TechnologyAccounting SoftwareChilean blow for Coopers

Chilean blow for Coopers

Arthur Andersen’s Chilean operation has merged with defecting Coopers & Lybrand member firm Langton Clarke y Cia.

“Arthur Andersen is delighted to have agreed in principle to this merger with Langton Clarke y Cia. The deal will give us nearly 50 per cent market share in Chile, which is very important to us, in particular to our US and Spanish clients,” said Jim Wadia, worldwide managing partner of Arthur Andersen.

Wadia says that instead of merging, his strategy has been to look for multi-disciplinary firms that would improve its market position in specific markets.

“We have another five transactions in the pipeline, positioned worldwide.

Just one will give us a very strong market position,” said Wadia, who believes the Chilean move is the first sign of fallout from the Big Six mergers.

“In the ’80s when KMG merged with Peat Marwick, the fallout was Frinault Fiduciare in France. They decided to join us and that took us from fifth position in France to first position; when Ernst & Whinney merged with Arthur Young, the fallout was Asahi in Japan, and again that brought us from fifth position for number one,” said Wadia.

Over the last two weeks 14 partners from Deloitte & Touche’s Chilean-member firm joined together with Langton Clarke y Cia, and together approached Arthur Andersen. The firm originally represented both Coopers & Lybrand and Andersen Worldwide, and has five offices and 450 staff.

Related Articles

Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

3m Alia Shoaib, Reporter
5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
UK behind foreign markets in digital accounting, but gap is narrowing

Accounting Software UK behind foreign markets in digital accounting, but gap is narrowing

5m Alia Shoaib, Reporter
Four reasons why SME owners should switch to cloud accounting

Accounting Software Four reasons why SME owners should switch to cloud accounting

7m Emma Smith, Managing Editor
BDO strikes technology partnership with Receipt Bank

Accounting Firms BDO strikes technology partnership with Receipt Bank

7m Emma Smith, Managing Editor
The rise of the progressive accountant

Accounting Software The rise of the progressive accountant

6m Emma Smith, Managing Editor
Making Tax Digital: Revolution or revolt?

Accounting Software Making Tax Digital: Revolution or revolt?

6m Emma Smith, Managing Editor
Making Tax Digital: Is HMRC’s recent system fault a cause for concern?

Accounting Software Making Tax Digital: Is HMRC’s recent system fault a cause for concern?

6m Emma Smith, Managing Editor