PW expands with Russian buy
Price Waterhouse has acquired Russian computer systems integration and consulting firm LVS. The firm, which turned over $16m in 1996, works both in Russia and the former Soviet Union (FSU), will be renamed LVS/Price Waterhouse Business Solutions. LVS’s team of 100 systems integration people will merge with Price Waterhouse’s 200-strong team. LVS head, Leonid Boguslavsky (left) will become joint co-managing partner of the new practice with PW’s Juan Carlos Acebal (right).
“This is the largest transaction of its kind in Russia; PW already has the largest presence in Russia compared to the other Big Six and this combination will create a consultancy that is seven times larger than the biggest consultancy in Russia,” commented Boguslavsky. “It’s outstanding that PW is willing to take such a risk with us.”
The strategy for 1997 is to consolidate and integrate the two practices.
The two firms expect to see rapid growth, mainly driven by major Russian firms and western investment.
“We believe the market itself will drive growth and we anticipate 20 per cent growth over the next year,” said Acebal, co-managing partner of LVS/PW Business Solutions said. “Our strategy for the next year is to serve the Russian market and, based on PW’s global strategy, to export our technical Russian skills to firms worldwide.”
“Our five-year plans show that Russia will be the fastest growing part of the business,” said John Heywood, chairman of PW Eastern European Practices.
“We see the Russian market as very attractive. The major Russian firms are realising that after going through the basics, like getting international accounts, they are having to think carefully about strategy, reorganisation and change business processes,” he added.
