Members of Klient Group to Continue Operations as Single Firm

Deals

Zoltán Lambert

Klient group, providing complex business and financial consulting services, will continue operating as a single company under the name of WTS Klient Business Advisory starting this month.

The restructuring took place with the merger of the group’s tax consulting, accounting and payroll, financial and accounting advisory, as well as business automation divisions at the end of 2022.

The 2022 rebirth of WTS Klient was completed with the legal step that merged the members of the group hitherto operating together under the WTS Klient brand name – WTS Klient Accounting, WTS Klient Tax Advisory, WTS Klient Service Solutions and WTS Klient Business Automation – into Klient Holding, the holding company of WTS Klient, on December 31, 2022, which will continue operating under the name of WTS Klient Business Advisory from January.

According to a press release sent to the Budapest Business Journal, the change is just formal and reduces administrative burdens, and it does not affect WTS Klient’s work with its clients and staff. However, it is also part of the restructuring process that WTS Klient started in spring 2022 towards its goal of becoming a leader in the consolidation of the Hungarian accounting and tax advisory market in the coming years.

"We are confident that both our employees and the market will appreciate the efforts we have made this year, and that by merging our group members into one entity we will be able to further strengthen the harmonious cooperation of our tax, financial, and IT consulting, accounting and payroll divisions within a single company,” said Zoltán Lambert, the company’s managing partner, reflecting on the restructuring and the year 2022.

As a first step in the restructuring, Prague-based financial investor ARX Equity Partners acquired a majority stake in Klient Holding in March, and a new management structure was put in place. Alongside the senior partner and division partner appointments, Robert Stöllinger was named as the new chairman of the WTS Klient Supervisory Board.

An accounting firm established in 1998 by Hungarian individuals, Klient set up its tax consulting division in 2012, and a year later joined WTS Global, one of the world’s leading tax and financial advisory networks. By spring 2022 it had grown into a group of five companies employing a staff of 120, and generating annual sales revenue of HUF 1.7 billion.

Parallel to the arrival of the new owner, WTS Klient’s growth accelerated and its sales revenue exceeded HUF 2 billion by the end of the year with an increase of more than 15%, and the number of employees rose to 130. As part of its strategic goal of technological innovation and the rapid deployment of modern IT solutions, in 2022 it developed automated IT solutions for VAT and personal income tax returns, also implementing automatic invoice reading for the bookkeeping system, and in cooperation with WTS Global, it developed a completely IT-driven online platform for joint proposals to network member firms, often covering 60-80 countries.

In the last six months, the company’s HR strategy has also been revamped, with priority given to optimizing HR processes and employer branding, in addition to the digital development of office and work processes. The work organization takes account of the challenges of the post-COVID era with appropriate IT solutions, offering employees competitive compensation packages with increased fringe benefits, unlimited free medical examinations, and personalized training support.

 

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