This is technology M&A deal number 602 that ChannelE2E has covered so far in 2022.
Ernst & Young Expands European Digital Transformation Reach
Fabernovel, founded in 2003, is based in Paris. The IT services and IT consulting firm has 422 employees listed on LinkedIn. Key areas of expertise include:
- Strategy, design & prototyping;
- experiential training & digital management;
- interactive design;
- mobile services & applications; and
- data marketing.
The Favernovel deal aligns with such previous Ernst & Young acquisitions as VODW, Cognistreamer, and SAP partner Krios Solutions, the buyer said
Together, Ernst & Young and Faernovel "will continue to work with large organizations and start-ups alike to promote more resilient business models that reconcile societal and environmental challenges with economic performance," the companies said.
Ernst & Young (EY) Buys Fabernovel: Executive Perspectives
In a prepared statement about the deal, Stéphane Distinguin, founder and chairman of Fabernovel, said:
"Today we are faced with two unavoidable and complementary transitions: the ecological transition on the one hand and the digital transition on the other. At Fabernovel, our challenge from now on will be to multiply our impact thanks to a more powerful and international EY network. Joining EY means seizing the opportunity to better contribute to a new stage of the European economy while continuing to be inspired by the models of the tech giants that we have relentlessly shared. It also means leveraging 19 years of research and projects to give wider expression to our values, our teams and our brand so that they become major competitive advantages for our customers and our ecosystem."
Added Michel Brabants, EY Consulting Leader at EY Belgium:
“This acquisition is another strategic transaction for EY. We’re already achieving considerable organic growth in our Belgian consulting business - it grew more than 10% last year - but we are also committed to looking for opportunities for external growth, especially when we find firms with cutting-edge innovation and a really strong talent pool like Fabernovel. This European acquisition will enable us to significantly augment the services we provide to our clients in terms of customer driven innovation and digital transformation”.
EY plans to continues its consulting services growth, both organically and through continued acquisitions, the company indicated. Key EY acquisitions have also involved application, cybersecurity and managed services expertise, as well as digital and customer experience expertise.