One of Australia's five big professional services firms, Deloitte Touche Tohmatsu, has acquired Criterion Technology, enabling it to offer enterprise business solutions directly to its clients.
On Wednesday, Deloitte announced that, as of July 1, Criterion, Australia's leading reseller of Navision software and solutions, will be absorbed into its Sydney offices. The acquisition will create a new service line within Deloitte Growth Solutions which will be called Navision Solution and Services.
The deal is the first of its kind in Australia and others are expected to quickly follow suit, with rumours already being circulated that another of the big five accounting firms will announce a similar deal soon.
Because of this competition, Deloitte and Criterion are remaining tight-lipped about how much the deal is worth or what the potential earnings are, but the move gives Navision Solution and Services direct access to a whole new range of customers, particularly in the middle market.
Jeremy Bolt, Deloitte Growth Business Solutions partner, said: "Deloitte saw an opportunity to enhance the service offerings to businesses in Australia by giving them e-commerce system functionality in addition to the existing specialist growth services."According to Bolt, Criterion was selected because of its high level of customer service obtained from extensive dealings in the hospitality sector.
"Deloitte Growth Solutions is dedicated to serving the interests of emerging and medium-sized enterprises through innovative, integrated solutions and Criterion technology fits well into the existing team," Bolt said. "We are impressed with their skill and operations as a company, and aim to give them an environment within Deloitte that will allow them to do what they do best. We don't want to squash their skills with a big company mentality."Criterion's managing director, Robert Stead, said the acquisition will consolidate rather than alter the group's focus to assist growing businesses face the challenges of the new economy. "We are very excited about having the opportunity to become a part of Deloitte and provide solutions, including e-commerce, management services, business process analysis and support, to help these businesses succeed.
Navision software is used by companies such as Virgin Blue Australia to manage its financial operations and is integrated with Microsoft BackOffice products.