereas we are focused on servicing local companies. This combination will give us additional leverage in setting up a company that, while being 100% local, will have all necessary skills and experience to provide services of the highest international quality standards to any company working in Russia as well as abroad".

For reference

Grant Thornton Russia has been active in the assurance and consulting services market since 1994 and was a member of Grant Thornton International from 1998 to 2015. The firm offers a wide range of assurance and consulting services, including IFRS and statutory audit, accounting outsourcing, valuation, financial advice, tax and legal consulting, etc. Among clients of Grant Thornton are Russian as well as international companies including multinationals from various sectors of economy. More than 300 specialists of the firm work in its Moscow, St. Petersburg and Kazan offices.

Baker Tilly Russaudit has been active in the Russian market for audit and consulting services since 1992. The firm has offices in Moscow, St. Petersburg, Nizhny Novgorod and Tver employing more than 200 experts with extensive long-term experience in consulting in various sectors of the Russia's economy as well as abroad. Baker Tilly Russaudit offers a wide range of services in the sphere of audit, valuation, financial consulting, tax and legal consulting, as well as outsourcing of corporate services. As per results of the rating conducted by "Expert-RA" magazine, Baker Tilly Russaudit is among Top 10 largest audit firms in Russia for 2014.

Baker Tilly International is the world's 8th largest network of independent accountancy firms. It is represented by 738 offices in 137 countries. Each firm of the network is an independent legal entity in its respective country. Clients receive comprehensive support in any of 137 countries around the globe where there are offices of Baker Tilly International member firms.