Compliance and regulatory services provider Cordium has acquired the business of London-based compliance and accounting firm Sigma Partnership.
Sigma’s business has been transferred to and will be operated by Cordium, as Sigma’s three managing partners who founded the business in 2002, will be retiring.
This is a move that will bolster Cordium’s existing accountancy offering and will allow it to offer clients a wider range of services in the accounting space as a complement to its core compliance business.
Sigma’s team of specialists will merge into Cordium’s accounting and compliance divisions respectively, at its Jermyn Street offices in London. Sigma’s existing clients will transfer to Cordium.
Sigma’s three managing partners – Brenda Hanna, Carol Brown and Joe Seet – are retiring but will take up non-executive roles to ensure a smooth transition as well as providing continued access to their respective areas of expertise.
The accounting team will now work with Matthew Crisp, a former Sigma partner, who joined Cordium earlier this year. A chartered accountant, Crisp has more than 15 years of investment management experience, including 11 years with PwC prior to his time with Sigma. Crisp will report to Stephen Burke, managing director of Cordium EMEA.
Funded by Cordium’s private equity backer Sovereign, the deal is part of Cordium’s long-term strategy to growing its business both organically and through acquisitions. Further acquisitions are planned for the coming year.
Michel van Leeuwen (pictured), group chief executive of Cordium, says: “Sigma is a perfect fit for Cordium at this point of our growth trajectory. Thanks to globalisation, and the onward march of new regulation, businesses are operating in a world of ever-increasing complexity. The lines between compliance, financial reporting and accounting continue to blur. We have consistently heard our clients and prospects ask for a single source from which to procure these services; a trusted partner that provides holistic, joined-up advice. Sigma’s impressive level of experience combined with Cordium’s international reach will allow us to meet this demand globally, for businesses large and small.”
Joe Seet, managing partner at Sigma, says: “Having built Sigma Partnership from the ground up, starting in 2002, we are keen to transfer our valued clients and colleagues into Cordium’s safe hands as we approach retirement. We are certain that the high level of service our clients have come to expect will be maintained under Matthew’s guidance within Cordium. Furthermore, the team will now be able to draw on the deeper resources, skills base and professional expertise that Cordium offers, ensuring that clients will be well positioned to deal with the many challenges regulated firms face in today’s financial environment.”