Israel’s seventh-largest audit, accounting and consultancy group has joined Praxity Global Alliance. Brit Pikuach has 230 employees, including 70 chartered accountants.
The firm provides audit, tax and advisory services, specialising in the co-operative sector. It also offers consulting and management services through its subsidiary, Mabat Consultants, which employs 50 people.
The group reported combined revenue of about $18 million in its 2008 financial year. This included about $8.5 million from audit and accountancy, $3.5 million from computer systems and maintenance, $3.2 million from tax services, $1.8 million from business consulting and $1 million from other services.
Brit Pikuach claims to be the seventh largest professional services organisation in Israel, behind the Big Four, Grant Thornton and BDO.
Praxity is the first international affiliation for the firm and financial department Manager Yossi Sapir said the alliance will allow it to offer cross-border services to multinational clients.
Brit Pikuach was impressed with the size and stature of existing Praxity members, particularly global firm Mazars and US firm BKD.
“We find that our clients look for services of a high level, but not at the price of the Big Four. We believe that the firms that are members of Praxity can answer this design” Sapir said.
Mabat Consultants business consultant Stephanie Finkelstein told the International Accounting Bulletin that Israel has one the fastest developing markets in the world but is still affected by the global economic slowdown.
This is affecting the firm’s fee income and the growth forecast for 2009 is to earn the same amount of revenue as in the previous year. Last fiscal year, the firm grew revenue by 15 percent.
Source: http://www.worldaccountingintelligence.com/