Even though the deal just closed at the end of August, Dana Mcilwain, PwC Vice Chairman and U.S. Advisory Leader, says the firm is already seeing some significant success stories from its acquisition of PRTM.
“We’re off to a great start,” he says. “The transition is going very well, we are already working together seamlessly in the marketplace and pursuing and winning new opportunities. The deal is a strategic fit, economic fit, and most importantly, a cultural fit. Without the cultural aspect, this deal could not succeed.”
The acquisition adds some 725 new consultants into the PwC fold, bringing the total number of employees into PwC advisory to over 7,000. For now at least, PwC will continue to leverage the PRTM brand. Scott Hefter, former Global Managing Director of PRTM, is leading the “PRTM Management Consulting” unit within PwC’s advisory business. PRTM, the 40-year-old Waltham, Ma.-based operations firm, was ranked No. 15 on our annual Best Firms to Work For list in 2010. PwC, meanwhile, was ranked No. 8 on this year’s survey. Financial terms of the deal were not disclosed.
Meanwhile, Mcilwain says PwC is already getting positive feedback from clients about the benefits PRTM brings to the firm. Those benefits include expertise in the areas of strategy, product and services development, supply chain, customer experience, as well as very strong benchmarking and analytical skills.
From an industry perspective, Mcilwain says PRTM’s prowess in manufacturing, technology, industrial products and retail and consumer were major pluses. “We saw it as a tremendous fit both from a functional perspective as well as from an industry perspective,” he says. “PRTM’s capabilities really make us a leader in the operations management space, and we’ll continue to grow that business and drive a significant rate of growth for us going forward.”
The impetus for the PRTM deal actually started well over a year ago when PwC began a process of looking at firms with the skills and capabilities and industry credentials the firm was interested in acquiring.
“During that process, we looked at a number of companies and at the end of the day, Diamond Management & Technology Consultants and PRTM were the two companies that topped our list,” Mcilwain says.
PwC acquired Diamond in August 2010.
“Both Diamond and PRTM have great brands and a tremendous track record in terms of serving clients,” he says. “And they share our culture and do a great job of caring for and developing professionally their own people. That’s why we brought them into the fold. We want firms like that to join forces with PwC.”