Following last year's coming together of Hong Kong-based corporate advisory YCP Group and Asia-focused strategy consultancy Solidiance, the two firms have now announced a fresh moniker: YCP Solidiance. Together, the new entity will have a presence across 20 greater Asian markets, stretching from Tokyo, Beijing and Tapei to Abu Dhabi, Dubai and Beirut - with locations in New Delhi, Sydney, Shanghai and the bulk of Southeast Asia in between.
"The new name most effectively reflects the combined and unique identities of the two entities, while minimising potential confusion from the changes, and leveraging the brand equity of the two legacy company names," said Solidiance CEO Damien Duhamel, who will lead the merged management consulting division. "This merger combines the strengths and competencies from both companies and their amazing teams to provide a wider spectrum of high impact advisory services to a larger client base."
The expanded presence and more diversified suite of provisions was the driving motivation behind the strategic merger of Solidiance and YCP, with both firms stating an aspiration to become the leading advisory and professional services outfit in Asia - powered by a combined consultancy headcount of 250 and bolstered by an Asian-born edge; Solidiance having been established in Singapore in 2006 before spreading abroad and YCP first setting up in Tokyo in 2011.
"YCP is a relatively young but high growth company in pursuit of an enormous opportunity ahead of us. Our professionals are the cornerstone of our success and this is a strategic opportunity for us to add the footprint, talent, experience, and the services of the Solidiance team," said Yuki Ishida, Group CEO of YCP Group, which in addition to providing consultancy services also operates as a private equity investor with an existing cross-sector portfolio of companies.
As such, the expanded geography through the merger of equals will provide new investment opportunities in key markets, as well as paving the way for broader international expansion for the firm's portfolio companies. The two firms have also cited the burgeoning Asia Pacific consulting market as a factor for joining forces, with the local management consulting industry cracking the $50 billion barrier last year and numerous consulting firms seeking to capitalise.
While YCP lists merger & acquisition advisory among its primary specialties, the Solidiance-side of the merger was advised on by the tech and professional services M&A specialist Equiteq, which has already this year helped to broker Accenture's purchase of Orbium, a global wealth management provider, as well as A.T. Kearney's pick up of data analytics consultancy Cervello - both on the sale-side. The M&A specialist also late last year advised on data analytics firm LightStream's sale to the Singaporean arm of ABeam Consulting - one of Solidiance's closest home-grown competitors.
"We believe we are making this move at the right time and at the right place. We have now been working with Equiteq for several years to ensure Solidiance improves its business model and marketability. Equiteq has been nothing but an ideal partner for us, said Duhamel, with Equiteq's Asia Pacific managing director Jean-Louis Michelet adding; "This merger is the pinnacle of a growth journey. It has been a pleasure to work with Solidiance and their experienced and dynamic team."
Source: Consultancy Asia