Deloitte expands into cloud computing with deal for DNM
Firm evolving beyond traditional accounting services with move for tech consultancy
Deloitte: ‘This is an important investment for our business.’ Photograph: iStock
Deloitte has bought technology consultants DNM to continue the accountancy firm’s expansion into new businesses.
Dublin-based DNM advises organisations on how best to use cloud computing to boost their business. The company employs 28 people and had net assets of €780,000, much of it in cash, according to its last accounts.
Deloitte confirmed on Tuesday that it recently bought the business. The firm told employees the news on a conference call late last week.
Harry Goddard, chief executive of Deloitte Ireland, explained that the DNM deal was an opportunity for the firm to continue to expand its cloud computing services, for which there is growing demand from clients. “This is an important investment for our business,” he said.
Cloud computing allows organisations to use remote hardware such as computer servers and data storage, hosted on the internet and managed by other businesses, without having to spend money on the equipment themselves.
According to Mr Goddard, this cuts the amount companies have to spend when they are buying new systems, allows them to focus their investment on what they want to achieve, rather than on the equipment, and makes communication with customers cheaper and more efficient.
He pointed out that Deloitte had been evolving beyond the traditional audit, tax and accounting it provides to clients. “In Ireland in particular that’s been into the provision of technology services,” he added.
He did not say how much Deloitte had paid for DNM. “They are a well-run business in good financial standing, and they are a premium firm in a premium service in a market that’s very tight on talent,” he noted.
DNM chief executive Richard Nunan will become a partner in Deloitte as a result of the deal.
The technology firm has begun integrating with its new owner and will ultimately be based at Deloitte’s Irish headquarters on Hatch Street in Dublin.
The deal will leave Deloitte with more than 1,000 technology consultants, according to a statement.
Mr Nunan welcomed the merger, saying it would accelerate DNM’s “growth ambitions”.