KPMG has acquired human rights and social impact consultancy, Banarra.
Announcing the investment, KPMG Australia CEO Gary Wingrove said the acquisition had been made in response to client demand.
"Social expectations are clearly on the minds of C-suites and boards,” Mr Wingrove said. “Corporate footprints, which are now global; the rise of social media; and the need to re-examine an organisation’s purpose are requiring our clients to better understand their human rights and social impacts,” he said.
“Failure to do so can result in reputational damage and exposure to regulatory, legal and commercial risk.
“This acquisition not only broadens and enhances our portfolio of risk advisory services, but it also closely aligns our client offering with our internal corporate citizenship work,” Mr Wingrove said.
Founded in 2006, Banarra has grown from report-related sustainability assurance to become a full service human rights and social impact advisory business.
Following KPMG's acquisition, managing director and founder of Banarra, Richard Boele, has joined the firm as an advisory partner, bringing with him a team of 10 specialist consultants.
Mr Boele said the decision to join KPMG will allow him and his staff to offer clients greater solutions going forward.
“There is a good ‘fit’ between KPMG and Banarra at many levels. I’m looking forward to taking our unique depth of experience to the wider KPMG clientele as well as helping to innovate new solutions for KPMG clients. Innovation is one aspect that has made Banarra successful in our area. I can’t wait to take what we’ve done to all KPMG clients,” said Mr Boele.
This acquisition is the eighth made by KPMG in the last 18 months as the firm looks to expand its service offering to meet changing client demand.
The firm’s recent acquisitions include social media risk consultancy, SR7; the Melbourne team of Pacific Strategy Partners; an accounting practice in Karratha, WA; mining services consultancy Momentum Partners; SGA Property Consultancy; First Point Global cyber security business; and accounting and advisory business Hayes Knight (WA).